Monetary policy
Debt management poses greater refinancing risks: Netherlands Bank
The Netherlands Bank study says greater reliance on short-term debt requires better coordination between debt managers and central banks
Bank minutes: inflation may hit 4% in spring
Bank of England Monetary Policy Committee warns inflation could reach 4% in spring; says pace and extent of subsequent fall highly uncertain
RBA minutes: rates on hold as global downside risks rise
Minutes of Reserve Bank of Australia rate-setting meeting relay concern over deteriorating situation in Europe; more positive on US, China
Capital flows drive financial imbalances: IMF study
Fund paper says capital inflows are main factor behind financial imbalances, with effects worsened by insufficient oversight
ECB points to securitisation, interest rate risk concerns
European Central Bank’s December Financial Stability Review stresses importance of more transparency in asset-backed securities market; highlights interest rate risk worries
ECB launches two educational games
European Central Bank president Jean-Claude Trichet says launch of educational games will inform public about monetary policy activities
IMF: global stock markets sensitive to US monetary policy shocks
Fund study finds strong relationship between global stock prices and US monetary policy
Norges Bank examines time inconsistency models
Norges Bank study examines methods to model time inconsistency problem in monetary policy over extended period
Riksbank’s Nyberg challenges Svensson over monetary policy framework
Riksbank deputy governor Lars Nyberg says monetary policy must support macroprudential policy; comments contrast with Svensson’s calls for monetary policy to focus on price stability
Central Bank of Turkey – Inflation Report (Q4 2010)
Central Bank of Turkey’s fourth quarter Inflation Report says despite strong domestic demand, weak external demand forced the central bank to keep rates low
Kansas Fed’s Hoenig open to shorter lag in releasing FOMC transcripts
Kansas Federal Reserve president Thomas Hoenig says nothing inherently wrong in publishing rate-setter meeting transcripts with delay of less than five years
Brazil raises reserve ratio to ease impact of capital inflows
Central Bank of Brazil lifts reserve requirement ratio in bid to stem inflationary pressures resulting from capital inflows
ECB bucks market expectation with silence on further bond purchases
European Central Bank extends liquidity operations but does not commit to more bond purchases; move comes against market anticipation, dividing analysts
BoE paper: capital inflows primary cause of US housing bubble
Bank of England study shows large capital inflows had a greater effect than monetary policy in generating housing bubble in United States
IMF: inflation targeting reduces dollarisation
Fund study says inflation targeting framework strengthens monetary policy channel in countries with high levels of dollarisation
Taylor calls on Fed to focus on price stability, not employment
Economist John Taylor likens Federal Reserve’s quantitative easing programme to fiscal policy; says central bank should focus on single price stability mandate
Bernanke says Fed’s supervisory role creates synergies
Federal Reserve chairman Ben Bernanke says financial supervision at central banks provides benefits for macroeconomic management
Central banks more independent in decentralised states: BIS
Bank for International Settlements study looks at impact of political economy on central bank independence
St Louis Fed: central banks must plan credible QE exit
St Louis Federal Reserve study shows success of quantitative easing depends on central bank's ability to credibly plan for stimulus withdrawal
ECB's emergency liquidity measures eased credit crunch, says CEPR
Centre for Economic Policy Research study shows European Central Bank's response to financial crisis helped ease liquidity strains in wholesale markets
Budapest sets sights on Hungary’s rate-setting council
Hungarian government seeks amendment giving a parliamentary committee full control over majority of appointments to central bank’s Monetary Council
Tombini named new governor of Brazilian central bank
Central Bank of Brazil deputy governor Alexandre Tombini to replace current governor Henrique Meirelles
Svensson attacks Sweden’s monetary policy framework
Riksbank deputy governor Lars Svensson finds "problem" with use of repo rate to address financial stability; favours sole focus on inflation targeting
Gjedrem on the Norges Bank’s history
Norges Bank governor Svein Gjedrem discusses transition of Norges Bank from government advisor to fully fledged central bank