Monetary policy
Three academics join China’s Monetary Policy Committee
The People’s Bank of China calls on three scholars to join rate-setting board
Central banks, not debt will kill growth: economist
Independent economist Roger Nightingale charges that debt on its own is not incompatible with growth, but raising rates will kill growth
Lockhart: Fed inflation anchor under threat
Atlanta Fed’s Dennis Lockhart warns that inflation expectations may be dislodged as a result of accommodative Fed stance
RBA: price stickiness overstated in traditional models
Reserve Bank of Australia study shows New-Keynesian Phillips Curve overstates the degree of price stickiness in macro models.
Svensson: Riksbank needs to be more forceful
Riksbank deputy Lars Svensson explains Sweden’s response to crisis and draws on lessons for future
BOE paper: inflation co-movement linked to globalisation
New study into co-movement in inflation across industrialised countries links low-inflation rates to falling commodities prices
Fischer accepts second term at Bank of Israel
Bank of Israel governor agrees to stay on for further five years after new central bank law passes in the Knesset calling for Monetary Policy Committee
BoJ study: low rates not enough
Bank of Japan study shows that low interest rate commitment was insufficient in stimulating growth
BoE unanimously backed rate hold
The Bank keeps rates steady as the MPC remains cautious over the road to recovery
Bank’s Dale: QE a success
Spencer Dale discusses the merits of quantitative easing and its impact on the wider economy in the past year
Fischer offered second term: reports
Local media says premier Netanyahu has asked Bank of Israel governor Stanley Fischer to stay on
BoJ’s Nakamura declares ordinary policy tools redundant
In a high profile speech in Fukuoka last month, Bank of Japan’s Seiji Nakamura tells business leaders that ordinary channels of the transmission mechanism are not working
Discretionary policy with Calvo pricing: Kansas Fed paper
Kansas Fed research shows that sticky price models, such as the Taylor and Calvo variants, are not identical, and can have important policy implications
MPC’s Miles leaps to the defence of QE
Rate-setting committee’s external member David Miles says the Bank’s asset purchase programme has shored up the private sector despite focus on gilt purchases
Taylor rule has not removed need for judgement: RBI’s Subbarao
Reserve Bank of India governor Duvvuri Subbarao says the celebrated monetary policy rule provides a policy basis, but central banks need to apply it with relativism
Towards a new framework for monetary policy
Jacques de Larosière argues that monetary policy played a major role in the run-up to the financial crisis and that a new operational framework is needed
Balance sheet policy and money market liquidity: SARB paper
South African Reserve Bank paper says balance sheet policy must be thought of in the same way that interest rates are regarded
Russia cuts on carry trade concerns
Bank of Russia chops a further 0.25% off its key refinancing rate and intervenes in currency markets on worries of rouble strength
Bank chief economist Dale reappointed
Second term as rate-setter for hawkish executive director Spencer Dale, external member Kate Barker to leave at the end of her current term
Price-level targeting: a new monetary approach
As criticism of inflation targeting grows, economists and central bankers are taking a closer look at price-level targeting as an alternative. Malan Rietveld reports
Bank of Korea – Monetary Policy Statement (February)
South Korean central bank’s February statement shows the worries of a Greek default played a part in its maintenance of a loose policy stance
Watch money growth like ECB does: Trichet
ECB president Jean-Claude Trichet says the central bank has always considered monetary aggregates in its policy decisions, and urges the rest of the world to do so
Israel inches towards rate-setting board
Bank of Israel law, which would set up a six-member Monetary Policy Committee, passes first of three readings in the Knesset
Bank holds rates, halts asset purchases
Bank’s rate-setters stand pat, pointing to a clash of pressures between inflation and anaemic growth; ex-MPC members concur