Operating framework
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
New BoJ governor announces monetary policy review
Bank of Japan keeps ultra-loose policy unchanged at Ueda’s first policy meeting
Brazilian ex-deputy governor says inflation target too low
Mandatory public spending means Brazil will have higher inflation than its peers
Bank of Canada may be set for billions of losses
Think-tank warns losses could pose reputational risk for central bank
Missed inflation target has ‘sizeable’ fiscal impact – paper
Persistent undershooting by ECB caused problems for countries with long-duration debt, authors say
New law gives BI monetary financing power during crisis
Law also adds mandate for central bank to support economic growth
ECB adjusts risk controls with eye on collateral availability
First assessment of climate risk in collateral framework concludes no climate-related changes needed
BoJ accord may be revised with more flexible inflation target
Planned revision could lead the BoJ to tweak its ultra-loose policy, reports say
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
BoE’s Pill says government must ‘respect’ independence
Government and central bank have clashed over causes of UK’s gilt market turmoil
Fed paper explores rate hike impact on money markets
Monetary tightening likely to impact flows in and out of Fed’s overnight repo facility
Inflation targeting’s time may be over, Adam Posen says
Posen says changes to global economy may necessitate complete rethinking of monetary policy
Taiwan academics call for central bank reform
Academica Sinica says the central bank could invest part of its foreign reserves into a sovereign wealth fund
UK’s possible next prime minister promises BoE mandate change
Liz Truss says situation now “very different” to when central bank’s mandate was laid down in 1997
Australian government to review RBA mandate and governance
Review will look into the board structure and performance, after RBA suffers criticism over policy choices
BoI’s Yaron stresses flexibility offered by inflation target range
Bank of Israel has been studying the possibility of modifying its inflation target
Bangladesh Bank orders second rate hike
Central bank publishes monetary policy for 2022–23
Botswana hikes newly introduced policy rate
Central bank announces first rate increase since 2008 as inflation stays in double digits
RBI bolsters liquidity framework with standing facility
New deposit facility will play a role in both monetary and financial stability