Monetary policy
Bank of Canada on inflation expectations
Bank of Canada Review features articles on targeting inflation expectations, rate pledges and using monetary policy to tackle imbalances
Impact of pledge to keep rates on hold unclear: Bank of Canada
Canadian central bank research says conditional commitment to keep rates low has had mixed effect; study shows pledge lowered interest rates on government bonds, but findings not statistically strong
Why monetary base control can offer stability
There is a way of replicating the big achievements of the gold standard without going back to gold, argue Brendan Brown and Robert Pringle.
BoE considers option of further stimulus
Bank of England minutes show the Monetary Policy Committee opted to keep stock of asset purchases constant despite downward pressure on growth
IMF: bond issuance creates more effective monetary policy channel
IMF study says government bond issuance can help mop up excess liquidity, making monetary policy more effective
Korea’s Kim: interest rate hikes had limited impact
Bank of Korea governor Kim Choong-soo says current monetary policy stance remains accommodative
HKMA: Australia’s investment-led deficit well balanced
Hong Kong Monetary Authority study shows that current account deficits are not always a bad thing
King writes third letter in a row to government explaining above-target inflation
Bank of England governor Mervyn King pens year's third letter to account for inflation of more than one percentage point above target; stresses health of long-term expectations, but economists unsure
Why monetary base control can offer stability
There is a way of replicating the big achievements of the gold standard without going back to gold, argue Brendan Brown and Robert Pringle.
Reserves growth does not boost lending: Fed study
Federal Reserve study says notion that money multiplier can improve bank lending is misguided
Commentators sharpen knives ahead of Bank’s forecasts
Leading media outlets criticise Bank of England’s forecasting methods ahead of Wednesday Inflation Report; former Bank economists say new model welcome but will not remedy rate-setters unfounded optimism, which underpins off-target predictions
Minister takes heat off BoJ, calls for Diet to do more against deflation
Senior vice minister Hideo Hiraoka says government must employ fiscal and industrial policy to quell deflation; comments add to growing body of support for Bank of Japan’s policy stance
RBI drastically cuts deputy governor Chakrabarty’s role
Reserve Bank of India removes five of deputy governor Kamalesh Chakrabarty’s nine portfolios; move linked to Chakrabarty’s out-of-turn comments on monetary policy
Turkey: Manufacturing sector very sensitive to monetary tightening
Central Bank of Turkey study shows monetary tightening impacts some areas of the economy more than others
Refining the BoJ’s operating model
In the third of a six-part series on the Japanese economy, Robert Pringle reports from Tokyo on how the crisis has impacted the nation’s global outlook
BoJ: productivity underestimated during expansions
Bank of Japan study into labour productivity revisions shows productivity growth is often underestimated during expansions
RBI attempts to soothe market jitters with more rate reviews
Reserve Bank of India will release four extra monetary policy reviews per year in a bid to keep investors calm; decision brings it in line with bulk of major central banks
King parries claims Bank will get too much power
Bank of England governor Mervyn King says creation of the Financial Policy Committee will not make central bank too powerful
King stresses wait-and-see approach to rate-setting
Bank of England governor Mervyn King dismisses suggestions that one or another view dominates rate-setting committee; deputy Charles Bean reiterates question marks over effects of quantitative easing
Expansionary policy commitment redundant: Norges Bank
Norges Bank study says low interest rate rhetoric at central banks ineffective under neo-classical Phillips curve model
Central Bank of Sri Lanka – Annual Report (2009)
Sri Lankan central bank’s Annual Report for last year says country’s escape from high inflation allowed it to focus efforts on growth
India jerks in policy reins to choke off ballooning inflation
Reserve Bank of India levies bigger-than-forecast 50 basis point rate hike as data show inflation has spilled over from food to all areas; higher fuel prices, weather patterns key going forward
Westminster spells out Bank’s importance in new regulatory structure
Bank-led committee will instruct prudential regulator and consumer body on policy; Treasury asks industry players for input on broadening new body’s objectives
ECB: Crisis amplified monetary policy channels
European Central Bank study on credit channels finds the financial crisis amplified the impact of monetary policy on the economy