Quantitative easing
BoE bond purchases run into difficulties
Central bank fails to meet quota of long-dated government bond purchases despite offering a high price, pointing to an unusual failure of its bond-buying mechanism
US unconventional monetary policy most effective in financial crisis, paper argues
Conventional and unconventional monetary policies in the United States work through distinct channels, with different levels of effectiveness in crisis conditions, researchers argue
Monetary expansion: Is the sky the limit?
Unconventional monetary policies in advanced countries have resulted in benefits and costs for the global economy and financial markets. Manuel Sánchez assesses if the benefits are worth the risks.
BoJ board split ahead of ‘comprehensive assessment’
Opinions from last meeting show members divided on how to hit 2% by fiscal 2017, and if it is even possible; “comprehensive assessment” may include measures to support squeezed banks
Cœuré: central bankers must be mindful of possible ‘economic lower bound’
Negative interest rates in the eurozone have not reached an “economic lower bound”, Benoît Cœuré says; support from governments’ policies and commercial banks’ business models is needed
BoJ boosts ETF purchases in face of global uncertainty
The Bank of Japan nearly doubles pace of ETF purchases to ¥6 trillion per year, and introduces measures to smooth funding in foreign currencies; stock market and exchange rate rise on the announcement
Helicopters bearing gifts
As QE and negative rates run out of room, helicopter money could be a last resort for overstretched central banks. But its detractors say the cost of its use could be very high
Inflation expectations are part of QE transmission mechanism – BoE paper
Firms’ inflation expectations increase in response to QE, research finds; interventions played ‘modest’ role in stabilising inflation expectations in recent years
Shirai urges BoJ to change course
Former policy board member says the Bank of Japan’s current policies are not sustainable, recommending a rethink of policy mix and communication strategy
QE has mitigated trade shock to eurozone, ECB’s Praet says
ECB's easing has prevented trade shock from reducing eurozone growth rates, Peter Praet argues; "increasing evidence" that negative deposit rates improve QE’s pass-through
Rate delay could deprive Fed of tools in future, warns Mester
Cleveland Fed president says there is a “non-negligible chance” unconventional tools will be deemed as “ultimately ineffective” by the public if the Fed is too slow to normalise policy
Monetary easing ‘likely’ required over summer, says Carney
Governor expects easing in wake of UK vote to leave the EU; announces additional weekly liquidity operations as part of response, but acknowledges limits to what BoE can achieve
German Constitutional Court rules in favour of ECB programme
Germany’s Federal Constitutional Court rules ECB may undertake outright monetary transactions, but sets strict conditions to be monitored by the German government
IMF staff warn BoJ against unconventional monetary policies
Fund staff tell Japan to launch even more fiscal and monetary stimulus, but caution against monetisation of the government's debt
Establishing rules of the game for the international monetary system
A traffic-light system for monetary policies could be adopted to prevent a ‘race to the bottom' spate of tit-for-tat measures adopted to address international spillover effects, argues Prachi Mishra
BoJ vigilant to bond market impact of QQE, Nakaso says
Central bank is monitoring effects of large-scale asset purchases and doing its best to maintain market stability, deputy governor says
Draghi policy announcement notable for its absences
ECB president announces slight upward revision in ECB's eurozone growth and inflation predictions, but does not unveil any new financing policies for Greece
Sato hits out at BoJ's negative rates
Board member warns negative rates in Japan may lead to tighter conditions and financial instability, as prime minister delays tax hike in face of deflation risk
Brexit and Hungary’s challenge to European governance
The European Central Bank and Europe's political leaders must meet the challenge as another front opens for European monetary stability
ECB governing council welcomes markets' increased risk appetite
Governing council members happy with increased risk appetite in eurozone and global markets, minutes show; worried by slow pace of structural reform and no clear trend of rising inflation
Mexican deputy Sánchez takes stock of easy policy in advanced economies
Manuel Sánchez explains how extraordinary monetary accommodation may be generating costs; tells audience in Mexico central bank policy co-ordination is a challenge
Stanford's John Taylor on the global monetary system and central bank co-operation
The Stanford University professor talks to Daniel Hinge about how central banks can co-ordinate policy to break free from a downward spiral in interest rates
BoJ sees operational issues dampen negative rate effect
Financial system report says combination of negative rates and QQE is helping push rates lower and prompting portfolio rebalancing, but “several factors” are holding the effects back
Riksbank extends QE as inflation remains ‘fitful’
Central bank not yet comfortable inflation will return reliably to target, though it is forecasting CPI to be close to target in two years’ time