Quantitative easing
Bank of Israel’s outgoing chief, Stanley Fischer, on the challenges of central banking
Stanley Fischer believes his work as governor of the Bank of Israel is done. He tells Chris Jeffery about the reform process in Israel as well as the challenges facing the world economy and the IMF
Kansas City Fed article finds markets anticipated QE announcements
Article in the Federal Reserve Bank of Kansas City’s latest economic review says that markets foreshadowed changes in asset purchase programme; may have affected long-term interest rates
BIS warns central bank easing is fuelling equity markets
The latest quarterly review released by the Bank for International Settlements (BIS) finds that markets are ‘under the spell’ of central banks
ECB's Cœuré says international liquidity must be allowed to flow
The risks from financial protectionism outweigh those of negative spillovers that currently dominate the global debate, argues ECB executive board member Benoît Cœuré
IMF gives its verdict on Abenomics
Article IV statement gives ringing endorsement to QQE in Japan; says ‘spillovers' may have adverse near-term effect on neighbours, but will be offset by benefits of economic strength in Japan
Volcker calls for end to inflation targets
Former Fed chairman tells New York audience the Fed must have the 'backbone' to exit QE before it is too late; says no need for a 'specific target or target zone' for inflation
Fed research digs deeper into operation of QE
Working paper looks at the composition of investors selling assets in the Federal Reserve’s quantitative easing programmes, finding evidence for a ‘preferred habitat’ theory of transmission
Fed minutes hint at end to era of expansion
A number of participants would like to adjust asset purchases downwards as early as next month, pending positive economic data
Bernanke remains dovish in face of stability threats
Fed chairman says low interest rates are providing significant benefits to growth and heading off ‘incipient’ deflationary pressures; hints QE could be reduced soon, but only if data allow
Kuroda says JGB volatility not hitting the real economy
Bank of Japan governor says central bank may take action to address spike in Japanese government bond yields but does not expect any significant impact on real economy yet
Dudley calls for new plan to avoid market overreaction when Fed heads for the exit
New York Fed president pours cold water on suggestions of an imminent exit from QE, but says the FOMC needs to rethink its ‘stale’ plan on how an exit will ultimately be accomplished
Fed’s Bullard recommends QE for ECB's next move
St Louis Fed president and FOMC voter says quantitative easing has worked in the US and Japan, and could be made to work in Europe on a GDP-weighted basis
IMF gives verdict on unconventional monetary policies
Report says unconventional policies seem to have delivered benefits, particularly during acute stress, but cautions that estimation is difficult and effects vary based on a host of factors
Inflation target may necessitate hasty QE exit, says Plosser
Philadelphia Fed president argues for pace of asset purchases to slow from next FOMC meeting; says accommodative monetary policy may need to be removed 'more aggressively' than some think
Former MPC members warn against 'shock' QE exit
Andrew Sentance and Kate Barker warn of economic impact of the Bank of England ending its asset purchases; Sentance surprised by persistently low interest rates
BoJ paper suggests models may misrepresent impact of easing at ZLB
Working paper questions why many studies in monetary economics use model that does not account for zero lower bound; finds model tends to underestimate term premia
Fed opens door to further asset purchases
The Federal Reserve resists recent talk of an exit from quantitative easing by emphasising that it could yet increase asset purchases; accuses fiscal policy of ‘restraining economic growth’
UK economists divided over BoJ easing
Treasury Select Committee witnesses debate whether BoJ radical easing will overcome decade of deflation; economists fear an ‘unruly spike’ in yields when quantitative easing is unwound
King says independence is a tricky course to steer
BoE governor says central banks are expected to be partially, fully and non-independent in different parts of mandate, which is almost impossible; outvoted again at latest MPC meet
Fed’s Yellen sees little evidence of stability danger from easy policy
Janet Yellen defends accommodative stance of US monetary policy; says there is no ‘pervasive evidence’ that policies are causing overheating
Central banks 'getting away with murder', says currency investor
Central banks are pursuing the wrong policies and will find it difficult to know when to tighten monetary policy, says Axel Merk
Plosser: Fed should cut asset purchases now
Philadelphia Fed president says there has been ‘substantial improvement’ in US economy and labour market; sees scope to taper asset purchases now and end programme altogether in 2013
IMF says independent central banks have ‘muzzled’ the inflation threat
World Economic Outlook says central banks have little reason to fear inflation resulting from loose policy – so long as their independence is upheld
FOMC members saw QE continuing ‘through midyear’ at March meeting
Participants at the FOMC’s last meeting broadly agreed to continue QE at existing pace ‘through midyear’ but failed to reach a consensus on when to slow asset purchases