Inflation
Uzbek senate appoints new central bank chief
Mamarizo Nurmuratov becomes chairman of the Central Bank of Uzbekistan, following the death of his predecessor
Chinese monetary policy now more in line with G3 central banks – BIS paper
“Liberalisation and transformation” of the Chinese economy has led to changes in the PBoC’s monetary policy rule, and an improvement in inflation performance, authors say
Fed paper warns on helicopter money risks
Tool appears much less powerful when less realistic elements of the New Keynesian framework are removed; other options could work better, authors say
Inflation is preventing interest rates from rising faster, says Powell
Labour market progress points towards a faster pace of normalisation for the Fed, but below-target inflation is preventing rates from rising above the current “gradual pace”
Venezuela’s central bank devalues bolivar as crisis continues
Bolivar devalued 64% in latest currency auction in an attempt to stem effects of financial crisis; Goldman Sachs comes under fire from opposition leader
Bank of England threatened with strike action over pay
Union members to be balloted on strike after being awarded a “derisory” 1% pay rise; UK inflation currently running at 2.7% and forecast to rise further
Pace of monetary easing may slow, says Central Bank of Brazil
Committee unanimously cut interest rates to 10.25%, but political uncertainty could slow the future pace of easing; economist praises approach to monetary policy communication
Brainard turns cautious on inflation concerns
Lack of wage growth and lower than expected inflation data could slow further monetary easing, says Fed governor; interest rates are likely to rise “soon”
Bernanke urges BoJ to keep up its easing efforts
Former Fed chair recommends the central bank continue its aggressive easing, though he concedes “bad luck” could yet cause it to fail
Authors struggle to cut ‘price puzzle’ from Australian data
Authors find various approaches to removing the puzzle from VAR models fail for Australian data, calling into question the usefulness of the models
Sarb should leave monetary policy alone – IMF
South Africa’s current monetary policy stance is bringing inflation under control, fund mission says, advising the central bank to leave government reforms to do the legwork following downgrade
Central Bank of Egypt battles to contain devaluation impact
Inflation has rocketed since Egypt aligned official and black market exchange rates, forcing the central bank to take action
Riksbank proposes changes to inflation target
Central bank plans to use a variable that avoids short-term distortions, and to reinstate a band around the target
Peru cuts rates for first time in more than two years
Reversal in food prices prompts board into action, with inflation now expected to end the year within target band; central bank will remain attentive to external conditions
Industrial goods inflation may be building, ECB says
Prices of goods produced in eurozone see only “subdued” growth
Sterling depreciation will increase pace of tightening, BoE says
Inflation will overshoot target for longer period, reveals latest Inflation Report, but raising rates will not help, BoE says; “extraordinary circumstances” call for delicate balancing act
IMF urges new macro-pru tools for RBNZ to tackle housing market
Debt-to-income tools would complement existing macro-prudential toolkit and help rein in household credit, fund says; RBNZ in pursuit of such powers but decision must come from government
John Williams backs move to price-level targeting
San Francisco Fed chief says inflation targeting is losing its effectiveness in the face of a very low natural rate
BoJ should provide ‘more realistic’ projections – former policy board member
Claims constant overestimation of inflation expectations undermines credibility
Zimbabwe central bank actions like ‘putting lipstick on a frog’
Economic crisis is reminiscent of meltdown preceding dollarisation in 2008, but authorities have fewer options this time
BoJ cuts inflation forecast at a time of falling JGB purchases
Bank of Japan reduces forecast to 1.4% as bond purchases appear to be declining
Ukrainian inflation set to follow ‘erratic downward path’, NBU says
Central bank predicts inflation will only reach single digits in last quarter
PBoC’s Zhou: 6.5% growth target is ‘within reach’
Governor says he believes China’s growth target is attainable, as he urges countries to remain open to trade and investment
New governor appointed at Reserve Bank of Malawi
Former government official takes over from Charles Chuka, who spent five years as governor