Feature/Monetary Policy
The Fed’s six-trillion-dollar balance sheet question
Kevin Warsh’s drive to shrink the US central bank’s ledger is unlikely to be a simple task
Monetary policy in Asia since the pandemic
Asean+3 nations must plan to tackle ‘disturbance’, ‘structural’ and ‘radical’ uncertainty using a disciplined policy mix to preserve price stability amid global shocks, writes Dong He
Is this time different for Argentina?
Reserve shortage and overvalued currency cast a pall over an otherwise successful stabilisation campaign
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput
The BoJ’s path to policy normalisation
Will the Bank of Japan be able to normalise monetary policy following its successful exit from negative rates?
US debt sustainability and central bank balance sheet dynamics
Higher interest rates are putting pressure on central bank profits and may increase supply of government debt, especially during quantitative tightening. Will central banks be required to issue bonds?
How the rate hike cycle emboldened banks’ deposit modelling
But just because depositors didn’t react quickly doesn’t mean it will never happen
Interpreting the PBoC’s slew of policy reforms
How are new stimulus measures, bond market tactics, deflationary pressures and monetary policy framework changes affecting central banking in China?
Risks facing central banks: action and inaction
Unlike Fed policy in the 1990s, central bank actions this century do not appear overly accommodative, given poor policy decisions elsewhere, writes Andrew Smithers
What is forecasting for? Bernanke and the future of BoE projections
The Bernanke review pushes central banks to rethink the role of forecasts in policy-making, but it also shies away from solving a key paradox in the process
The predicament of bloated central bank balance sheets
Swollen balance sheets carry significant risks for combating inflation, ensuring financial stability and preserving central bank credibility, independence and effectiveness. How can central banks reduce them?
Buy side reflects on BoE’s gilt liquidity lifeline
Lending facility could prevent repeat of last year’s LDI crisis if properly designed, pension and insurance experts say
Rate hikes: too much, too late – and now too dangerous
Why monetary tightening risks a global credit crunch
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review
Climate change: a new financial risk for central banks
Overcoming ‘analysis paralysis’ and the lessons in capturing climate-related financial risks on the Deutsche Bundesbank’s balance sheet
Climate change and the role for central banks
Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses
Can new BoJ governor Ueda maintain his neutral position?
Kazuo Ueda will face divided views on monetary easing and its growing side-effects when he takes office, writes Sayuri Shirai
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission
Is the ECB taking the right policy path?
Facing an energy supply shock, analysts ponder whether sharp rate increases and QT alone will serve to bring inflation back to target while avoiding a major recession
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large