Inflation targeting
Klaas Knot on ECB policy-making, the FSB and central bank ‘capture’
DNB president talks about the temporary nature of unconventional policies, the importance of inflation target ‘bands’, the role of central banks as ‘circuit-breakers’ and ECB decision-making under Christine Lagarde
Fed adopts average inflation target
Powell says FOMC will also allow employment to run above estimated maximum level
Bank of Canada seeks public views on inflation targeting
Canadian central bank aims to increase public engagement with monetary policy review
Podcast: Cleveland Fed director on all things inflation and Covid-19
Robert Rich discusses money supply growth and muted inflation, plus new Fed research on the Phillips curve and alternative inflation targets
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
Two FOMC members back overshooting target
Brainard and Harker suggest Fed should leave rates low until inflation rises above 2% target
Covid-19 hampers inflation measurement – Riksbank’s Ohlsson
Too soon to say whether consumption changes during pandemic will become permanent, official says
Iran’s race towards monetary policy reform faces high hurdle reality
The Majlis Research Center’s Tohid Atashbar says positive outcomes from the Iranian central bank’s fast-tracking of monetary policy reform – made in response to Covid-19 and US sanctions – may prove difficult to deliver
US citizens think Fed’s communication strategy needs adapting – Fed report
“Fed Listens” events revealed a lack of understanding about inflation targeting, report shows
Researchers say hitting lower bound has little impact on expectations
Persistent deviation from inflation target can still undermine long-term expectations, authors say
Raising inflation targets may lower neutral rate – Boston Fed paper
A higher target might therefore be less effective than current research suggests, research says
FOMC considers more aggressive forward guidance
Officials discussed state-contingent forward guidance and yield curve control, April minutes show
Eurozone saw limited price convergence from 2001–11 – Bank of Spain
Researchers say this limited long-term alignment should be added to central bank policy framework
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for a Janet Yellen-supported Fed move to adopt elements of price-level targeting. But questions remain about the timing of such a move
Flatter Phillips curve calls for average inflation targeting – Brookings paper
Average inflation targeting could be “especially effective” in current environment, researchers say
Book notes: Renewing our monetary vows, by Richard Barwell and Jagjit Chadha
Open letters to the governor of the Bank of England, as new chief Andrew Bailey takes over
Monetary policy is not ‘impotent’ – BoE’s Broadbent
Scepticism is “overdone” and may encourage inaction, deputy governor says
Above-target inflation ‘essential’ for dual mandate – Chicago Fed’s Evans
Evans is second senior Fed official to back new inflation-targeting approach in recent weeks
Ghana’s Addison on banking reform, innovation and the future of the eco
The Bank of Ghana governor speaks about the next steps in banking reform and why West Africa may need more time to start using a common currency
Kyrgyz Republic hikes rates for first time since 2015
Inflation still well below target but climbing fast due to external pressures
ECB unveils plan for its strategy review
Eurosystem will host “listening” events with general public, academia and civil society organisations
Fed’s Brainard backs ‘flexible inflation averaging’
Governor hints at possible outcome of Fed’s policy framework review
Should the ECB add owner-occupied housing costs to its inflation measure?
Yves Mersch argues broader measure of housing costs would give more realistic inflation picture
Communications initiative: Bank of Jamaica
The Bank of Jamaica broke the mould with its reggae-inspired communications strategy, but observers suggest it has done more than just lift the economic literacy of its society