Operating framework
Senior Fed officials call for overshooting inflation target
Kashkari says Fed acted too early in tightening while Brainard says policy must meet ‘new normal’
Risk of hitting ZLB in next three years is low – San Francisco Fed paper
ZLB should not be a concern for monetary policy at this stage, researcher says
Minneapolis Fed president calls on Fed to ‘re-tool’ labour market analysis
Wages are a better means of estimating labour market slack, Kashkari says
San Francisco Fed researcher seeks to improve Phillips curve
Introducing an “interaction variable” can increase predictive performance, researcher says
Williams favours average inflation targeting in new research
New York Fed president analyses three groups of inflation-targeting regimes
Turkish central bank defends reserves-boosting swaps activity
Swaps provide support for banks amid offshore Turkish lira liquidity squeeze, central bank says
Argentina abandons free float as peso crisis continues
Central bank says it will now intervene, even within “non-intervention” band
Former Argentine governor dismisses stabilisation plan
Martin Redrado says monetary base targeting is unsustainable and insufficient to tame inflation
Understanding the Fed’s proposed reserves tool
FOMC hinted at tool for cutting reserves demand at last meeting – the question is, why?
RBNZ faces communication challenges in new policy framework
Some observers think new monetary policy committee may add confusion
Fed should target inflation range – Boston president
Policy is similar to price level and inflation averaging targets, but is easier to explain, Rosengren says
RBI’s Das questions convention of 25-basis point hikes
“Let me try and somewhat shock you,” says governor
Assessing the RBNZ’s new dual mandate
Researchers weigh pros and cons of multiple central banking objectives
RBI to repeat forex swap after high demand for first operation
Second round of long-term liquidity will be on offer in late April
Namibian government proposes to cap its borrowing from central bank
Finance minister asks for five-fold increase to central bank’s capital to pay for new responsibilities
Kenyan High Court strikes down law capping interest rates
But court rules law did not infringe central bank’s mandate and says caps could be brought back
Atlanta’s Bostic lays out case for central banking with ‘ample’ reserves
Floor system has performed well and comes with several benefits, says Atlanta Fed president
RBI swap operation heavily oversubscribed
Unusual move to inject long-term liquidity into the system draws strong demand from the market
Book notes: Floored!, by George Selgin
Michael Reddell remains unconvinced Fed’s introduction of IOR prolonged recession
IMF demands Ecuador end monetary financing
Central bank will need to cover liabilities vis-à-vis banks with international reserves
IMF urges Seychelles central bank to limit forex interventions
Mission chief Amadou Sy urges regulator to remain “vigilant” to inflationary pressures
BIS paper studies high-frequency data on central bank intervention
Sterilised foreign exchange interventions can help to slow credit growth, authors find
NGDP target can create ‘divine coincidence’ – Bullard and Singh
Nominal GDP targeting can “repair” distortions from credit market frictions, authors find
Fed IOER amendment aimed at ‘thwarting’ The Narrow Bank
The move appears to specifically target The Narrow Bank’s business model, the firm says