Monetary policy
Richard Byles on Jamaica’s inflation-targeting baptism of fire
The Bank of Jamaica governor speaks with Christopher Jeffery about forex interventions, setting up digital disruptor banks and the next steps for Jam-dex
Thai prime minister clashes with central bank governor over policy
PM calls for lower rates amid negative inflation while governor criticises government’s handout plans
DNB paper examines robustness of monetary policy
Policy must avoid tail risks caused by central banks’ uncertainty over output gap, researchers argue
Philippines could cut rates by 100bp this year, says minister
Benjamin Diokno’s comments contrast with governor’s December assessment of future inflation
The risks facing the Chinese economy
China isn’t at risk of a financial meltdown, but it does face a slow puncture, writes Michael Taylor
Vietnam unlikely to raise rates this year, deputy governor says
Central bank may extend debt rescheduling as government demands higher credit growth
US monetary policy drives defi credit cycles, HKMA study finds
Automatic liquidation could amplify shocks and trigger runs, author say
Book notes: We need to talk about inflation, by Stephen King
A short, sensible book that highlights key issues – and might make a good, belated Christmas gift!
Israeli governor warns over war spending after rate cut
Government could lose economic credibility without fiscal re-think, Yaron says
Finance ministry rep: a guest, a partner or an intruder?
Many central banks let government officials participate in policy meetings. Is that wise?
Banknotes: October to December 2023
A round-up of news and salient issues that have affected central bankers in the past three months
2023: The year in central banking
Central Banking’s most-read story this year dissected the crisis at SVB, while other top pieces delved into operating frameworks, third-party risks and international economics
Caucasus central banks cut rates as inflation falls
Armenia, Azerbaijan and Georgia continue gradual easing, with Armenian inflation at -0.5%
Economics Benchmarks 2023 – model banks analysis
Data reveals differences in research, forecasting and data use across central banks
Monetary policy helped curb inflation expectations – research
Higher rates could achieve a “soft landing” if the expectations channel is strong enough, authors say
Chile cuts rates for fourth consecutive meeting
Board forecasts inflation will return to 3% target in 2024
Colombian central bank begins cutting rates
Board splits over decision, as inflation remains above 10% while economy slows
Argentina adopts new policy rate
BCRA will use overnight reverse repo rate after halting auctions of Leliq bonds
Bank of Japan maintains ultra-loose policy
Ueda says the chance of Japan achieving sustainable above-target inflation is increasing
Swedish inflation expectations remain anchored, research finds
Riksbank economists highlight central bank actions to tackle both low and high inflation
Bank of Russia raises rates again
Nabiullina warns of “pro-inflationary risks” from increased government spending on war
Brazilian MPC makes fourth consecutive 50bp cut
MPC unanimously anticipates cuts of the same magnitude in next meetings
Mexico holds rates again, while Peru cuts
Peruvian board says inflation is falling faster, while Banxico predicts more gradual disinflation
PBoC carries out record liquidity injection
Chinese authorities relax home-buying rules in Beijing and Shanghai