Operating framework
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
Fed’s Quarles warns big balance sheet could harm credibility
Fed official proposes tweaks to discount window and G-Sib surcharges to improve monetary framework
Should the ECB increase the transparency of governing council meetings?
Observers and former officials weigh pros and cons of greater disclosure for policy efficacy and independence
Optimal US reserve regime is between scarcity and abundance – research
Former NY Fed official Simon Potter and co-authors map post-crisis demand curve for reserves
Atlanta Fed research offers 17th century lessons for proposed standing repo facility
Crises can pose demand and credibility challenges, researchers warn
Fed slims down repo market interventions
Relative to year-end, the Fed will cut $250 billion of the cash offered to banks
Central banks must learn lessons of BoJ’s inflation target rise – Fed paper
Failure to hit old targets and disagreement among policy-makers will harm credibility, paper argues
Carney launches review of BoE monetary policy
“Deep structural changes” have left little space for conventional tools to work, governor says
Phillips curve still explains eurozone inflation movements – research
Results may become a focal point of debate in the forthcoming ECB strategy review