Inflation targeting
Serbian central bank sees inflation climbing to target in 2015
General manager Branko Hinić discusses latest forecasts at the launch of the National Bank of Serbia’s latest inflation report; attributes low inflation in 2014 to ‘temporary’ factors
Poll: Should inflation targets be scrapped?
As advanced economies battle low inflation and interest rates remain constrained by the ZLB, should central banks rethink monetary policy orthodoxy?
Ageing population may boost inflation, BIS paper finds
Working paper challenges received wisdom that an ageing population causes disinflation, with implications for the correct calibration of monetary policy
FOMC forward guidance adds to 'market confusion', say leading US economists
The Fed lacks 'clearly formulated' normalisation strategy, paper to be published by Central Banking argues; calls for adherence to 'disciplined inflation targeting rule'
Fed signals rate hike despite drop in inflation
Minutes suggest Fed will tighten policy despite expecting inflation to remain below target for 'some time'; rate hike unlikely for 'at least the next couple of meetings'
Bank of Jamaica set for new powers in 2015
Central bank on track to assume responsibility for financial stability; will start conducting annual reviews to track ‘readiness’ for full-fledged inflation targeting
Riksbank critic becomes deputy governor
Henry Ohlsson, an economics professor who attacked the Swedish central bank for failing to reach its inflation target in a report earlier this year, is picked to replace Karolina Ekholm
Central Bank of Paraguay reduces inflation target to 4.5%
After keeping inflation around 5% for the past three years, the central bank will now aim to shackle it at 4.5% in 2015 and 2016
Robert Pringle's Viewpoint: The global finance system is in bad need of repair
Muddling through is not enough: neglect of global money can trigger political earthquakes that sweep away any chance of reasonable debate and compromise
Bank of Canada weighs inflation target increase
Consideration should be given to an inflation target that is above 2%, deputy governor argues; says lower neutral interest rate could lead to ‘non-trivial’ increase in ZLB episodes
Kocherlakota wants Fed to mimic Bank of Canada communication
Minneapolis Fed president calls for ‘symmetric’ inflation target and two-year horizon for achieving it; says FOMC should adopt Canada-style language to characterise inflation objective
Robert Pringle’s Viewpoint: Time to cure central bankers’ deflation phobia
The policies followed since the ‘great crisis’ have not succeeded in restoring confidence. It is time to try a different approach
Kocherlakota explains dissent from FOMC decision to end asset purchases
Minneapolis Fed president says downside risks to inflation outlook ‘arguably worse' than a year ago; says evidence from Japan and Europe shows need to act on 'an ongoing basis'
Bank of Russia to complete shift to inflation targeting regime by 2015
Geopolitical tensions, increased food costs and financial market turmoil will not deter central bank from pursuing 4% inflation target that is to be phased in next year
Rwandan central bank sees inflation and interest rates drop in H1
Semi-annual financial stability statement finds reasons to be cheerful as inflation comes in below target and market rates fall, in line with monetary policy
Robert Pringle's Viewpoint: Haldane plus Rajan = New model central bank?
Robert Pringle offers an alternative to Bank of England chief economist Andrew Haldane’s scenarios for the next 25 years of central banking
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
Serbia central bank takes aim at food price volatility to bring inflation in line
Agricultural commodity price volatility accounted for more than two-thirds of headline inflation volatility in 2013, the central bank says, leading it to seek measures to combat it
Central banks wrong to try and close output gap, says RBNZ's McDermott
Reserve Bank of New Zealand assistant governor John McDermott says the role of monetary policy is to keep inflation predictably low, not try and boost output
Solomon Islands central bank publishes first working paper
Paper considers the efficacy of monetary targeting in Solomon Islands; finds evidence suggesting it is more effective than inflation targeting would be
Rogoff and Ball cross swords over 4% inflation target
IMF publishes Laurence Ball paper outlining the benefits of higher inflation; Ken Rogoff says switching to an electronic currency is a more ‘elegant’ solution to the ZLB problem
Inflation report forecasts tend to be right, research shows
IMF and Czech National Bank economists check inflation outcomes against central bank predictions, finding them to be broadly in line
Inflation targeting and fiscal rules work best together
IMF working paper finds fiscal rules and IT regimes are both more effective when they are used together; they also work best where the fiscal rule is brought in first
Paul Krugman calls for higher inflation targets at ECB Forum
US academic ruffles feathers at conference in Portugal by arguing that higher inflation targets are more desirable now than they were a decade ago; Ottmar Issing disagrees