Unconventional monetary policy
Bank of Japan cuts inflation forecast as policy remains on hold
The BoJ cuts its forecast for prices as it struggles to hit its inflation target
The BoJ’s exit policy and balance sheet risks
Meticulous sequencing of events needed to ensure sustainability
Fed paper: portfolio holdings have ‘statistically significant’ effect on rates
Research studies composition and impact of Fed’s Treasury portfolio from 1985-2016
Policy mix has important implications for spillovers – Fed’s Brainard
Fed governor says degree of divergence between central banks also matters for spillovers
BoJ ups asset purchases to curb bond market pressure
The Bank of Japan has increased the size of JGB purchase operations
BoJ faces growing communications challenge
BoJ embarks on third attempt at unlimited fixed-rate outright JGB purchases
BoE bloggers suggest central banks could use equity-financed QE
Economists raise ideas for future balance sheet innovations
BoJ told to improve communication on potential exit from stimulus
Speculation is growing over the timing and method of the exit from the stimulus programme
Former central bank governors debate unconventional monetary policy
Trichet, Shirakawa and Weber agree unconventional tools may have outstayed their welcome
Inflation overshoot should affect adaptive part of expectations, says Kuroda
Bank of Japan governor says there is still a long way to go until the price stability target is achieved
Surprise policy announcements impact cash demand and consumption - paper
Unanticipated policy announcements can significantly reduce a consumer's monthly ATM withdrawals
BoJ’s Sakurai defends aggressive monetary easing
A member of the policy board says yield-curve control allows flexibility
BoJ's balance sheet surpasses that of the Fed
BoJ's balance sheet exceeds ¥500 trillion, a fraction larger than that of the Federal Reserve
Fed minutes shed light on balance sheet shrinkage plan
System of caps would allow gradual reductions in the reinvestment of securities held under the QE programme
Bernanke urges BoJ to keep up its easing efforts
Former Fed chair recommends the central bank continue its aggressive easing
ECB paper looks at PSPP’s ‘flow effects’ on sovereign bond yields
“Flow effects” have limited but real impact, researchers find
BoJ should provide ‘more realistic’ projections – former policy board member
Claims constant overestimation of inflation expectations undermines credibility
BoJ cuts inflation forecast at a time of falling JGB purchases
Core inflation forecast revised downwards as bond purchases appear to be declining
SNB able to cut rates further, Jordan says
Thomas Jordan stresses central bank would act if necessary
Income inequality should be a concern for central banks – IMF panel
IMF panel debates impact of unconventional monetary policy on income inequality
Fresh exchange rate cap remains an option – CNB minutes
Minutes of extraordinary meeting say future exchange rate commitment cannot be ruled out
Little EME volatility spillover from Fed/ECB balance sheets
Central bank policies had little impact on volatility in EMEs’ real markets – researchers
Lower rates link to higher exchange rate impact – BIS paper
Working paper finds monetary policy’s impact on exchange rate has grown as rates have fallen
ECB bond-buying has had ‘significant’ impact on Bund market
Impact of PSPP purchases substantially higher in stressed markets – Bundesbank paper