Monetary aggregates
Zimbabwe freezes all bank lending
President announces controls on money creation to stem decline of currency
Romanian and Zimbabwean central banks raise rates
Zimbabwean figures say inflation has reached 72% but observers say this may be an underestimate
Moldova hikes another 200bp as inflation spirals
Central bank has raised rates nearly 10 percentage points, but inflation is surging towards 20%
Kyrgyz central bank raises rates 150 basis points
Central bank cites “geopolitical risks”, though high inflation was problem long before war
South Sudan central bank announces sharp fall in inflation rate
IMF credits exchange rate reforms with taming prices, while central bank cuts interest rates
Guinea junta replaces central bank leadership
Military president removes governor chosen by his civilian predecessor
An assessment of the ECB’s strategy review
A number of aspects of the new framework raise challenges for implementation and credibility, while the inclusion of climate change may politicise the institution, writes euro architect Otmar Issing
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
Book notes: Money, by Geoffrey Ingham
The incompatible theories of money: Ingham reveals the fundamental clash of ideas that shape the environment in which all central banks operate
Podcast: Cleveland Fed director on all things inflation and Covid-19
Robert Rich discusses money supply growth and muted inflation, plus new Fed research on the Phillips curve and alternative inflation targets
BIS paper studies early form of macro-pru policy
Dutch controls on credit from 1960s to 1990s helped promote stability, authors find
Iran’s race towards monetary policy reform faces high hurdle reality
The Majlis Research Center’s Tohid Atashbar says positive outcomes from the Iranian central bank’s fast-tracking of monetary policy reform – made in response to Covid-19 and US sanctions – may prove difficult to deliver
High US inflation should not be ruled out
A prolonged health crisis raises the risk that supply-side factors, monetary expansion and rising personal savings could stoke hidden inflationary pressures
Inflation targets back in the spotlight
Monetary policy can do little to offset the impact of Covid-19
Lifetime achievement award: Otmar Issing
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy
Bank of Jamaica should ‘modernise’ regulatory framework – IMF
Fund’s recommendations follow completion of country’s second consecutive support programme
Hidden money creation is impacting policy, PBoC economist warns
“Banks’ shadow” hampers monetary and financial stability policy, Guofeng Sun says
Argentina sharply raises key rate floor to tackle rising inflation
Political uncertainty has boosted inflation since mid-August
BoE paper models exchange rates with private money creation
Uncovered interest parity does a poor job of explaining exchange rates on its own, authors say
BoJ ‘will not hesitate’ to ease further if risks crystallise
Central bank adopts dovish outlook, amid “significant” risks to economic activity and prices
Do stablecoins like libra differ from other crypto assets?
Sayuri Shirai assesses the implications of stablecoins for stability, monetary policy and regulation
Fed’s floor could be ‘junked’ if credit surges – Goodhart
Credit demand and plentiful liquidity could be potent inflationary mix, Charles Goodhart says
Are central bank digital currencies inevitable?
Launching a CBDC could protect the pre-eminence of public money, a new report argues
BoE economists find CBDC could permit helicopter money
Helicopter drop could be feasible without losing control of rates but may still be unwise, authors say