Inflation targeting
Georgia central bank raises policy rate despite recession
Authorities hike rates, citing rising inflation, amid high unemployment and political turmoil
Eurozone inflation remains stable
Official figures show inflation at 0.9%, unchanged from January
Lifetime achievement: Charles Goodhart
The LSE and BoE veteran economist has his own ‘law’, and played a key role in the establishment of monetary policy in the UK, Hong Kong’s peg and the ‘New Zealand model’, which influenced a generation of central bankers
New monetary frameworks involve risk trade-offs – IMF’s Adrian
Lower-for-longer rates may help to avoid deflation, but could contribute to medium-term volatility
Bank of Canada holds policy rate steady
Economy improving, but central bank sees “considerable economic slack” and “great deal of uncertainty”
Mário Centeno on monetary-fiscal interaction in the eurozone
Bank of Portugal governor says ECB is not being overrun by former finance ministers, must improve the definition of its inflation target and has no need for yield curve control. Centeno believes NextGenerationEU fund could serve as template for a future…
RBNZ to support government housing objectives
New Zealand finance minister changes central bank’s monetary and financial policy remits
SNB should adopt higher inflation target, report says
Senior economists recommend the Swiss National Bank reviews its policy strategy
Measuring the exceptional speed and scope of Covid-19 monetary policy
Policy actions during the first wave of the pandemic were extraordinary for their intensity, scope and speed. Other patterns also emerge on closer inspection
RBI paper tracks impact of rising transparency on expectations
Research uses text mining to study changing degree of transparency at the RBI
Central bankers debate next steps on climate change
Jens Weidmann argues for independent agency to relieve burden on central banks
Eurozone inflation remains stuck at -0.3%
Year-on-year inflation first fell into negative territory in August 2020
Inflation could ‘approach’ FOMC target quicker than expected – George
Kansas City Fed president says decline in inflation has been idiosyncratic
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
2020: The year in review
The past 12 months have been marked by crisis-fighting and losses, but also innovation
What does 2021 hold for the ECB?
Former officials reflect on AIT, how the strategy review may affect normalisation, QE options and the need for new tools
BoE’s inflation target may hamper response to no-deal Brexit – IMF
Report urges BoE to bolster market communication in the event no deal is reached
New Bank of Jamaica Act grants legal independence
BoJ Act 2020 triggers formation of monetary policy committee, board restructure and increased capitalisation
Ingves: Riksbank must have flexibility to develop new policy tools
Governor warns inquiry into central bank “clings” to an outdated view of economics
ECB is caught in a ‘communications trap’ – Issing
Monetary policy architect says ‘close to’ 2% inflation target was never part of original plan; urges ECB to reject Fed-like average inflation targeting
The dawn of average inflation targeting
The Fed has failed to explain how it will calculate the ‘average’ for its new AIT framework, raising new risks that central bankers would do well to reflect on
Otmar Issing on the art of central bank communications
EMU architect speaks about Draghi’s “whatever it takes” intervention, forward guidance failures, the Fed’s average inflation target ‘miscommunication’, and why the ECB may be overreaching in its strategy review
Rehn says ECB should adopt average inflation targeting
Finnish governor says current target has “asymmetric downward bias”
Olli Rehn on AIT, market neutrality and EU fiscal policies
The Bank of Finland governor talks about the ECB’s strategy review, market failure on climate change, lessons from the sovereign debt crisis, and the Draghi legacy effect on Covid-19 responses