Inflation targeting
Robert Pringle’s Viewpoint: Assessing Masaaki Shirakawa’s legacy
The policies of outgoing Bank of Japan governor, Masaaki Shirakawa, have brought economic stability to Japan and are likely to be viewed favourably by future generations
BoJ target leaves Japan inflation swap market unmoved
Doubling Japan's inflation target has had a limited impact on the domestic inflation market
ECB’s Praet warns against ‘hazardous’ policy experiments
Executive board member says he is ‘very sceptical’ of suggestions to raise the inflation target, but cautions against complacency over policy toolkits
Majority support an inflation target, poll finds
Almost two-thirds of participants in poll say inflation-targeting central banks should stick with current policy; Mark Carney lauds the unconventional measures a flexible framework allows
IMF research finds inflation targeting can dampen risk premiums
Working paper suggests inflation targeting reduces a country’s risk premium, although this effect is stronger for emerging markets and where inflation targeting is successful in stabilising prices
Bank of England unwavering in support for inflation target
MPC members hold interest rate and asset purchases to keep inflation on course to reach 2% in medium term; King condemns replacing price stability with economic growth target
BoJ formally asked to double inflation target
Japanese government pressures Bank of Japan to increase short-run inflation target to 2%; no action likely before next monetary policy meeting on January 21–22
Bank of Russia increases inflation target for 2013
Guidelines for monetary policy in Russia over the next three years include revised inflation goal for 2013; inflation overshoots target band in 2012
Philippines’ inflation target will drop in 2015
Goal will decrease from 4% to 3% in line with the government’s desire for ‘disinflation’ and higher economic growth
Carney and BoE chief economist clash on inflation targeting
Bank of England governor-elect Mark Carney suggests inflation target could be sacrificed for nominal GDP goal; Spencer Dale questions whether this would be effective or viable
Bank of Uganda annual report emphasises adaptation to tough times
Annual report for 2011/12 suggests move to ‘inflation targeting lite’ framework helped bring a spike in inflation under control
Norges Bank’s Olsen says inflation targeting is 'more flexible'
Firmly anchored inflation expectations allow economic stability to be considered when setting interest rates
Japan heading for recession as economy contracts in third quarter
Bank of Japan’s back-to-back monetary easing in October was due to a significant weakening in the country’s economic outlook
BoJ expected to counter overseas monetary policy, minutes reveal
Bank of Japan minutes show senior Japanese government officials made demands of the Bank of Japan during its October policy meeting
Uganda cuts rates to 12.5% in bid to spur domestic economy
Bank of Uganda cuts benchmark rate to 12.5% in bid to boost domestic growth as inflation falls within medium-term target
Finland paper advocates partial commitment to inflation targeting
Bank of Finland study warns of dangers involved in ‘over-committing’ to interest rate adjustments in reaction to price changes; suggests short-term reactions may be appropriate
Angolan governor praises inflation targeting
José de Lima Massano says the National Bank of Angola’s inflation targeting policy has brought inflation down to ‘single digit’; says policy helps prick speculative bubbles and encourages investment
Riksbank deputy questions the role of inflation targeting
Per Jansson, deputy governor of the Sveriges Riksbank, suggests a move away from fine-tuning monetary policy around inflation but says a shift to a higher target does not seem advisable
Peru paper compares regional and national inflation
Central Bank of Peru study asks whether regional inflation is an accurate measure of the national situation; considers future of inflation-targeting in the country
King says price stability insufficient for economic stability
The governor of the Bank of England discusses the relationship between price and financial stability; says inflation targeting should not be buried yet
Mexican deputy governor discusses high-inflation risk
Manuel Sánchez explains why inflation has risen above target and considers the future challenges that may prevent it converging
King defends record in first live interview
Bank of England governor justifies missed inflation targets, redistributive impact of quantitative easing and design of banking regulation in first live extended television interview
New governor signs revised policy target agreement in New Zealand
The Reserve Bank of New Zealand’s policy targets agreement will come into effect on the same day Graeme Wheeler takes over as governor; document includes "stronger focus" on financial stability
Time to rethink the centrepiece of economic management, says Gieve
Former deputy governor of the Bank of England challenges role of independent central banks pursuing inflation-targeting mandates