Monetary policy
Monetary policy effects on housing bubble: Bank paper
Bank of England study measures impact of monetary policy and capital inflows on housing activity
Mortgage discounting slows monetary policy pass through: Bank of Canada
Bank of Canada Winter Review 2010–2011 says mortgage-rate discounting slows monetary policy pass-through to lending rates
RBA minutes: rates on hold as flood damage assessed
Minutes of Reserve Bank of Australia rate-setting meeting relay concerns over impact of floods on economic outlook; cautious over rising commodity prices
Buba study on robustness of monetary policy
Bundesbank research examines whether misspecification may have consequences on robustness of monetary policy decisions
King acknowledges risk of wage-price spiral as inflation climbs to double Bank’s target
Inflation of 4% in January prompts Bank of England governor Mervyn King to pen another letter to the chancellor; letter acknowledges mounting inflationary pressures
Kansas City Fed paper on search frictions in monetary policy
Kansas City Federal Reserve paper finds evidence of indeterminacy in monetary policy in models with labour markets search frictions
Norges Bank’s Nicolaisen gives advice on rate-setting in turbulent times
Norges Bank director of monetary policy Jon Nicolaisen on setting monetary policy in volatile economic times
Monetary policy not responsible for land price bubbles: Minneapolis Fed’s Kocherlakota
Minneapolis Federal Reserve president Narayana Kocherlakota disputed claims that land price bubbles are a consequence of loose monetary policy
Czech President names new rate-setter
Czech economist Lubomír Lízal to replace Robert Holman on Czech National Bank rate-setting committee; bank board member Pavel Řežábek reappointed for second term
NY Fed adds two primary dealers
MF Global and Société Générale Americas Securities join New York Fed’s cadre of primary dealers
Carry-trade inflows open to vicious circles, say Shin, Plantin
Centre for Economic Policy Research study shows interaction between capital inflows and monetary policy might destabilise carry trade
IMF paper identifies Brazilian interest rate regime switch
Fund study says Brazil’s relatively low interest rate level and lack of volatility are owing to regime changes
Bank’s Weale explains thinking behind vote for hike
Bank of England external rate-setter Martin Weale says fear of higher inflation expectations becoming ingrained is real
BoJ minutes shows divergence on QE readings
Bank of Japan rate setting minutes show policy board disputed significance of evidence on monetary stimulus programme
Fiscal policy bolsters monetary policy: Central Bank of Turkey paper
Central Bank of Turkey study shows sound fiscal policy can help achieve active monetary policy
Basel III should aim higher on capital targets: Bank research
Discussion paper published by Bank of England and co-authored by external rate-setter David Miles suggests Basel III common equity requirements are too low
Bank’s Weale joins Sentance in vote for rate hike
Bank of England’s external MPC member Martin Weale joins Andrew Sentance in vote for 25-basis point rate hike; decision marks growing divisions in rate-setting committee
Fed funds rate falls short: Kansas City Fed paper
Kansas City Federal Reserve study says interest rate for reserves may play larger role in Fed’s monetary policy exit plan than fed funds rate
Monetary policy impacts credit risk: CEPR paper
Centre for Economic Policy Research study examines impact of monetary policy on bank riskiness
MPC’s Sentance critical of fellow policymakers’ focus on output gap
Bank of England’s Sentance dismissive of overemphasis on domestic output gap; says global factors must not be neglected as merely short-term disturbances when conducting policy
Bank of Canada – Monetary Policy Report (January 2011)
Bank of Canada January Monetary Policy Report expects export-led recovery to gain momentum in 2011
Tombini’s inflation credentials strengthened by Brazil rate hike
Central Bank of Brazil lifts target rate by half a point to contain burgeoning price pressures; hike comes in first rate-setting meeting under charge of new governor Alexandre Tombini
Eurosystem crisis measures averted prolonged crisis: ECB paper
European Central Bank study says introduction of unconventional monetary policy measures during financial crisis successfully provided liquidity to banking system
Philly Fed’s Plosser on limitations of monetary policy
Philadelphia Federal Reserve president Charles Plosser warns active use of monetary policy will not stabilise economy