Unconventional monetary policy
Is the ECB policy framework suited to tackling higher inflation?
Officials and academics reflect on the two monetary regimes the central bank has faced since its creation
Time to stop handing out the pills: the great QE detox
We are facing a serious inflation threat that will test the resolve of central bankers, writes Jagjit Chadha. Central banks must reduce their reliance on QE. But how?
RBA drops yield curve control
Lowe acknowledges messy market conditions after yields broke free late last week
Bank of Canada ends QE
Inflation proving “stronger and more persistent than expected”
Podcast: Paul Fisher on the future of balance sheet policy
Central banks must think about the composition of their balance sheets, the former BoE official says
Some ECB rate-setters concerned over inflation
Minutes show certain governing council members called for sharper cut in asset purchases
Emerging European countries’ asset purchases worked – IMF paper
Emerging market central banks in Europe bought assets without triggering instability, authors find
Brazilian minister says Mercosur could have single currency
President has also suggested monetary union with members of trade area
BIS paper warns against ‘timid’ QE and ‘debt-averse’ fiscal policy
Policy mistakes at zero lower bound can worsen economic problems, authors say
UK politicians criticise BoE over handling of QE
Critical report comes as BoE MPC member suggests asset purchases may need to be halted early
NY Fed’s reserve repo facility marks new record
Banks and funds park almost $1 trillion with New York Fed accounts paying 0.05%
ECB’s Panetta: fiscal-monetary co-ordination no danger to independence
Executive board member thinks interaction can be fruitful in attaining inflation goal
Riksbank publishes analysis on QE
Work aims to add transparency and offer evidence on questions of design and implementation
ECB could tilt bond purchases to favour greener companies – Schnabel
But sovereign bond purchases must overcome scarcity of green bonds and limits imposed by capital key
Lagarde declines to give date for taper
Austrian governor immediately contradicts ECB chief, suggesting divisions on council
Spanish governor favours green monetary policy
Hernández de Cos stresses ECB should account for climate risks in its price stability mandate
IMF sees scope for unconventional monetary policy in Thailand
Yield curve control with forward guidance might be the best option for BoT, fund says
ECB poised to clarify tapering of PEPP purchases
Analysts agree central bank views higher inflation as transitory and will maintain rate of purchases
ECB policy paper says unconventional policy worked
Paper says QE purchases explain “lion’s share” of changes to eurozone yield curves
RBI doubles size of quantitative easing programme
Central bank readies additional 1.2 trillion rupee purchase programme as virus “dents” demand
Weidmann drops opposition to ‘greening’ ECB bond holdings
Bundesbank president says ECB could limit purchases of corporate bonds from some sectors
New York Fed announces record use of reverse repo facility
Value of transactions exceeds December peak and number of counterparties nearly doubles
Book notes: Quantitative easing, by Jonathan Ashworth
Well-documented and fairly comprehensive book for anyone, including central bankers, wanting an overview of how monetary policy has evolved in recent decades
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella. To understand current policy challenges, we must first understand money creation