Monetary Policy
Why Bulgaria needs to deepen its currency board
The BNB’s currency board rules should be extended to transaction deposits at commercial banks, which could in turn issue digital currencies, even in the event of euro adoption
ECB unveils plan for its strategy review
Eurosystem will host “listening” events with general public, academia and civil society organisations
Fed’s Brainard backs ‘flexible inflation averaging’
Governor hints at possible outcome of Fed’s policy framework review
PBoC cuts rates in bid to buffer impact of virus
Indonesian central bank also lowers rates in bid to limit effects of coronavirus
Weak eurozone banks hindered monetary policy – Bundesbank paper
“High-risk” banks failed to increase loan spreads despite ECB liquidity injection, researchers say
FOMC discusses communication ‘escape clauses’
Fed might need “leeway” to deal with financial instability, some FOMC members say
Economist joins Bank of Japan’s rate-setters
BoJ board member in favour of continued QE but has expressed doubts on negative rates
Turkish central bank keeps cutting rates despite higher inflation
Cut brings Turkish real rates into negative territory as currency renews slide against dollar
NY Fed speeds up repo withdrawal
US banks’ demand for cash remains high as NY Fed’s first term repo is oversubscribed
ECB’s TLTRO2 eased Italian credit conditions – BoI paper
QE measure lowered loan interest rates while increasing credit quantities, researchers find
Should the ECB add owner-occupied housing costs to its inflation measure?
Yves Mersch argues broader measure of housing costs would give more realistic inflation picture
Bank of Mexico eases again to combat ‘stagnant’ economy
Central bank makes first rate cut since moving to new communications regime
Advanced economies’ inflation more synchronised – Bank of Spain paper
Headline inflation rates are more highly correlated than core inflation, authors find
Bank of Mexico revamps policy communication
Board members allowed to express individual opinions and voting included in policy statements
BIS’s Pereira says green QE could distort market
Central banks should focus on financial stability mandate not green QE, says deputy general manager
Schnabel takes on Germany’s ‘false narratives’ on ECB policy
Criticism based on “half-truths” imperils trust in single monetary policy and “undermines European cohesion”
Bulgaria: long live the currency board
Bulgaria should reject the euro and extend its currency board to cover bank deposits
BoE paper finds heterogeneous policy transmission to firms
Authors say financial frictions “crucial” to understanding monetary policy transmission
Coronavirus is new risk to US outlook – Fed report
Virus risks disruption in China spilling over to the global economy, the Fed says
Fed’s Quarles warns big balance sheet could harm credibility
Fed official proposes tweaks to discount window and G-Sib surcharges to improve monetary framework
Dutch households sharply increased savings in 2019
Higher net incomes and the need to offset lower interest rates behind surge, says DNB
Brazilian MPC cuts policy rate to record low
Central bank forecasts inflation to stay within target range despite recent rises
RBI holds rates as MPC sees diverging inflation and growth
Policy-makers face challenge as inflation climbs and growth disappoints
ECB officials lay out positions on future inflation target
Weidmann and de Cos set priorities as strategy review focuses on inflation measurement and target