Interest rates
Central Bank of Iceland minutes show rate-hold hesitancy
Minutes of the monetary policy committee’s August meeting detail dispute over interest rate; members discuss impact of currency depreciation
Italian paper studies impact of euro break-up fears
Bank of Italy working paper investigates interest rate movements away from macroeconomic fundamentals; suggests euro break-up fears may be an influence
Kenya central bank slashes rates as others hold ahead of ECB decision
Positive developments in economy lead Kenyan central bank to make large rate cut as central banks in Australia, Canada, Israel, Thailand and Poland all keep rates on hold ahead of ECB decision
Fed paper evaluates asset purchase programmes
A Federal Reserve working paper says the central bank’s asset purchase programmes have lowered Treasury yields; uses market expectations to help judge impact
Central Bank of Myanmar embraces radical overhaul
Central bank close to securing operational independence and staffing needed to manage monetary policy and foreign exchange; aggressive banking, payments and capital markets reform on its agenda
Central Bank of Chile minutes reveal rate consensus
Minutes of the August monetary policy meeting show unanimity behind decision to leave interest rate unchanged; members discuss keeping the rate level for 'some time'
RBA holds rate as global growth softens
Stable inflation, close to target domestic growth and 'subdued' international economic picture lead Reserve Bank of Australia board to leave benchmark rate at 3.5%
Central Bank of Brazil cuts rates as uncertainty persists
Monetary policy committee votes unanimously for 50-basis-point rate cut; further reductions remain a possibility
BIS research analyses unconventional policies
Bank for International Settlements study examines unconventional policies employed during recession periods; compares the effects with other monetary tools
National Bank of Hungary cuts rates despite high inflation
Central bank cuts policy rate amid worsening growth figures and weak outlook; however, inflation expected to remain above 3% target “over a sustained period”
IMF paper studies impact of US interest rates on sub-Saharan Africa
Working paper assesses degree to which exchange rates in sub-Saharan Africa respond to changes in US interest rates; finds movements depend on openness of capital account
RBI minutes show disagreement over policy direction
Minutes of the Reserve Bank of India’s July meeting reveal divergent views on monetary policy; however members agree government is best placed to address weak growth and high inflation
Bank of Namibia cuts rates due to uncertain economic outlook
Central bank reduces benchmark rate by 50 basis points; says cut necessary to support economy despite inflationary pressure and “rapid” growth in consumer credit
South African paper assesses micro data and policy responses
Sarb working paper explores pricing conduct at a micro-data-set level and how this affects monetary policy; finds results diverge from Bayesian estimation techniques
Central Bank of Chile holds rates as currency appreciates
Benchmark interest rate left at 5% amid international uncertainty and appreciating peso; first time currency’s gain has been highlighted since dollar-buying programme
ECB paper investigates policy effect on bank risk-taking
Working paper finds both positive and negative impact of monetary policy on bank risk-taking; suggests this makes it impossible for regulators to design optimal capital requirements
CNB paper shows power of inflation targeting
Czech National Bank working paper shows inflation targeting can lead central banks to offset government spending shocks; can also have disciplinary effect on fiscal policy
Central Bank of Colombia minutes reveal divide over interest rates
Minutes from the central bank board’s July meeting gives details of reasons for members’ difference of opinion over interest rate decision; board committed to maximising employment
BoE minutes show MPC left out rate cut discussion
Possibility of cutting benchmark interest rate was not discussed at latest MPC meeting; policy-makers decided to keep rate and quantitative easing steady
BoJ minutes reveal cautious positivity about global risks
Minutes of Bank of Japan’s July monetary policy meeting shows some optimism over global risks; members vote unanimously to hold rates and adjust asset purchases
National Bank of Serbia moves to shore up confidence
Executive board raises interest rates and increases dinar reserve requirements; Serbian government says new budget being prepared as IMF delegation arrives
IMF paper assesses impact of monetary policy on inequality
Researchers study channels through which monetary policy affects income inequality in the US; find interest rate hikes cause increase in inequality
National Bank of Hungary divided over policy stance
Minutes of the National Bank of Hungary’s July monetary policy meeting show disagreement among council members over rate decision; vote split 5:2 in favour of hold
Bank of Israel report warns of further downward revision to growth
Monetary policy report for first half of 2012 shows continuation of moderate growth but says if current indications of a slowdown do not change, the forecast will have to be revised down