Unconventional monetary policy
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
Lower bound not a big constraint for the Fed – paper
Risks of Fed being constrained in the future are “greatly overstated”, author says
BoE’s Vlieghe: QE unwind need not impact yield curve
Yield curve has flattened since BoE’s independence and is likely to stay that way- MPC member
Hungary prepares to normalise its array of policy instruments
Central bank reshuffles its wide range of unconventional instruments and launches lending facility
What next for the BoJ’s unprecedented ETF experiment?
Exiting the policy may prove extremely challenging, says Sayuri Shirai
Yellen says Fed should begin forward guidance now
Action now could have equivalent impact to negative rates, says former Fed chair
Fed’s Rosengren sees less room to tackle next recession
Fiscal, monetary and regulatory buffers not as high as they should be, says Boston Fed president
‘Bernanke targeting’ may outperform Taylor rule – Fed paper
Paper tests Ben Bernanke’s proposal for temporary price level targets
A mere tweak or a step toward normalisation?
Sayuri Shirai says the BoJ has controlled market expectations while still opening the door to normalisation