Unconventional monetary policy
BIS paper warns against ‘timid’ QE and ‘debt-averse’ fiscal policy
Policy mistakes at zero lower bound can worsen economic problems, authors say
UK politicians criticise BoE over handling of QE
Critical report comes as BoE MPC member suggests asset purchases may need to be halted early
NY Fed’s reserve repo facility marks new record
Banks and funds park almost $1 trillion with New York Fed accounts paying 0.05%
ECB’s Panetta: fiscal-monetary co-ordination no danger to independence
Executive board member thinks interaction can be fruitful in attaining inflation goal
Riksbank publishes analysis on QE
Work aims to add transparency and offer evidence on questions of design and implementation
ECB could tilt bond purchases to favour greener companies – Schnabel
Sovereign bond purchases must overcome scarcity of green bonds and limits imposed by capital key
Lagarde declines to give date for taper
Austrian governor immediately contradicts ECB chief, suggesting divisions on council
Spanish governor favours green monetary policy
Hernández de Cos stresses ECB should account for climate risks in its price stability mandate
IMF sees scope for unconventional monetary policy in Thailand
Yield curve control with forward guidance might be the best option for BoT, fund says
ECB poised to clarify tapering of PEPP purchases
Analysts agree central bank views higher inflation as transitory and will maintain rate of purchases
ECB policy paper says unconventional policy worked
Paper says QE purchases explain “lion’s share” of changes to eurozone yield curves
RBI doubles size of quantitative easing programme
Central bank readies additional 1.2 trillion rupee purchase programme as virus “dents” demand
Weidmann drops opposition to ‘greening’ ECB bond holdings
Bundesbank president says ECB could limit purchases of corporate bonds from some sectors
New York Fed announces record use of reverse repo facility
Value of transactions exceeds December peak and number of counterparties nearly doubles
Book notes: Quantitative easing, by Jonathan Ashworth
Well-documented and comprehensive book for anyone wanting overview of monetary policy evolution over recent decades
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella
ECB rate-setters ‘broadly agree’ with loose policy
Governing council members warned financing conditions were still tighter than in December 2020
RBI set to launch second round of asset purchases
Indian central bank seeks to curb borrowing costs amid severe Covid-19 outbreak
Fed must clarify future of QE, IMF says
IMF warns that rising longer-term Treasury yields could have major impact
ECB watchers say divisions on council could hamper decision-making
Analysts say central bank’s strategy of lower purchases could be tested later in 2021
Is the ECB implementing yield curve control?
Eurozone has adopted hybrid system that targets wider financing conditions
Sweden’s pension funds curb inequality, official says
Riksbank’s Ohlsson says collective funds mean high asset prices benefit wider population
Book notes: Central banks as fiscal players, by Willem Buiter
Buiter puts a real economic problem into a convincing theoretical frame, and translates it into applicable policy advice
ECB weekly asset purchases raised to €21.1 billion
On March 11, central bank promised to conduct purchases “at a significantly higher pace”