Operating framework
BoC announces new securities lending programme
Move is consistent with BIS recommendations, central bank says
Two FOMC members back overshooting target
Brainard and Harker suggest Fed should leave rates low until inflation rises above 2% target
SNB’s Jordan defends currency interventions
Switzerland had “difficult starting position” from which to tackle the Covid-19 shock, chairman says
Croatia and Bulgaria join ECB’s exchange rate mechanism
Both countries move closer to eurozone membership as largest Croatian banks come under SSM
Philippines central bank links up with debt trading platform
Move comes as central bank buys government bonds and prepares to issue own debt
Sarb introduces collateral substitution for repos
New framework designed to give banks more flexibility in managing collateral
Iran’s race towards monetary policy reform faces high hurdle reality
Majlis’s Tohid Atashbar writes that the central bank’s new inflation targeting approach may struggle to deliver
Raising inflation targets may lower neutral rate – Boston Fed paper
A higher target might therefore be less effective than current research suggests, research says
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for Yellen-backed move to adopt elements of price-level targeting
Proposed changes to law could damage independence – Swedish central bank
Lawmakers’ proposal would hinder crisis management capability, Sveriges Riksbank says
ECB extends strategy review until mid-2021
Central bank postpones public events by six months due to the Covid-19 crisis
Flatter Phillips curve calls for average inflation targeting – Brookings paper
Average inflation targeting could be “especially effective” in current environment, researchers say
Fed re-launches Primary Dealer Credit Facility in latest crisis move
New PDCF is more easily accessible than similar measure used in 2008 crisis
Book notes: Renewing our monetary vows, by Richard Barwell and Jagjit Chadha
Open letters to the governor of the Bank of England, as new chief Andrew Bailey takes over
Bank of Canada steps up Covid-19 response
Bank widens eligible repo collateral, tweaks monetary framework and unveils mortgage market measure
Richmond Fed paper examines use of discount window
Facility not typically used in “life or death” scenarios, researchers find
Above-target inflation ‘essential’ for dual mandate – Chicago Fed’s Evans
Evans is second senior Fed official to back new inflation-targeting approach recently
Ghana’s Addison on banking reform, innovation and the future of the eco
Bank of Ghana governor says Ghana is unlikely to join eco anytime soon
Why Bulgaria needs to deepen its currency board
Bulgaria’s currency board rules should be extended to transaction deposits at commercial banks
ECB unveils plan for its strategy review
Eurosystem will host “listening” events with general public, academia and civil society organisations
Fed’s Brainard backs ‘flexible inflation averaging’
Governor hints at possible outcome of Fed’s policy framework review
NY Fed speeds up repo withdrawal
US banks’ demand for cash remains high as NY Fed’s first term repo is oversubscribed
Should the ECB add owner-occupied housing costs to its inflation measure?
Yves Mersch argues broader measure of housing costs would give more realistic inflation picture
Bulgaria: long live the currency board
Bulgaria should reject the euro and extend its currency board to cover bank deposits