Operating framework
Cambodia’s Serey calls for greater use of local currency
Governor says demand for the riel has improved over the years
Corridor, floor, other: are operating frameworks fit for the future?
Central banks are becoming aware that monetary operations have ramifications beyond setting short-term rates
BoE’s Hauser makes case against ultra-lean balance sheets
Even with central bank backstops, markets are not reliable liquidity managers, official says
SNB cuts interest payments amid losses
Swiss central bank lost over Sfr12 billion in Q3
RBA’s Bullock rules out setting an employment target
Governor says full employment cannot be reduced to a single measurement
Riksbank to offer counterparties new liquidity and deposit facilities
Measure aims to prevent volatility in overnight market rates as central bank reduces liquidity
Hungary continues loosening as inflation falls towards 10%
MNB cuts base rate by 75 basis points
Buy side reflects on BoE’s gilt liquidity lifeline
Lending facility could prevent repeat of last year’s LDI crisis if properly designed, pension and insurance experts say
Bangladesh Bank reforms MPC
Move is part of IMF-promoted reforms as Bangladesh adopts interest-rate targeting
UK researchers propose 3% inflation target and negative rates
Inflation stalls at 6.7% in September, the same figure as in August
Opponents of dual mandate win New Zealand elections
National Party promises to abolish RBNZ commitment to ‘maximum sustainable employment’
PEPP to become ECB’s weapon of choice
Facing high but falling inflation, the governing council is expected to hold rates
BoE publishes terms of reference for Bernanke review
Former Fed chair to provide insights into how to forecast in “significant uncertainty”
Momentum builds to end RBNZ dual mandate
Think-tank calls for abolishing deposit insurance and creating new prudential regulator
IMF paper offers ‘complete set of tools’ to model reserves demand
Authors say theirs is the first complete modelling framework for reserves demand
Jackson Hole in the wake of policy rules
Symposium heralds a move to relying on incoming data and judgement, rather than rules or even formal models, to hit inflation targets, writes Barry Eichengreen
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review
Kenya revives interest rate corridor
Controversial 2016 law capping rates undermined earlier attempt at corridor
Bundesbank cuts remuneration of government deposits to 0%
Measure could further reduce availability of high-quality collateral in the eurozone
Book notes: Inflation targeting and central banks, by Joanna Niedźwiedzińska
A useful and rich reference source, especially for central banks moving to adopt inflation targeting
New Zealand rejects RBNZ’s call for single price-stability goal
Updated central bank remit retains twin goals of price stability and maximum sustainable employment
NBER paper estimates demand for bank reserves in US
Fed needs global estimates of demand curve slope to maintain interest rate control, authors say
Central banks should abandon floor systems – BIS’s Borio
Abundant reserves are causing distortions and could hamper policy-making, economist says
ECB says Hungary has infringed central bank autonomy
Frankfurt says restrictions on bond buying interfere with monetary policy