Monetary Policy
ECB watchers say divisions on council could hamper decision-making
Analysts say central bank’s strategy of lower purchases could be tested later in 2021
Bank of Israel: vaccination fuelling rapid recovery
Inflation expectations are increasing, but headline figure still well below target
Is the ECB implementing yield curve control?
Eurozone has adopted hybrid system that targets wider financing conditions
Fed may make Fima permanent – SF president Daly
SF Fed president says policy-makers also considering creation of domestic repurchase facility
Sarb projects ‘sharp but incomplete initial recovery’
South African inflation forecast to rise on higher electricity and water prices
Turkish central bank holds rates despite rising inflation
New governor’s first meeting says Turkish economy faces risks “in both directions”
Covid-19 support may have created “zombie firms” – BIS economists
Policy-makers should impose tighter lending standards and reform bankruptcy law, analysts argue
Sweden’s pension funds curb inequality, official says
Riksbank’s Ohlsson says collective funds mean high asset prices benefit wider population
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’
Critiquing 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