Interest rates
Riksbank doves defeated on rate cuts despite broad support for easing, minutes show
Minutes reveal that despite unanimous support for ‘more expansionary’ monetary policy, majority of board members voted to hold rates due to household debt fears
ECB says ‘difficult to do more’ as pressure mounts for more action
Further deterioration in eurozone data leads some to predict ECB rate cut at May meeting and possible SME ‘support package’; ECB executives signal action still unlikely
Netherlands Bank highlights ‘major risk’ of European crisis escalating
Financial stability report says danger from European debt crisis still looms large; warns of longer-term risks including addiction to low interest rates and incomplete banking union
BoJ's Miyao sees weaker yen as key to ending deflation
Leading proponent of monetary easing highlights a change in the dollar-yen exchange rate as key to hitting Bank of Japan's 2% inflation target
IMF flags growing risks from low interest rate environment
Global financial stability report urges caution by central banks employing loose monetary policy; says lack of adjustment to medium-term challenges could create ‘chronic phase’ of crisis
Interest rate forecasts ‘constrain’ central banks
Norwegian paper finds that Norges Bank and Reserve Bank of New Zealand are ‘reluctant to deviate’ from interest rate paths they have previously published
Polish paper scrutinises interest rate holds
Research finds that central banks keep interest rates unchanged on majority of occasions; proposes model that distinguishes between rate-holds in period of tightening, easing and neutrality
US non-farm payroll stats strengthen case for more QE
Boston Fed president joins calls to continue QE programme as US employment recovery falters
IMF working paper examines monetary policy ‘leaning against the wind'
Monetary authorities that want to stimulate the economy while maintaining financial stability should cut deeper, but then raise rates again faster
BoE economist warns of tendency to ‘overstate’ fiscal multipliers
Matthias Paustian says simple Keynesian models can produce unrealistically high fiscal multiplier when examining fiscal policy at the zero lower bound
Barbadian governor proposes adopting new policy rate
DeLisle Worrell and other senior central bank staff suggest adopting three-month Treasury bill rate as key policy rate, saying it is more practical for small, open economies
McKinnon says Fed must raise rates to stimulate growth and employment
Leading academic says positive real interest rates are the only way out of a credit crunch that's holding back lending to the productive economy
Fed working paper measures FOMC comms effect against theory of UIP
Paper finds 'little evidence' for a changed relationship between FOMC announcements and US interest rates since the 'onset of the zero lower bound'
Vietnam slashes rates in bid to kick-start economy
Central bank cites stable macro environment as it cuts policy rates by 100bp in an attempt to stimulate productive activity
RBA deputy governor says record low rates are beginning to work
Philip Lowe defends six rate cuts since November 2011, saying there are signs the Australian economy is beginning to respond to the stimulus; urges patience while effects feed through
RBI cuts benchmark rate as growth falters
Reserve Bank of India cuts interest rate for second time in 2013; struggling with falling growth rates but rising inflation
RBI’s Subbarao bemoans contradictory demands on central bank
Reserve Bank of India governor says unique Indian growth and inflation dynamics make it impossible to satisfy everyone; deflects criticism over rates being both too high and too low
National Bank of Poland says rate cuts will bring inflation up to target
Polish inflation projected to fall to 1.3% in 2013 before rising to 2.6% in 2014, after benchmark rate slashed by 150 basis points in five months
Central Bank of Mexico cuts rates for first time in four years
Mexico slashes benchmark rate 50 basis points to combat falling demand and rising unemployment; Brazil and Canada hold rates steady
Draghi hints at governing council rate split
ECB holds rates again but Draghi reveals dissent among council members; central bank staff lower growth forecast
ECB and BoE edge closer to more easing
Commentators home in on signs the ECB is shifting towards a more dovish stance; BoE could sanction more QE after three members voted in favour last time
Polish central bank shocks market with steep rate cut
Monetary policy committee cuts rates by 50bp but indicates the move brings to an end the cycle of easing started in November last year
Philadelphia Fed president demands end to QE
Charles Plosser says asset purchases should be phased out gradually and halted before the end of the year; ‘meagre benefits’ are outweighed by threat to price stability
Bank of Mongolia launches ‘interest rate corridor’
New monetary policy framework seeks to reduce volatility in short-term interest rates, improve transmission and make policy more transparent