Monetary Policy
Norges Bank’s policy space ‘almost exhausted’ – governor
Norwegian governor warns public spending is increasingly dependent on sovereign wealth fund
SNB should adopt higher inflation target, report says
Senior economists recommend the Swiss National Bank reviews its policy strategy
Bank Indonesia resumes monetary easing
Central bank commits to further government bond purchases on the primary market
Bank of Zambia caught between surging inflation and debt crisis
Central bank hikes policy rate as kwacha falls and fiscal spending overshoots targets
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
French governor calls for ECB to make radical carbon shift
ECB is not sufficiently accounting for exposure to climate risk, says Villeroy de Galhau
Mexican central bank board cuts policy rate
Rate-setting board unanimously votes for looser policies despite above-target inflation
Book notes: The political economy of the special relationship, by Jeremy Green
Unsatisfactory story about the decline and resurgence of the UK’s importance in the global financial system
Bank efficiency has little effect on Chinese monetary policy – Finnish paper
Chinese banks with very high or low loan-to-deposit ratios are most affected, researchers find
Riksbank revises up growth and inflation forecasts for 2021
Swedish central bank maintains stimulus; inflation not expected to approach target until 2023
Measuring the exceptional speed and scope of Covid-19 monetary policy
Policy actions during the first wave of the pandemic were extraordinary for their intensity, scope and speed. Other patterns also emerge on closer inspection
European central bankers see room for fiscal-monetary co-operation
Pandemic showed it was “critical” for both policies to work together, say central bank governors
Bailey defends BoE’s independence
Claims that buying government debt threatens independence are “entirely without merit”, governor says
BoE tells firms to prepare for negative rates
Preparation is not a signal that negative policy rates will be adopted, Bailey stresses
Eurozone inflation jumps to 0.9% in January
Analysts argue sharp increase was pushed by German tax increase and statistical changes
Reserve Bank of Australia launches A$100bn in new QE
Australian central bank surprises analysts with easing measure, despite more hopeful macroeconomic forecast
Netherlands Bank launches new website
Central bank structures new site around six main themes
IMF encourages Bahamas central bank to launch asset registry
Recent initiatives to manage credit have been hampered by bottlenecks, IMF report says
Colombian central bank holds rates under new governor
Interest rates remain at 1.75%, a record low; board split in a 5–2 vote
Bank of Mozambique hikes policy rate by 300 basis points
MPC cites Covid-19, conflict and natural disasters as it orders increase
RBI paper tracks impact of rising transparency on expectations
Research uses text mining to study changing degree of transparency at the RBI
Fed on hold in first policy meeting under Biden administration
Unanimous vote comes amid signs of possible further fiscal stimulus; new voting members join FOMC
Cross-border spillovers play key role in ECB’s bond purchases – DNB paper
Cross-border effects play a “dominant role” in PSPP’s effectiveness, say researchers