Monetary Policy
The role of e-cash in China
The use of e-cash stored on integrated circuit cards notably reduces cash handling fees and increases security. It also offers greater convenience notwithstanding the rise of mobile payments
ECB says Romanian government breached EU law over bank tax
Governor again warns emergency tax decree could harm banks and damage monetary policy
CBRT cuts reserve requirements, but stresses tight stance
Liquidity tools are more about transmission than policy stance, says Murat Çetinkaya
Flattening yield curve increased retail banks’ profits – Chicago Fed
The results reflect a change in banks’ business models after the financial crisis, researchers say
The Brexit conundrum
The Bank of England has only limited room to respond to a hard Brexit
Egypt sharply cuts rates on lower inflation
Central bank reduces key overnight deposit rate by 100 basis points to 15.75%
PBoC issues 20 billion yuan of central bank bills in Hong Kong
Bills could help improve the yuan-denominated bond yield curve amid a lack of liquidity in the Dim Sum bonds market
RBNZ adopts new dual policy target
New Zealand’s central bank will now have maximum employment target alongside inflation goal
BoE’s Vlieghe says bleaker outlook calls for more cautious policy
Weaker growth and Brexit uncertainty imply one or two hikes a year may be too fast, he says
Globalisation is helping to flatten Phillips curve – Fed paper
Price sensitivity to output changes is significantly weaker in high trade-intensive industries
Fed to finalise balance sheet plans in upcoming meetings – Mester
Discussions over final size and future use of the balance sheet underway at the central bank
Riksbank maintains normalisation plans despite global slowdown
Next rate hike still expected in the second half of 2019
RBNZ keeps options open as rates stay on hold
Next rate move “could be up or down” says governor Adrian Orr
Myanmar adds yuan and yen as trade-settlement currencies
Move comes as yuan use rises and dollar use falls, analysts say
US expectations key influence on inflation - San Francisco Fed paper
Fed must maintain inflation expectations around target, researchers say
Balance sheet normalisation has put upward pressure on borrowing costs – Kansas Fed
Levels of reserves still influences borrowing costs despite post-crisis monetary policy framework
Riksbank faces changed circumstances in first meeting since December hike
Dissenting deputy governor Per Jansson won’t attend due to personal reasons
Monetary policy must respond aggressively to persistent shocks – BoI paper
Researchers model economy where central bank has less information than private firms
Negative rates could have sped up US recovery – San Fran Fed paper
Output gap could have been reduced by as much as half compared to actual figures, researcher says
BoE offers bleak forecasts as Brexit 'fog' deepens further
Rates stay on hold as central bank eyes growing damage from Brexit uncertainty
RBI unexpectedly cuts rates as elections loom
Inflation lowest for 18 months, but cut will be welcome to Modi administration; governor refuses to answer political influence question