Inflation
North Korea drastically revalues currency
Reports say that the country has slashed two noughts off its currency; imposes a cap on exchanges into new money
Eurozone inflation turns positive
Official flash estimate puts November annual inflation at 0.6%; turns positive for first time since April
New household inflation measures yield “novel finding”
San Francisco Fed paper finds a negative correlation between inflation and inflation inequality
Brazilian economy on the up, minutes show
Central Bank of Brazil’s policy meeting minutes also show inflation is under control
Zero lower bound may have cost US $1.7 trillion
San Francisco Fed’s John Williams argues zero bound on interest rates has had negative effect and could continue to do so
US disinflation more likely than inflation: Fed’s Rosengren
Boston Federal Reserve’s Eric Rosengren sees inflation risks to the downside
Kenya cuts by 75 basis points
Central Bank of Kenya chops three-quarters of a point off benchmark rate
Israel makes surprise hike on inflation fears
Bank of Israel’s Fischer raises key rate to 1% from next month; cites a jump in inflation expectations even with rate hikes factored in
Hungary shaves by 50 bps as expected; widens rate corridor
National Bank of Hungary cuts key rate to 6.5% as indicated; widens rate corridor citing better market conditions
South African Reserve Bank - Monetary Policy Review
SARB report explains that downside risks to inflation from poor output and expenditure figures underpinned rate cuts between May and August
Turkey trims by quarter point
Central bank sticks to October hints by reducing size of cuts; OECD and government data show growth will pick up but unemployment still high
Czech National Bank – November Inflation Report
Monetary policy relevant inflation will be below headline inflation, which is expected to reach just above 2% towards the end of next year
Sri Lanka cuts rates
Central Bank of Sri Lanka cuts benchmark borrowing cost to 7.5%, narrows rate corridor
Bundesbank - October Monthly Report
Inflation fell further in Germany in the third quarter, partly due to sluggish investment and consumption statistics
Gold standard did Scandinavia good
Norges Bank examines monetary policy and inflation dynamic of the Scandinavian Currency Union
European Central Bank – November Monthly Bulletin
ECB’s monthly report suggests eurozone inflation rates will inch back into positive territory towards the end of the year
QE working, but growth levels to remain anaemic: Bank
Bank of England confident quantitative easing having some impact; more bullish on growth but stresses slack is set to stay until beyond forecast period
Bank of Israel – Third Quarter Inflation Report 2009
Report shows inflation slowed as a result of rate hike
Price volatility lower in inflation-targeting countries
Reserve Bank of Australia compares inflation volatility in inflation-targeting and non-inflation-targeting countries
Restoring normality to the financial system
John Nugée identifies six key areas that central banks need to consider in attempting to establish the new normal
Negative interest rates for the euro area?
Recent Taylor rule studies have suggested the Fed should have negative interest rates. Janko Gorter, Jan Jacobs and Jakob de Haan investigate the same question for the euro area.
A trans-Tasman comparison
Rodney Dickens argues that the New Zealand central bank is reverting to bad old habits.
Iceland cuts rates on krona strength
The Central Bank of Iceland shears rates and hints at further reductions as the krona regains stability
Ireland on how to make better forecasts
Central Bank and Financial Services Authority of Ireland looks at whether modelling structural change improves macroeconomic forecasting