Unconventional monetary policy
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
Unconventional policy driving crypto bubble, BNPP economist argues
Cryptocurrencies have the potential to deliver “large, positive returns” in an environment stifled by negative real rates
Riksbank’s executive board divided over QE programme
Some members advocate ending stimulus in December, others fear that could reduce inflation
German economic council urges ECB to tighten policy
Group of experts says stronger growth and loose policy could lead to higher financial risk
ECB may change composition of QE, researchers say
Lower levels of sovereign bond acquisitions may allow the central bank to extend stimulus into 2019
ECB QE lowers yields via portfolio reshuffling – research
Sovereign bond-buying programme sharply reduced 10-year Bund yields
ECB to reduce monthly asset purchases to €30 billion
Central bank extends QE by nine months until September 2018; keeps rates unchanged
ECB likely to extend QE despite stronger growth, analysts say
Central bank expected to prolong programme by six months at reduced monthly rate of €30 billion