Unconventional monetary policy
The Treasury could make QE exit faster and smoother
Swapping longer-term bonds for Treasury bills would expedite process
St Louis Fed explains Fed’s plans to unwind balance sheet
Fed expected to stop replacing maturing securities to reduce $4.5 trillion balance sheet
QE has positive spillovers into south-eastern Europe, ECB paper says
Some countries experience stronger inflationary effects than eurozone - researchers
QE has not increased eurozone inequality - ECB’s Constâncio
Low-income households benefit most from stimulus, ECB vice-president says
Svensson launches fresh attack on leaning against the wind
Lars Svensson outlines framework he hopes will guide debate, as other papers challenge his results
Fed paper studies how to tackle the lower bound
Simple policy rules lead to inflation falling “systematically” short of 2% target
San Francisco’s Williams: monetary policy has reached ‘limit’
Monetary policy has done all that it can to foster growth, says San Fran president
The changing composition of central bank balance sheets
QE has discouraged structural change and masked increasing debt leverage
Fed paper: corporate bond buying can misallocate capital
Capital misallocation effects can mean corporate bond purchase schemes underperform
IMF deems negative rates to have had ‘no major side effects’
IMF paper explores impact of negative interest rates on bank behaviour
Fed can no longer ‘wait and see’, says Williams
Waiting to unwind the balance sheet could “overheat the economy”, says San Fran president
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