Monetary policy
Jackson Hole in the wake of policy rules
Symposium heralds a shift to relying on incoming data and judgement, rather than rules or even formal models, to hit inflation targets, writes Barry Eichengreen
Surprising the market can reverse standard effects of policy, paper finds
Part of the impact of Fed decisions comes from revealing economic thinking, authors say
Policy transmission weak in Caucasus and central Asia – IMF
Recommendations include improved communications, and intraday and overdraft credit facilities
Supply shocks drive greater dissent on FOMC – BIS paper
Tougher trade-offs appear to reveal differences in policy-maker preferences, authors say
Banknotes: July to September 2023
A round-up of news and salient issues that have affected central bankers in the past three months
ECB paper explores best response to inefficient capital flows
Exchange rate pass-through is key to whether policy should tighten or loosen, authors find
Lagarde envisions new model for world of ‘shifts and breaks’
ECB chief predicts bigger supply shocks and relative price swings in future
Policy rate is Fed’s most powerful monetary tool, says paper
Researcher tests impact of changes in short-term rate, forward guidance and asset purchases
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review
Powell gives hawkish speech at Jackson Hole
Fed chair warns monetary policy could do too little or too much
Kazakhstan cuts main rate as outlook improves
Governor says inflation should keep falling but fiscal policy or Russian prices could derail forecast
Iceland raises main rate 50bp as inflation persists
Inflation is falling but central bank warns “strong demand pressures” remain
South Korea and Indonesia hold rates
Bank Indonesia says it will issue securities in bid to bolster rupiah
Central bank communicators at a time of transparency
Specialists discuss the evolving roles of comms staff in the policy-making process
AI could challenge ‘art’ of central banking – BIS’s Pereira da Silva
Greater use of artificial intelligence could impact decision-making at central banks, official says
PBoC delivers smaller rate cut than expected
Move signals banks are under strain due to falling interest margins, analysts say
Uruguay accelerates loosening as inflation hits record low
Central bank says monetary policy remains in “restrictive phase”
Milei will meet with IMF ahead of board decision on loan
Argentine opposition leader calls central bank “thieves” and repeats pledge to abolish it
Riksbank’s Breman says higher rates are necessary
Swedish central bank will announce next policy decision on September 21
PBoC bolsters support for renminbi
Central bank pledges intervention to prevent excessive currency moves
Ecuadorean candidate promises to spend central bank reserves
Measure could imperil central bank independence
Kenya revives interest rate corridor
Controversial 2016 law capping rates undermined earlier attempt at corridor
Some FOMC members sought pause in July, minutes show
Participants pointed to signs of loosening labour market and slowing consumption
Norway raises rates and signals further hike is likely
Norges Bank will increase rates in September if forecast is accurate, governor says