Monetary Policy
Book notes: Floored!, by George Selgin
Michael Reddell remains unconvinced the Fed’s introduction of the IOR prolonged the recession, but credits Selgin’s argument the IOR policy made the central bank a more powerful credit lender
IMF demands Ecuador end monetary financing
Central bank will need to cover liabilities vis-à-vis banks with international reserves
Swiss National Bank sharply lowers inflation expectations
Central bank may have reached limits of monetary policy, observer argues
BoE on hold as Brexit weighs on outlook
Policy-makers point to weak investment and continued uncertainty
Norwegian central bank hikes rates as inflation rises
Central bank increases the policy rate by 25 basis points to 1%, despite global uncertainty
FOMC cuts rate projections as Powell warns of slowing growth
Federal Reserve’s rate-setting body projects slower inflation, higher unemployment
Fed set to end quantitative tightening in September
FOMC will also slow the pace of its balance sheet reduction programme from May
IMF urges Seychelles central bank to limit forex interventions
Mission chief Amadou Sy urges regulator to remain “vigilant” to inflationary pressures
PBoC improves policy communication
Central bank revamps English website and appears to address market concerns more frequently
Local currency debt not enough to escape US dollar influence – BIS paper
Emerging markets borrowing in domestic currency are still affected by the US dollar exchange rate
IMF supports Argentina’s efforts to tame inflation
The central bank extended its monetary base targeting after inflation rose sharply in February
BIS paper studies high-frequency data on central bank intervention
Sterilised foreign exchange interventions can help to slow credit growth, authors find
NGDP target can create ‘divine coincidence’ – Bullard and Singh
Nominal GDP targeting can “repair” distortions from credit market frictions, authors find
Pressure on Hong Kong dollar set to continue despite a dovish Fed
HKMA intervenes to defend peg, with pressure looking likely to continue
Argentina toughens monetary targeting on higher inflation
Government to send bill to parliament to prohibit central bank from financing the Treasury
ECB’s chief economist takes to Twitter
Praet expresses scepticism about dual mandate and rejects ‘modern monetary theory’
Developed world needs fiscal boost – Romanian deputy governor
Once wages recover pre-crisis level, inflation will rise fast, research finds