Monetary policy
Sentance: Bank risks losing credibility if rates remain on hold
Bank of England external MPC member Andrew Sentance says central bank risks being seen as not taking its inflation-fighting remit seriously if it does not begin to raise rates
Singapore tightens to spur faster appreciation
Monetary Authority of Singapore tightens policy further to allow for faster appreciation of Singapore dollar
The dangers of Bernanke’s calls for change
Fed chairman Ben Bernanke’s calls for more research into areas of economics underexplored by central bankers is commendable, but translating this into policy has its risks, writes Claire Jones
ECB: monetary policy could have prevented the crisis
European Central Bank study finds low benchmark rate had significant role in lax lending standards before crisis
BoJ minutes show divergence on risks
Minutes of Bank of Japan's September meeting show disagreement on risks to economy
RBA develops more robust monetary policy model
Reserve Bank of Australia study uses sign restriction VAR models to explain exchange rate puzzle in measuring monetary policy
Pay attention to monetary aggregates: Canada’s Macklem
Bank of Canada senior deputy governor Tiff Macklem says interest rate transmission blockages make money, credit data key in crisis; adds voice to growing chorus of central bankers
Japan edges towards zero bound
Bank of Japan cuts benchmark rate to 0% to 0.1% range, announces further stimulus
RBI names working group to review key open market operations
Reserve Bank of India names working group members assessing liquidity adjustment facility; six out of ten from central bank
Chile’s De Gregorio praises economic recovery from earthquake
Central Bank of Chile governor José De Gregorio says economic recovery owes to permanent and temporary factors driving growth
IMF: low income countries lack proper monetary policy framework
Fund study shows monetary transmission mechanism in low-income countries is less effective due to institutional deficiencies
Australia adds financial stability to monetary policy mandate
Australian government amends Reserve Bank of Australia’s monetary policy remit to include financial stability
Basel III could distort monetary policy: ECB’s Bini Smaghi warns
European Central Bank executive board member Lorenzo Bini Smaghi says Basel III may have unintended consequences on monetary policy
CEPR advocates rule-based approach to central bank projections
Centre for Economic Policy Research study says central bank projections based on interest rate rule yield same results as one on market expectations
Bank’s Posen makes case for further stimulus
Bank of England Monetary Policy Committee member Adam Posen advocates use of more “monetary action” to stimulate economy
Bernanke charts new course for Fed economics
Federal Reserve chairman Ben Bernanke suggests research must veer away from assumptions based on classical paradigm; stresses models must better capture irregular behaviour
New York Fed research finds flaws in inflation expectations polls
New York Federal Reserve research uncovers faults in measuring inflation expectations; says questions on rate of inflation rather than price level provide better guide to future uncertainty
RBNZ’s Spencer: monetary policy will have more bite
Reserve Bank of New Zealand deputy governor Grant Spencer says cautious lending means monetary policy will have more bite than in previous years
BoE: higher probability of further stimulus
Bank of England Monetary Policy Committee minutes show members felt more stimulus measures may be required to steer economy towards recovery
Bank’s Bailey places public at heart of stability remit
Bank of England’s Andrew Bailey says public acceptance of stability goal necessary to stave off future crises
RBA appoints new head of economic research
Reserve Bank of Australia promotes deputy head of domestic markets Jonathan Kearns to head of economic research
Riksbank's Svensson says monetary policy had no role in crisis
Riksbank deputy governor Lars Svensson denies monetary policy was responsible for the financial crisis
Rajan, Krugman renew spat
Ex-IMF chief economist Raghuram Rajan and Nobel laureate Paul Krugman revive clash over central banks' role in the crisis
RBA’s Stevens: monetary policy not necessarily a ‘blunt instrument’
Reserve Bank of Australia governor Glenn Stevens says monetary policy suited to guarding macroeconomic stability