Monetary Policy
Bank of Canada ‘recalibrates’ QE programme
Central bank changes programme’s focus as Covid-19 cases climb
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
DNB paper looks at eurozone’s interest rates
Paper looks at effects of ECB monetary policy shocks on bank equity prices from 1999 to 2020
Bank of Israel increases size of QE programme
Yaron calls on government to act on worsening economic outlook as Israel suffers “second wave”
Turkish central bank holds rates despite currency’s slide
MPC attempts indirect tightening again as expert claims official figures hide true inflation rate
EU sees huge appetite for new triple-A asset
‘Sure’ bonds offer the ECB a less controversial option for asset purchases
Fed’s Covid-19 response drove euro’s appreciation – ECB paper
Effects of QE on exchange rates are comparable to conventional monetary policies, researchers find
Canadian opposition says central bank ‘must not become government ATM’
Bank of Canada to end some emergency financing programmes as lawmaker calls more QE “insane”
Transparency on financial stability not always optimal – Fed paper
Author finds upside to opacity, but says central banks may face time inconsistency problem
PBoC sets sights on macro leverage and NPL risks
Yi says Chinese central bank looking at ways to manage outstanding risks as economy bounces back; financial market reform ongoing
Frank Smets on the ECB’s strategy review
The ECB’s DG of economics explains how expectations, communication, fiscal dominance, climate change and the Fed’s actions will be factored into the ECB’s delayed strategy review
Lawmakers propose reducing Bank Indonesia’s independence
Proposed law change could see finance minister sitting on rate-setting committee
Information drives transatlantic policy spillovers – ECB paper
Tighter ECB policy often causes financial easing in US due to “information effect”, researcher argues
ECB will consider dropping market neutrality – Lagarde
Policy review will consider abandoning principle guiding asset purchases, but Bundesbank’s Weidmann is opposed
SF Fed’s Daly calls for major action on US inequality
Fed can use new policy framework to cut inequality but Federal government must do more, says Daly
Turkish central bank tries to tighten policy without hiking rates
Currency continues to slide as data shows central bank’s FX reserves fell by one-sixth in 12 months
IMF staff praise new Argentina stabilisation plans
Buenos Aires requested a new support programme in August
Argentina’s central bank attempts monetary balancing act
Central bank tries to increase government access to pesos while raising repo rate
Carstens warns QE strengthens ‘fiscal-monetary nexus’
BIS chief warns central banks over using up “credibility capital” by their Covid-9 responses
RBI chooses to ‘look through’ above-target inflation
New committee chooses to focus on growth as supply factors push up inflation
Carbon tax could help monetary policy – ECB paper
But tax will only improve welfare if alternatives to carbon-based power are available, say researchers
Riksbank defends corporate bond purchase programme
Central bank says increasing reliance on bond issuance warrants intervention
Fed minutes reveal debate over forward guidance
Some FOMC members warned stronger forward guidance in new framework would tie Fed’s hands