Unconventional monetary policy
BoJ cuts inflation estimate as it holds rates
Goshi Kataoka is sole MPC member to call for looser policy
ECB unlikely to commit to QE end date in June meeting
Most economists expect gradual reduction of asset acquisitions, and an open-ended programme
BoJ’s bond purchases impact credit spreads – paper
The BoJ’s corporate bond holdings have reached $29 billion, or about 0.6% of GDP
Have central banks created a ‘debt trap’? No, but ...
Tougher regulation has helped ensure extraordinary monetary policy has not caused dangerous rise in private debt
ZLB increases equities-oil correlation – St Louis Fed research
The assets were uncorrelated until late 2008, when Fed took federal funds rate to zero
BoJ drops timeframe for achieving inflation target
Bank has postponed target for achieving 2% inflation six times since 2013
Bank of Canada paper analyses benefits of higher inflation target
Size of gain from higher target hinges on real interest rates, researchers say
Riksbank should reduce balance sheet to avoid risks – Flodén
“Best way” of running down bondholdings is to hold bonds until maturity
New York Fed lays out QE unwinding scenarios
Fed’s balance sheet is expected to stabilise between $2.5 trillion and $3.3 trillion
Fed’s unconventional policies similar to measures in 1920s, says research
Market operations early in the 20th century more than tripled Fed’s Treasury portfolio
Algerian monetary financing may stoke inflation, warns IMF
In September 2017, Algiers resorted to central bank financing of budget deficits
Paper warns emerging markets of pitfalls of credit easing
Developing and emerging countries may experience macroeconomic repercussions
ECB increases role of corporate debt in QE
Fall in sovereign bond purchases could allow extension of stimulus
Bank of Japan increases bond purchases amid global sell-off
Both the prime minister and the governor see no rush to withdraw stimulus
Central bankers assess markets’ reactions to policy changes
Benoît Cœuré warns of complacency among investors as central banks move to normalise
ECB’s corporate bond-buying had positive effect in Spain, research says
Stimulus reduced yields for non-financial firms and increased credit to smaller companies
Central banks lack ‘firepower’ to combat financial crises, says report
Without rate cuts available, the next crisis could be much “longer and deeper”, report says
Fed economists tackle question of optimal balance sheet size
Cutting balance sheet would significantly reduce interest rate risk, economists find
ECB corporate bond purchases fall to lowest level in December
CSPP is expected to rebound in January, while ECB reduces QE to €30 billion a month
Loose policy supported equality in Sweden – Skingsley
Deputy governor of Sveriges Riksbank reflects on how monetary policy promotes inclusive growth
Small open economies benefit from QE spillovers – IMF paper
Fed’s QE had similar net positive effect in Canada to that in US
BoE economist explores ‘active’ QE model
Quantitative easing could be made more conventional part of central bank toolkits
ECB officials disagree on open-ended QE
Agreement on keeping private-sector purchases sizeable, which would increase importance
Swiss bond market contracts despite negative rates – SNB’s Maechler
Shift driven by lower issuance by Swiss government and reduced financing needs of banks