Operating framework
Kenyan central bank prepares further monetary policy reforms
Review recommends action to improve modelling, boost interbank market and develop education
The ECB’s monetary policy strategy review
The ECB’s founding monetary policy architect, Otmar Issing, offers some initial perspectives on the ECB’s strategy review
ECB’s new target not expected to influence Denmark’s policy
Danish central bank agrees with ECB that climate change may impact price and financial stability
New inflation target set to bind ECB to ‘lower for longer’ strategy
Symmetric 2% target should allow council to boost APP purchases as Pepp is phased out, say analysts
ECB adopts 2% symmetric inflation target
Central bank chooses not to follow Federal Reserve’s lead on average inflation targeting
ECB likely to shy away from AIT in new monetary policy framework
Symmetric 2% target is expected outcome; governing council members struggle to agree on forward guidance
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
Demand for Fed’s reverse repo hits new record
FOMC increases interest rates on RRP deposits by 5bp, spurring new demand
Fed adopts single interest rate for reserves
Amendment eliminates separate figure for excess reserves
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues – on expectations, on fiscal policy, and on the capacity of the economy to ‘run hot’
Fed’s Quarles says time is coming for taper talk
St Louis Fed’s Bullard says it is “too early” to talk of tapering asset purchases
ECB should adopt symmetric 2% target with AIT – US economist
Academics and former officials say ECB’s new policy framework needs to be nimble to react more quickly to inflation changes
NY Fed updates Treasuries purchasing programme
New York Fed changes maturity ranges and sector weights of bond purchases
Fed leaders hold dovish line as CPI surges
Board members and regional presidents say inflation and employment goals still far from met
Fed clarifies account access rules for fintech firms
Proposals address growing number of firms seeking access to the central bank’s balance sheet
IMF praises Chile’s Covid-19 response
Fund warns against new withdrawals from pension system
NY Fed increases reverse repo ceiling
Fed move aims to regulate influx of liquidity to money market funds, analyst says
New monetary frameworks involve risk trade-offs – IMF’s Adrian
Lower-for-longer rates may help to avoid deflation, but could contribute to medium-term volatility
Riksbank report explains basis for green asset purchases
Report sets out legal and operational basis for “norm-based negative screening”
National Bank of Denmark simplifies monetary framework
Central bank aims to reduce excess liquidity effect on money market rates
BoE given green remit for monetary policy
Central bank to provide details on reforming corporate bond buying “in the coming months”
RBNZ to support government housing objectives
New Zealand finance minister changes central bank’s monetary and financial policy remits
SNB should adopt higher inflation target, report says
Senior economists recommend the Swiss National Bank reviews its policy strategy
European central bankers see room for fiscal-monetary co-operation
Pandemic showed it was “critical” for both policies to work together, say central bank governors