Broad money
State money and bank money: lifting the fog around QE
Steve Hanke says economists are missing important details by focusing on interest rates, rather than the money supply
Sovereign money a ‘risky experiment’ says SNB’s Jordan
Thomas Jordan says sovereign money initiative looking to strip banks of ability to create money would ‘entail a radical overhaul of Switzerland’s financial system’; SNB holds rates
IMF pushes Belarus to adopt new policy framework
International Monetary Fund tells National Bank of Belarus to adopt monetary targeting framework ‘without further delay’; staff and national authorities disagree over exchange rate
Thomas Jordan dismisses monetary reform proposals
Swiss National Bank head rejects multiple reforms, including a return to the gold standard, the introduction of plain money and the adoption of the euro
IMF paper evaluates reserve adequacy in emerging markets
Working paper studies the determinants of reserve holdings in emerging markets and small islands; proposes measure of reserve adequacy
IMF paper measures the natural rate of interest
Fund study says the transformed money demand and observed output gap provides the best information about the natural interest rate
Bank of Portugal paper highlights variance in value of money
Bank of Portugal study challenges application of Bertrand competition in currency markets
QE helped boost broad money growth: BoE paper
Bank of England Q1 2011 Quarterly Bulletin says quantitative easing programme helped revive broad money growth during recession
ECB rejects temporary price pressures argument; signals tightening
European Central Bank’s hawkish Thursday announcement shows a different interpretation of commodity price pressures, second-round effects, to Bank of England and Fed
Beijing looks to further internationalise renminbi
People’s Bank of China says it must work to match growing demand for renminbi outside of mainland; sets out further steps including opening domestic market to international institutions
UK think tank forecasts 8% rates by 2012
Though now at record lows, Policy Exchange chief economist Andrew Lilico says interest rates in the United Kingdom may rise to 8% by 2012 to overcome double digit inflation
Reserves growth does not boost lending: Fed study
Federal Reserve study says notion that money multiplier can improve bank lending is misguided