Operating framework
BIS paper studies high-frequency data on central bank intervention
Sterilised foreign exchange interventions can help to slow credit growth, authors find
NGDP target can create ‘divine coincidence’ – Bullard and Singh
Nominal GDP targeting can “repair” distortions from credit market frictions, authors find
Fed IOER amendment aimed at ‘thwarting’ The Narrow Bank
The move appears to specifically target The Narrow Bank’s business model, the firm says
Bernanke argues for ‘time-limited price targeting’ policy framework
Committing to make up inflation shortfalls in past year would avoid overshooting, paper finds
Monetary policy frameworks need modifying, former Fed governor says
Lower r* requires two key modifications to flexible inflation-targeting regimes, Frederic Mishkin says
Philippine central bank handed new stability powers and mandate
Act removes money supply and credit as determinants for monetary policy
CBRT cuts reserve requirements, but stresses tight stance
Liquidity tools are more about transmission than policy stance, says Murat Çetinkaya
RBNZ adopts new dual policy target
New Zealand’s central bank will now have maximum employment target alongside inflation goal
Jamaica’s Wynter says forex volatility is nothing to worry about
Central bank uses social media to calm markets after forex intervention
PBoC denies that new liquidity tool is a ‘form of QE’
Central bank bills swap is essentially quantitative easing, says one analyst
CBSL resorts to monetary financing amid wait for IMF talks
Central bank promises loan to government will be unwound in the first quarter of 2019
NY Fed’s Williams advocates change to inflation-targeting framework
But Don Kohn prefers to keep status quo with some supplementary policies
Coomaraswamy sees hope for IMF programme as political crisis fades
Sri Lankan Prime Minister reinstated, paving the way for economic reforms
US interbank market may not recover from QE – Fed paper
Authors warn shrinking the Fed balance sheet might not be enough to revive the market
Icelandic central bank questions reform proposals
Publishing rate paths may not work as intended, external MPC members warn
Sarb says new interest rate benchmarks may be calculated with ‘actual’ transactions
Current benchmark rate based on flawed market data, South African central bank says
IMF advises Ethiopia central bank to stop financing government
Central bank’s tighter monetary policy should be supported by end to monetary financing – IMF
IMF urges Bank of Papua New Guinea to depreciate currency
Fund offers words of warning to island nation over exchange rate woes
Riksbank’s Jansson says he favours higher inflation target
Swedish deputy governor reflects on monetary policy options to deal with next crisis
Janet Yellen backs form of price-level targeting for Fed
Former chair says current system risks downward spiral of long-term rates
Podcast: Post-crisis monetary policy
Central banks have not yet figured out how to control all money-like instruments, says Andrew Metrick
Ageing population could harm policy transmission – BoE’s Saunders
Interest rates’ “cashflow channel” may weaken, says MPC member
RBNZ and Fed ran similar policies despite different mandates, paper finds
New Zealand’s inflation target led to similar policies as Fed’s dual mandate, researchers find
Bank of Canada to weigh up alternatives to inflation targeting
Central bank will hold “full horse race” between nominal GDP targeting and other alternatives, Wilkins says