Operating framework
FOMC considering repo market tools, minutes show
Meeting participants worried that standing repo tool might create moral hazard
ECB says new eurozone benchmark successfully introduced
Data shows September rate cut fully passed through to new €STR benchmark, ECB says
Fed considering tools to help flow of reserves in the system
Remarks are some of the most detailed Jerome Powell has made on financial plumbing issues
Fed likely to ‘institutionalise’ policy framework review, Powell says
Move would likely be akin to the Bank of Canada’s routine five-year review
Fed researchers aim to address uncertainty over demand for reserves
Demand for reserves could be between $712 billion and $919 billion, researchers find
Fed’s policy framework may incentivise reserves hoarding
However, this doesn’t seem to affect bank lending, Fed researchers find
St Louis Fed president calls for standing repo facility
Facility would solve “almost all” of the Fed’s problems in controlling rates, James Bullard says
Fed opts for asset purchases as liquidity solution
Central bank chooses not to address possible plumbing issues – at least for now
RBI weighs reforms to liquidity framework
Report recommends retaining the corridor system and simplifying operations
Financial plumbing might be ‘rusty or clogged’ – Philadelphia Fed president
Patrick Harker calls for review of the US’s money market plumbing
Asymmetric inflation targets improve welfare – Chicago Fed paper
Fed can remove deflationary bias by adopting asymmetric target, model suggests
Inflation targets may have to rise, new study finds
Optimal policy would see targets rise by roughly the same amount as the decline in neutral rates
RBI makes fresh bid to boost transmission mechanism
Banks mandated to link floating-rate loans to an external benchmark
Fed economists propose alternative to floor system
Pre-crisis BoE framework may preclude need for further ‘technical adjustments’, researchers say
Argentine governor demands political consensus on macroeconomic framework
Sandleris says every election unleashes market volatility and disrupts stabilisation efforts
Hong Kong introduces resolution facility after FSB peer review
Updated funding framework could aid embattled banks in case of liquidity crunch
RBNZ takes further steps to improve regulation and oversight
Regulators’ new “vision” incorporates climate change and social inclusion
PBoC reforms rates mechanism in bid to cut funding costs
Loan prime rate will replace existing benchmark lending rates
Central banking’s 30-year cycle
Central banking has hit another crossroads, writes Central Banking founder Robert Pringle
South Africa’s broad inflation target range ‘a mistake’, says Kganyago
Sarb governor complains that ownership debate is damaging country’s economy
IMF calls on Brazilian legislators to pass central bank independence law
Staff welcomes new law blocking central bank transfers to the Treasury from reserves revaluations
BoE’s Hauser sheds light on ‘quantitative tightening’ in the UK
Central banks have a greater obligation to provide liquidity in good times and bad, official says
Doves vs hawks: IMF advice on unconventional monetary policy
Funds’ advice on innovative measures has not always “stood the test of time”, writes Philip Turner
BIS says theory behind EME policy must catch up with ‘reality’
Situation is similar to adoption of inflation targeting in early 1990s, says BIS annual report