Monetary Policy
Monetary policy ‘increasingly synchronised’, say IMF officials
Very few central banks have bucked the global trend since the start of the pandemic
PBoC vows not to flood economy with liquidity
Chinese central bank warns of rising structural inflation pressures
Record-high inflation piles pressure on Norges Bank
Norwegian central bank expected to increase rates by 50 basis points on August 18
Colombian study estimates policy impact on capital flows
Meta-analysis using web scraping finds central banks have more control over some flows than others
Fed governors still talking tough on inflation
Lower inflation expectations and CPI come as positive signals for the path ahead
Thailand raises rates for first time since 2018
Bank of Thailand signals more “gradual and measured” rate increases to come
Communications Benchmarks 2022 – presentation
Central Banking’s economics subject matter specialist Daniel Hinge on communications governance, social media, media monitoring and more
Taiwan academics call for central bank reform
Academica Sinica says the central bank could invest part of its foreign reserves into a sovereign wealth fund
Moldova raises rates as inflation hits 31.8%
Policy interest rate reaches new record high
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
Romania continues tightening cycle with 75bp rise
Eighth consecutive increase comes as headline inflation passes 15%
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
RBI raises rates to tackle ‘uncomfortably high’ inflation
Central bank has been intervening to defend rupee, but governor insists reserves remain ample
ECB uses bond reinvestments to support Italy and Spain
Central bank rebalanced its bond holdings in June and July away from France, Germany and the Netherlands
Czech central bank halts tightening
Many had expected new governor and board to take dovish turn
Brazil’s MPC hikes again, but signals possible end to tightening
After 50bp hike, BCB to assess “residual adjustment” to policy rate in September meeting
UK’s possible next prime minister promises BoE mandate change
Liz Truss says situation now “very different” to when central bank’s mandate was laid down in 1997
BoE accelerates tightening as inflation expected to hit 13%
“Enormous” external shocks to blame for large changes in forecasts, officials say
Is the US heading for stagflation?
US academics weigh up the risks – and whether the Fed can avoid the worst outcomes
Madagascar raises rates 90bp
Central bank expects economy to grow but speaks of troubling global conditions
Armenia orders 25bp interest rate hike
High inflation prompts central bank to continue postwar tightening cycle
Blanchard and Summers clash with Fed over soft landing
Economists challenge Fed view that fall in vacancies can save US from mass unemployment
ECB paper examines unanchored inflation expectations
Public reacts more strongly to larger and downward inflation surprises, researcher finds
IMF stresses inflation risks may rise further
In such a case, central banks will need to be more resolute in securing price stability