Monetary policy
St Louis Fed paper on US monetary policy and global output gaps
St Louis Federal Reserve study says there is not sufficient empirical evidence to suggest US monetary policy should focus on global output gaps
Iceland paper reviews monetary policy in turbulent times
Central Bank of Iceland study shows banks’ price setting behaviour and inflation expectations have been negatively impacted by banking crisis
BIS’s Caruana urges completion of regulatory reform agenda
Bank for International Settlements general manager Jaime Caruana highlights a number of challenges facing national authorities in implementing critical reforms
BIS’s Caruana calls on central banks to lengthen policy horizon
Bank for International Settlements general manager Jaime Caruana says monetary policy strategy should be adjusted to contain build-up of financial imbalances
Standard monetary policy rules don’t apply in liquidity traps: Dallas Fed
Dallas Federal Reserve study shows monetary policy should be complemented with fiscal policy in order to shift aggregate demand out of a liquidity trap
Weber says heterogeneity in euro area not an issue
Former Bundesbank president Axel Weber says heterogeneity of economies not an issue in currency in St Louis Federal reserve paper
"Hawkish" Riksbank raises repo rate
Riksbank raises repo rate by 25 basis points amid growing inflationary pressures in Sweden; central bank does not alter future repo path to analysts' surprise
Dissenter calls for rate hike: Iceland minutes
Central Bank of Iceland Monetary Policy Committee minutes show one member called for a 25-basis point rate hike
QE2 is classic monetary policy: Fed’s Bullard
St Louis Federal Reserve president James Bullard says effects of quantitative easing too similar to interest rate loosening
Bank of Italy paper on impact of conservative central banking
Bank of Italy study identifies three strategic channels through which central bank conservatism influences wages
Inflation targeting reduced severity of crisis in Turkey: Fund paper
Fund study shows adoption of inflation targeting and flexible exchange rate regime reduced impact of financial crisis in Turkey
BIS call for UK rate hike ‘nonsense’, says Bank’s Posen
Bank of England external Monetary Policy Committee member Adam Posen describes Bank for International Settlement’s argument for increase in Bank rate as ‘nonsense’
Sarb’s Mnyande emphasises importance of monetary policy in recovery
South African Reserve Bank chief economist Monde Mnyande says monetary policy to play more prominent role in policymaking
IMF's Lipsky urges European cooperation
IMF acting managing director John Lipsky says greater cooperation in Europe will be key to post-crisis recovery
Unconventional policies warrant inclusion in central banks' toolkits: IMF paper
Fund study says unconventional balance sheet policies in some cases warrant inclusion in central banks' toolkits
Bank considers further QE
Bank of England Monetary Policy Committee minutes reopens debate on further quantitative easing; new external MPC member Ben Broadbent votes to hold rates
Carstens laments four fundamental weaknesses at IMF
IMF releases Agustín Carstens’ statement to the executive board following interview; describes four fundamental weaknesses he wants to address
RBA minutes say further rate hike will be necessary
Reserve Bank of Australia monetary policy minutes show members of Reserve Bank Board voted to keep rates on hold; signals further tightening in future
Economic models not a panacea for policymaking: Bank’s Fisher
Bank of England executive director Paul Fisher highlights limitations of economic models for forecasting and monetary policy
Bank of Italy paper examines Italian labour market adjustments
Bank of Italy study shows Italian firms reduced working hours and employment to address shortfall in demand post-crisis
Inflation targeting at the Central Bank of Peru
Central bank of Peru study finds evidence of flexible Peruvian inflation targeting framework
RBI warns of uncomfortable inflation levels
Reserve Bank of India June 2011 Mid-Quarter Monetary Policy Review says inflation in India persists at uncomfortable levels
Government representative quits Costa Rica’s board
Government representative on central bank board resigns; leaves body without power to make decisions on foreign exchange policy
China blames loose global monetary policies for inflationary pressures
People’s Bank of China brings price control to the forefront; says loose global monetary conditions have pushed up inflation expectations