Unconventional monetary policy
NY Fed official sketches key factors for balance sheet plans
Fed’s nominal securities purchases may be higher than before crisis, official says
Trump urges Fed to restart quantitative easing
It would turn the economy into a “rocket ship”, the president says
Fed set to end quantitative tightening in September
FOMC will also slow the pace of its balance sheet reduction programme from May
ECB’s negative rates increased eurozone credit supply – IMF paper
Cuts above zero lower bound did not have same effects on banks, researchers find
BoE paper: corporate bond purchases boosted market liquidity
Study of post-Brexit QE finds purchases helped support bond market liquidity
Timing of US intraday payments may be useful signal – New York Fed paper
Lenders made intrabank payments earlier once Fed expanded balance sheet, researchers say
Powell hints at long-term goals for Fed balance sheet
Proposed reserves buffer is more than enough, Charles Goodhart says
Fed officials reveal further details of balance sheet plans
Fed discusses letting assets fall off its balance sheet at the same pace as economic expansion
Fed to finalise balance sheet plans in upcoming meetings – Mester
Discussions over final size and future use of the balance sheet underway at the central bank
Balance sheet normalisation has put upward pressure on borrowing costs – Kansas Fed
Levels of reserves still influences borrowing costs despite post-crisis monetary policy framework
A dual-currency system would make negative rates work – IMF research
Proposal would free monetary policy from lower zero bound when dealing with a recession
BIS study asks whether central bank crisis actions de-risk the balance sheet
Authors study whether a central bank can influence its own risk, or if this is “wishful thinking”
QE reduces inequality over medium term – Bank of Canada paper
Eurozone inequality rose after QE introduced but then fell, researchers find
Riksbank’s negative rates successfully passed through to economy – research
Findings contrast with recent work by Larry Summers and co-authors
BoJ must normalise policy to cope with ageing population – former official
Japanese firms face labour shortages and limited ability to raise prices- Shirai
Powell urged fast end to QE despite signs of taper tantrum
Jerome Powell sensed taper tantrum was a risk, but urged Bernanke to act anyway, transcripts show
Federal Reserve profits fall as normalisation takes hold
The Fed remittances to US Treasury fell by 18.5% from last year
Kuroda defends BoJ’s asset purchases
Central bank could face problems when it unloads ETFs, former senior official warns
QE has persistent impact on foreign exchange, researchers find
European Central Bank QE caused euro to fall 12% against dollar - Dallas Fed paper
BoJ’s monetary easing criticised as balance sheet passes 100% of GDP
Central bank’s QQE has had limited impact but a wind-down poses significant risks, Sayuri Shirai warns
Unconventional policy may reduce bank resilience, BIS paper finds
QE had different effects on “core” and “periphery” eurozone countries, researchers say
Japan does not need more large-scale stimulus to avoid deflation – Kuroda
Below-target inflation still requires ultra-low interest rates and asset purchases
US forward guidance had limited effectiveness, Fed paper finds
Households and firms took until 2012 to seriously consider new regime, researchers say
ECB’s normalisation could spell trouble for Italy’s bond market
Rome’s budget row with Brussels escalates just as QE is about to halt