GeoCapital Economics

Monetary Economics

• Handbook of Monetary Economics
• Central Bank Information
• Central Bank News
• Central Bank News Link List
• Global Central Banking in 2014, A Second Quarter Update for 24 Economies
• Emerging capital markets set to double | Money Management:
• Fiat Planet
• 18 Signs That The Global Economic Crisis Is Accelerating As We Enter H2 2014
• www.CentralBankNews.info
• Central Bank Information

Central Bank News is dedicated to being a key source of central banking news and intelligence, the Central Bank Information center hosts a variety of key resources on central banks:

• Central Bank Directory
• Inflation Targets Table
• Currency Codes & Exchange Rate Policies
• Global Interest Rate Monitor (GIRM)

• Dec. 2012: December's rate cuts cement 2012 as a year of perpetual easing
• Nov. 2012: Interest rates continue to fall, average global rate down to 5.9%
• Global Interest Rate Movements: Half-Year 2012
• Global Interest Rate Movements: Full-Year 2011
• Global Interest Rate Movements: Half-Year 2011
• Inflation Targeting in a Rising Inflationary Environment

What is Central Banking and Monetary Policy?

This section provides a comprehensive reference and introduction to the topic of central banking and monetary policy, addressing some of the core concepts and terminology. [note this section is presently a work in progress - looking to do an official release soon]


Central Banking and Monetary Policy Concepts:

1. What is a Central Bank?
2. What is Monetary Policy?

Central Banking and Monetary Policy Terminology:

1. Interest Rate
2. Required Reserve Ratio
3. Inflation Target
4. Quantitative Easing
5. Open Market Operations
6. Money Supply
7. Repurchase Agreement (Repo)
8. Discount Window

• BOE’s Broadbent says ‘edge is coming off’ UK housing (Bloomberg)
• Fed seen raising interest rates in June 2015 (Reuters)
• G-7 nations said to oppose new World Bank Russia projects (Bloomberg)
• Interest rates rises could twart G20 growth goal (AFP)
• Swiss central bank reports $17.6B half-year profit (AP)
• In Portugal, central bank moves to clean up Banco Espirito Santo (NYT)
• BOJ should mull shifting focus to zero rates in future – Kiuchi (Reuters)
• ECB should adopt quantitative easing now rather than as last resort(Economists)
• IMF warns of potential risks to global growth (Reuters)
• Fuss sees US rates on hold for a year as Fisher urges increase (Bloomberg)
• Broadbent says global growth creating drag on U.K. recovery (Bloomberg)
• Fed meeting may give clues on interest rates (USA Today)
• IMF says UK interest rates should stay low for now (Reuters)
• Analysts: Central bank data confirm low FX turnover (MNI)
• August too early for rate cut by India central bank (Business Standard)
• Krugman joined by exporters in criticizing Riksbank (Bloomberg)
• New BOE deputy is a potential guide on interest rates (WSJ)
• Aussie dollar tipped to force RBA interest rate cut (Financial Review)
• BOJ beat: Exports likely a hot topic at coming policy meeting (WSJ)
• Yen likely to weaken as BOJ continues QE (Marsh/MarketWatch)
• Buyers dream of Draghi as Fed-ECB divide bolsters Treasuries (Bloomberg)
• BOT says it is keeping a close eye on rate moves in US, EU (The Nation)
• Swiss property market starts to cool (WSJ)
• Investors’ fears intensify over US rate hike talk (Financial Review)
• Asset bubbles could deflate recovery (AFP)
• ECB opaque-asset review seen targeting Deutsche Bank, BNP (Bloomberg)
• IMF cuts global growth outlook, warns of stagnation risk in rich nations (Reuters)
• Brazil signals rate unlikely to fall as prices persist (Bloomberg)
• Turkish central bank leaves inflation forecasts unchanged (Reuters)
• Russia seen holding rates as sanctions constrain policy (Bloomberg)
• Greenspan says bubbles can’t be stopped without ‘crunch’ (MarketWatch)
• European Central Bank website hacked (BBC)
• Analysis: BOE MPC divided over hike case; first dissents Aug? (MNI)
• Israeli economy resilient amid conflict, c.bank dep. gov says (Globe and Mail)
• Central banks’ monetary policy impact fades: Munich Re (Bloomberg)
• Should the Fed have to play by a rule? (CBS Moneywatch)
• RBI likely to maintain status quo in Aug policy: SBI’s Bhattacharya (Firstbiz)
• Sri Lankan, Indian central banks agree scope for govt debt buys (Reuters)
• Singapore central bank says too early to ease property curbs (Bloomberg)
• IMF: Fed should keep explicit policy target rate, not range (MNI)
• Chile central bank chief sees stronger growth in 2015 (Reuters)
• Analysts doubt Hungary central bank governor’s guidance (WSJ)
• Brazil may approve Caixa’s capital plan by year-end-sources (Reuters)
• Europe debt wish places huge burden on central bank (Rogoff/Bangkok Post)
• Lagarde says financial markets “perhaps too upbeat” on Europe (Reuters)
• BOJ minutes: need to pay attention to geopolitical risks (Reuters)
• ECB’s Weidmann says won’t put off rate rise due to public finances (WSJ)
• Inflation leaves little doubt on South Africa rate path (Bloomberg)
• New Zealand Reserve Bank caught in signaling dilemma (New Zealand Herald)
• ECB sees some banks flunking asset test even as industry boosted (Bloomberg)
• Yellen says Fed won't rule out broker support in banking crises (Bloomberg)
• U.S. economic activity expands in Fed's 12 districts: Beige Book (Reuters)
• Swedish cenbank sees room for new rate cut if inflation lags-minutes (Reuters)
• Analysis: No BOE guidance on 1st hike; wants higher volatility (MNI)
• South Africa interest rate hike could be on the cards (Moneyweb)
• George urges Fed to raise interest rates from zero ‘soon’ (Bloomberg)
• Fed's Fisher "increasingly concerned" about monetary policy (Dallas News)
• SNB seen keeping cap for longer as ECB fights low prices (Bloomberg)
• Fed’s Yellen says U.S. recovery incomplete, defends loose policy (Reuters)
• Draghi says banks shouldn’t count on another carry trade (Bloomberg)
• China should cut reserve requirements again-c.bank official (Reuters)
• Australia central bank sets steady course for rates amid economy doubt (Reuters)
• Carney blasts BIS for calling for rate rises in a “vacuum” (The Telegraph)
• UK inflation could pressure central bank action (The Guardian)
• Global financial watchdog calls for FX fix reforms, urges banks to clean up(Reuters)
• Chinese banks halt experimental yuan-remittance program (WSJ)
• Polish inflation quickens as central bank debates easing (Bloomberg)
• BOJ maintains policy stance, trims 2014 growth forecast
• Monetary Policy Week in Review – Jul 7-11, 2014: Fed says QE to end in November, Portugal rattles markets
• BOJ expected to tweak economic estimates during policy meeting (Kyodo)
• Draghi seen handing $1 trillion to banks in ECB offer (Bloomberg)
• ECB’s Draghi says appreciated euro a risk to recovery (Reuters)
• BIS chief fears fresh Lehman from worldwide debt surge (The Telegraph)
• Yellen to testify on monetary policy to hill panels (MNI)
• BRICS  fight waning clout with $150 billion deal in Brazil summit (Bloomberg)
• IMF warns further shocks would stall euro zone recovery (Reuters)
• Yellen says Fed easy money needed even after recovery: report (Reuters)
• Inflation surge to test BoC’s resolve on low rates (Globe and Mail)
• Bulgaria asks ECB to supervise its banks (Reuters)
• GRAPHIC-Emerging central banks rebuild hard currency reserves (Reuters)
• Hungary can cut rates once or twice more-central banker Balog (Reuters)
• Goldman keeps rate-cut call seeing RBA pivot (Bloomberg)
• What central banks should do to deal with bubbles (W. Muenchau/FT)
•  

• Lagarde: Global economic recovery could be 'less robust than expected' - International Monetary Fund chief warns "lacklustre" investment could lead to slower growth
• Australia holds rate, still sees period of stable rates
• Sweden slashes rate 50 bps on lower inflation forecast
• ECB maintains key rates, including negative deposit rate
• ECB to publish details of meetings from Jan. 2015
• ECB’s Noyer says a slight depreciation of euro would be logical (Reuters)
• ECB's Coeure says only productivity growth will end low rates
• Monetary policy not best financial stability tool: Yellen (Reuters)
• Deflation threat seen triggering rate cut from Swedish Riksbank (Bloomberg)
• India central bank seeks to swap gold to improve reserves quality (Reuters)
• Haldane backs central banks' actions in a 'nutty' world (FT)
• China PBOC: Expansion of targeted RRR cut depends on economy-press (MNI)
• World’s ATM moves to Frankfurt as Yellen’s Fed slows cash (Bloomberg)
• A remarkable year for Mark Carney (WSJ)
• Fed’s Williams sees no rate hike until after mid-2015 (Reuters)
• Bank of England’s Bean says expectations for rate rises “reasonable” (Reuters)
• ECB board member: benchmark rate could remain low until 2016 (AFP/Reuters)
• Phil Fed’s Plosser: Mistake to make fin stab explicit mandate (MNI)
• Euro-are inflation steady at 0.5% shows Draghi challenge (Bloomberg)
• French, Chinese central banks agree on renminbi payment system (Reuters)
• ECB monitors impact of anti-deflationary measures (AFP)
• Fed awards record amount of reverse repos (Reuters)
• Bank of Israel intervenes to dampen rise in surging shekel (Haaretz)
• Thai central bank rosy on recovery outlook (Reuters)
• No Putin yes-man on policy as Nabiullina stalks inflation (Bloomberg)
• Nervousness in Sierra Leone over central bank leadership (Awoko)
• Rupee slips below 60.00 on central bank intervention (Reuters)
• Mark Carney: ‘New normal’ for UK interest rates is 2.5% (BBC)
• Carney’s loan cap seen as too weak to stifle housing boom(Bloomberg)
• Inflation pressures driving further rate hikes: New Zealand c.bank(Xinhua)
• World Bank Turkey envoy: cenbank rate decision is premature(Hurriyet)
• Bulgarian lenders under attack, central bank chief warns (Bloomberg)
• Reduced govt borrowing after Eurobond to help cut Kenya rates(Mamboafrica)
• Swaption volatility gap shows complacency on Fed pace, UBS says (Bloomberg)
• The Fed needs to return to monetary rules (John Taylor/WSJ)
• Debt-fueled economic growth not sustainable - BIS
• BIS warns of weakness in emerging markets' banks
• BIS: Central banks risk exiting ultra-easy policy too late
• BIS: Monetary policy should lean against financial booms
• Fed's Bullard: Time to Tighten Monetary Policy Nearer Than Many Expect
• Bullard says US economy strong enough to handle 2015 rate rise (Bloomberg)
• Bank of England imposes first limits on size of UK mortgages (Reuters)
• Fed’s Lacker: Rates could rise even if economic growth subdued (WSJ)
• Taiwan central bank leaves policy rate on hold (Reuters)
• Czech central bank delays end of weak crown policy until Q2 2015 (Reuters)
• Tunisian central bank raises key rate to 4.75% to curb inflation (Reuters)
• Bank of Japan still seen easing policy in 2014 (Reuters)
• PBOC takes more steps to liberalize interest rates (China Daily)
• Taiwan central bank tightens controls on housing prices (CNA)
• Atlanta Fed: Unconventional policy cut unemployment rate by 0.13% (MNI)
• Fed could trigger next crises: Stephen Roach (CNBC)
• Emerging markets face difficult year, says S.Africa’s Marcus (Bernama)
• Abe declares deflation end as growth plan confronts skeptics (Bloomberg)
• Preview: BOE FPC seen choosing insurance against housing risk (MNI)
• Yellen may be poised to rewrite Fed’s rule book on wages, inflation (Reuters)
• UK interest rate rise ‘threatens a fifth of (Midlands) firms’ (Birmingham Post)
• China c.bank survey: more bankers think economy cooled in Q2 (Reuters)
• Singapore to require banks to hold liquid assets for crises (Bloomberg)
• Russia central bank done buying up hard currency for reserve fund (Moscow Times)
• Taiwan central bank to keep rates firm, eye on growth, Fed (Reuters)
• Risks ahead if yuan opens up prematurely (The Standard)
• Make US forward guidance real: Nobel-prize economist (CNBC)
• Should interest rates be higher? (CBS Moneywatch)
• Draghi’s monetary blitz has failed to lift euro zone - Opinion: ECB easing should have weakened the euro, but didn’t
• Fed wants jobless rate lower, mid-‘15 rate hike f’cast ‘reasonable’: Dudley(Reuters)
• BOE Carney, MPC aimed to shake market rate certainty (MNI analysis)
• Fed’s Plosser says recovery broad, calls for monetary policy rule (Reuters)
• BoE’s Bean says gradually moving towards tighter monetary policy (Reuters)
• Mexico consumer prices rise as central bank cuts interest rate (Bloomberg)
• Fed gives banks extra time on capital plans (WSJ)
• Central Bank News Link List - Jun 24, 2014 - Fed wants jobless rate lower, mid-‘15 rate hike f’cast ‘reasonable’: Dudley
• Turkey cuts key 75 bps, expects marked fall in inflation
• Why the ECB’s liquidity plan might struggle to do its job (WSJ)
• China central bank’s ‘targeted easing’ leads to finger pointing(WSJ)
• QE part of ECB toolkit, but focus now on current stimulus-Draghi (Reuters)
• ECB likely to keep rates low until 2016- Nowotny in paper (Reuters)
• Mark Carney told to rein in mortgages (The Telegraph)
• IMF girds for market storms ahead (WSJ)
• It's A Central Banker's World: Negative Interest Rates And The ECB
• Why Does the Eurozone Need a Negative Interest Rate?
• Euro-Zone Industrial Production

• Money Velocity >  The Great Myth of #Money #Velocity
• Euro-Zone Periphery > Dead #Economic #Dogmas Trump #Recovery
• #Euro #zone #bailout #fund #ESM considering non-euro #bond #issuance
• Europe's negative Interest Rates
• The #Fed Faces #Reality, Lowers #Growth #Forecast
• Europe Gets Negative Interest Rates. What Does That Even Mean?  @Neil_Irwin
• U.S. Fed trims QE to $35 bln, expects to reduce further
• BOE still needs more evidence slack being absorbed
• Fed seen holding steady policy course but could hint on exit (Reuters)
• Incoming BoE official warns against waiting too long to hike rates (Reuters)
• Why monetary policy is so tricky for the Fed (CBS Moneywatch)
• BoE’s Weale says labour market slack suggests tighter policy needed (Reuters)
• Japan's central bank is nation's biggest creditor (AFP)
• Ukraine’s Poroshenko calls for new central bank chief (WSJ)
• Norway seen delaying rate increases as oil investments fade (Bloomberg)
• China c.bank plans new monetary tool to guide medium-term rates (Reuters)
• Sweden central bank likely to cut rates in July: NIER (RTT)
• Bulgarian central bank deputy governor indicted (AFP)
• Denmark’s house prices to rise in coming years: central bank (Xinhua)
• Zero rates, zero paybacks haunt Danish central bank governor (Bloomberg)
• BOK’s Lee shuffles senior posts to try to end distrust (Bloomberg)
• Yellen, future tightening in spotlight as Fed meets (Reuters)
• BoJ minutes: Moderate economic recovery likely to continue (RTT)
• BoE policy maker expects to vote for interest rate hike by May – Times(Reuters)
• Fed will raise rates faster than investors bet, survey shows (Bloomberg)
• Russia’s central bank signals plan to float rouble still on track (Reuters)
• Interest rates to hold steady, RBA minutes show (AAP)
• New ECB long-term loans not likely to revive euro zone lending (Reuters)
• SNB seen capping franc longer as ECB keeps up pressure (Bloomberg)
• What Mark Carney did and didn’t tell us about UK interest rates (Forbes)
• Central bank governor reassures as oil spike highlights India risks (Reuters)
• Krugman jibes linger as biggest party seeks Riksbank review (Bloomberg)
• Saudis to keep reserve management strategy, says central bank (Reuters)
• IMF cuts U.S. growth outlook, sees more scope for zero rates (Bloomberg)