Interest rates
RBI report recommends inflation target under new monetary policy framework
Committee set up by Raghuram Rajan in September calls for formal nominal inflation target of 4% to be phased in over two years; also recommends sweeping changes to bank's organisational structure
Turkish prime minister praises central bank rate hold as lira falls to record lows
PM's comments following bank's decision to keep rates at 7.75%, despite a sharp drop in the lira's value in the past month, raise questions about government's role in monetary policy decision-making
Portuguese paper finds banks lend to riskier borrowers when policy rates are low
Researchers find evidence supporting the existence of the ‘risk-taking channel’ of monetary policy; banks will grant more loans to companies with recent defaults when rates are lower
Central Bank of Brazil raises rates for seventh time in a row
Selic rate increased 50 basis points to 10.5% in unanimous decision following disappointing inflation figures published last week; rate up 275 basis points since April 2013
Belarussian presidential decree sets out 2014 forward guidance
Belarus central bank's key refinancing rate will average between 14% and 16%, according to monetary policy guidelines approved by the president; exchange rate will be based on market forces
Hungary minutes show calls to slow rate of cuts
Hungarian monetary policy council decided in December to again cut rates by 20 basis points, but two members argued it was time to slow the rate of easing
Robert Pringle’s Viewpoint: Janet Yellen - that honeymoon feeling
Comparing what the new Fed chief should do with what is likely
Riksbank board grappling with ‘genuine policy dilemma'
Minutes show last month's cut in interest rate was preceded by considerable apprehension, with one board member describing it as his ‘most difficult' decision to date at the central bank
Chilean central bank puts rate cuts on pause
Minutes from the board’s December meeting reveal members were concerned about spooking markets and wanted to buy time to assess earlier easing
Sri Lankan central bank remodels benchmark rates
Central bank renames its two key interest rates and cuts one of them as money markets normalise and inflation continues to fall
Carney: UK businesses ‘understand forward guidance well'
New governor's policy of providing guidance on future interest rates is useful for businesses and households, he says - despite financial markets apparently not believing it
Riksbank cuts rates on falling inflation, leaning less against the wind
Swedish central bank cuts interest rates by 25bp to 0.75% to counter falling inflation; household debt levels still a risk, says Ingves, but calls on ‘others' to do more to keep them in check
Peruvian Congress approves central bank board members after two-year delay
Depleted board expected to be back at full strength next week after three appointees finally get green light from the legislature; originally appointed in July, but sacked following street protests
Interest rates best transmit South African monetary policy, say researchers
New Sarb paper analyses five transmission channels for a monetary policy shock, finding interest rates to be the strongest, and asset prices the weakest
Chicago Fed paper aims to explain asset fluctuations through ‘unified' model
Framework draws on two theories of the role of credit in asset price fluctuations; study is first step in larger project
OTC derivatives turnover driven by 'non-dealer' contracts, says BIS
Article in latest BIS quarterly review notes share of inter-dealer trades shrunk to 35% in 2013; trading remains concentrated in major financial centres despite 'rapid' growth in EM currencies
Unexpected increases in Fed funds rate prompt gold prices to rise
Atlanta Fed working paper examining futures data between 1998-2008 finds that unexpected changes in the Fed's monetary policy can influence commodity prices
Norges Bank issues ‘secret' advice on prudential regulation
Norwegian finance ministry will publish central bank recommendations on countercyclical buffers only once it has decided whether or not to follow the advice; bank holds interest rates at 1.5%
ECB ‘ready and able to act’ as staff lower inflation forecasts
European Central Bank holds key interest rate at 0.25% as staff predict inflation drop in 2014; Draghi says governing council is willing to use ‘all available instruments’
'Sticky' deposit rates could cost US households dearly when Fed raises rates
Unwillingness among retail banks in the US to pass on rising market interest rates to depositors costs the country's poorest savers up to $100 million a year, Fed economists find
Departing Bernanke takes stock of Fed's unprecedented actions
Federal Reserve chairman discusses the ups and downs of the bank's asset purchases and attempt to guide market expectations; admits shortcomings but maintains policies are warranted
OECD joins calls for eurozone QE
Organisation says ECB should consider ‘institutional changes' to allow it to buy corporate and sovereign bonds; suggests a timetable for US taper
Leaning against the wind does more harm than good, warns Svensson
Former Riksbank deputy Lars Svensson argues higher interest rates to combat asset bubbles and financial instability have the opposite effect by raising the real debt burden of households
Latvia central bank brings rates and rules in line with eurozone
Bank of Latvia slashes rates to match ECB's ultra-low 0.25%; economists say the move, along with new regulations, was designed purely to ready the country to join the eurozone in January