Operating framework
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
NY Fed speeds up repo withdrawal
US banks’ demand for cash remains high as NY Fed’s first term repo is oversubscribed
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
Bulgaria: long live the currency board
Bulgaria should reject the euro and extend its currency board to cover bank deposits
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
Should the ECB increase the transparency of governing council meetings?
Observers and former officials weigh pros and cons of greater disclosure for policy efficacy and independence
Optimal US reserve regime is between scarcity and abundance – research
Former NY Fed official Simon Potter and co-authors map post-crisis demand curve for reserves
Atlanta Fed research offers 17th century lessons for proposed standing repo facility
Crises can pose demand and credibility challenges, researchers warn
Fed slims down repo market interventions
Relative to year-end, the Fed will cut $250 billion of the cash offered to banks
Central banks must learn lessons of BoJ’s inflation target rise – Fed paper
Failure to hit old targets and disagreement among policy-makers will harm credibility, paper argues
Carney launches review of BoE monetary policy
“Deep structural changes” have left little space for conventional tools to work, governor says
Phillips curve still explains eurozone inflation movements – research
Results may become a focal point of debate in the forthcoming ECB strategy review
Bernanke offers ideas for Fed’s policy framework review
Unconventional policies are “preferable” to raising inflation target and can still be enhanced, Bernanke argues
Fed avoids year-end cash crunch
Repo market shows barely a ripple over New Year’s Eve after Fed injects a quarter of a trillion dollars
Central bankers in favour of climate change goals in mandates
Central Banking’s Climate Risk Summit shows community rapidly embracing green policies
New York Fed expands year-end repo operations
More cash to be made available both overnight and in term repos
PBoC’s monetary policy framework not likely to change – RBA research
Institutional structure and economic development model prevents alignment with international peers, paper argues
Mauritius to roll out forward-looking policy framework
New monetary policy operating framework will look to smooth the yield curve and improve communication with external stakeholders
Greater exchange rate flexibility warranted in Peru – IMF
Limiting interventions would help reduce dollarisation further, says fund
Swedish MPs propose dual mandate for Riksbank
Proposals aim to redefine institution’s role in monetary policy, financial stability and payments, while enhancing independence
Fed’s Brainard calls for major framework overhaul
Yield curve caps, flexible inflation targeting and more active macro-prudential policy could help, governor says; Fed may have mistimed 2015 hiking cycle
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets. But will its efforts be enough to foil year-end pressures? Could opening the standing repo facility to foreign central banks help?