Unconventional monetary policy
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
BoJ unveils more flexible monetary policy framework
No rate change until at least 2019, the BoJ says in new forward guidance
BoJ may tweak policy at next meeting – local media
Speculation comes as Japanese central bank intervenes in bond market for first time since February
Viability of debt issuance could be hit as QE ends – Bank of Canada paper
QE played important role in funding treasury debt issuance, researchers say
Banque de France paper finds ‘behavioural channel’ to QE
Repeat lab experiments imply people do not converge towards rational expectations
ECB’s easing policies reduced inequality, paper says
Overall effects of monetary policy on income inequality are modest, paper finds
Monetarist perspective affects normalisation forecasts – Chicago Fed paper
Incorporating money demand into projections affects forecasts of remittances and money multiplier
BoJ looks set to cut its inflation forecast – again
There is no exit in sight for the Bank of Japan as inflation is likely to disappoint yet again, warns Sayuri Shirai
BoJ cuts inflation estimate as it holds rates
Goshi Kataoka is sole MPC member to call for looser policy
ECB unlikely to commit to QE end date in June meeting
Most economists expect gradual reduction of asset acquisitions, and an open-ended programme
BoJ’s bond purchases impact credit spreads – paper
The BoJ’s corporate bond holdings have reached $29 billion, or about 0.6% of GDP
Have central banks created a ‘debt trap’? No, but ...
Tougher regulation has helped ensure extraordinary monetary policy has not caused dangerous rise in private debt
ZLB increases equities-oil correlation – St Louis Fed research
The assets were uncorrelated until late 2008, when Fed took federal funds rate to zero
BoJ drops timeframe for achieving inflation target
Bank has postponed target for achieving 2% inflation six times since 2013
Bank of Canada paper analyses benefits of higher inflation target
Size of gain from higher target hinges on real interest rates, researchers say
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