The best way to manage the economy is though an array of tools. Interest rates are just one.
Articles on Monetary policy
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While central banks did help mitigate a COVID-induced recession, they don’t have the power to solve our inflation problem.
There’s no reason why Australian lenders couldn’t offer 30-year fixed-rate mortgages, as they do in the US. It could save borrowers thousands of dollars in interest a year.
The economy doesn’t have a real inflation problem, and not recognising the difference is the biggest danger.
Until recently the Federal Reserve had been purchasing roughly $120 billion of assets every month to support the US economy. The Fed began scaling back those purchases in November and doubled the pace on Dec. 15.
Inflation is rising at the fastest pace since Ronald Reagan was president.
China is trying to stimulate bank lending – but it also has longer term problems.
Central bankers are coming under mounting pressure to get inflation under control.
After weeks of mulling, Biden decided to give Powell another term as Fed chair, which means he will have more influence over the trajectory of inflation than anyone else.
Research finds a link between rising temperatures and inflation.
Central bankers are expected to discuss the racial income and wealth gaps during the virtual Jackson Hole retreat. But an economist argues that the Fed is not suited for addressing these issues.
Central banking was given to technocrats whose job is to make the difficult decisions. But there are parameters. And within these, central bankers must act independently, without fear or favour.
The independence of Australia’s central bank doesn’t make it infallible. It should welcome peer review.
The Reserve Bank governor’s ‘forward guidance’ risks him not adapting to changing circumstances, or undermining his credibility.
The Reserve Bank of Australia is ready to taper off the ‘unconventional’ monetary policy measures introduced in response to the COVID-19 crisis.
Unconventional policies can be used to alleviate — instead of exacerbate — inequality, something Canadians are clamouring for. The Bank of Canada needs to rediscover its former innovation zeal.
Massive stimulus plans combined with rising production costs could lead to expectations that inflation will rise. And that alone could trigger an inflationary spiral not seen in 25 years.
UK banks have been given six months to prepare for rates going below zero.
If the Reserve Bank had acted as it usually does, the cash rate would have dipped briefly negative in August.
Janet Yellen is the perfect choice to tackle the worst economic crisis in a century, and the problems that lie beyond.
Top contributors
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Scientia Professor of Economics, UNSW
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Senior lecturer, Canberra School of Government, University of Canberra
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Visiting Professor at the Business School, University of the Witwatersrand
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Professorial Fellow, University of Canberra
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Associate Professor, School of Economics, University of Sydney
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Professor of Economics & Business, Allegheny College
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Distinguished Professor and Derek Schrier and Cecily Cameron Chair in Development Economics, School of Economics and Business Sciences, University of the Witwatersrand
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Professor of Economics, Monash University
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Associate Professor of Business, Boston University
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Professor of Economics, University of Kent
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Professor of Banking and Economics, University of Winchester
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Senior Lecturer in Economics, The Open University
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Professor of Finance and Fred T. Tattersall Excellence in Finance Research Chair, West Virginia University
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Professor, Warwick Business School, University of Warwick
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School of Social Sciences, Monash University