Monetary Policy
Book notes: Central banks as fiscal players, by Willem Buiter
Buiter puts a real economic problem into a convincing theoretical frame, and translates it into applicable policy advice
New FOMC target may be shifting expectations – research
Cleveland Fed paper says some professional forecasters driving rise in inflation expectations
BIS launches database on Covid-19 monetary policy actions
Data designed to help researchers study “massive” policy response to pandemic
A latent rise in r* could upend monetary policy
A rising natural rate could create serious challenges for policy-makers, write Jorma Schäublin and Philip Turner
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Robert Pringle critiques the key findings raised in Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Czech governor rebuffs PM over government dividend
Rusnok publicly tells prime minister that profits must be used to rebuild CNB’s buffers
Bundesbank paper looks at German inflation expectations
Social media forms less realistic picture of current price levels than traditional news – researchers
ECB weekly asset purchases raised to €21.1 billion
On March 11, central bank promised to conduct purchases “at a significantly higher pace”
Fed chair’s tone of voice impacts stock prices – NBER paper
Study uses deep learning to study variations in tone, finding stocks respond but not bonds
Lagarde highlights uncertain outlook due to vaccination
ECB ready to adjust policy tools to ensure inflation increases towards target
BoJ adjusts easing measures amid market distortion fears
Central bank announces lending incentives and more flexibility in yield curve control and ETF buys
Turkish central bank announces large rate rise
MPC says tighter monetary policy will be “sustained decisively” as official figures show inflation rising
NY Fed increases reverse repo ceiling
Fed move aims to regulate influx of liquidity to money market funds, analyst says
BoE holds interest rates as MPC members differ over risks
MPC points to signs of stronger recovery but also uncertainties around household spending
Brazil’s central bank raises policy rate
MPC signals it is ready to raise rates at May meeting in response to rising inflation
Georgia central bank raises policy rate despite recession
Authorities hike rates, citing rising inflation, amid high unemployment and political turmoil
Fed keeps policy rate steady
Jerome Powell says FOMC will hold policy until it sees “actual progress, not forecast progress”
Pandemic likely to worsen market concentration – IMF research
Authors warn rising market power tends to impair monetary and fiscal policy
Belarus central bank cancels meetings calendar
Despite rising inflation, national bank holds policy rate steady and sets no date for next decision
New monetary frameworks involve risk trade-offs – IMF’s Adrian
Lower-for-longer rates may help to avoid deflation, but could contribute to medium-term volatility
HKMA chief plays down threat to currency peg
Eddie Yue tells journalists forthcoming IPOs should alleviate pressure
US fiscal stimulus key factor for inflation in Mexico – governor
Banxico governor stresses importance of investor’s portfolio changes ahead of next policy meeting
Riksbank report explains basis for green asset purchases
Report sets out legal and operational basis for “norm-based negative screening”
National Bank of Denmark simplifies monetary framework
Central bank aims to reduce excess liquidity effect on money market rates