Unconventional monetary policy
Overcoming deflation: Japan’s experience and challenges ahead
Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for others
Fischer and Hildebrand call for emergency policy tools
Former central bank chiefs say existing monetary tools are “almost exhausted”
Fed paper looks at negative rates’ impact on eurozone banks
Effects of policy rate cuts on equity change past the zero lower bound, researchers say
Central banks should use direct lending in shocks – BIS paper
Lending to firms directly could reduce welfare loss during financial shocks, researchers say
IMF sets up new monetary policy modelling unit
Fund responds to criticism from IEO report
Australia could reach zero lower bound, says Lowe
Governor says RBA is open to unconventional monetary policy
The future of balance sheet policies
What tactics will central banks deploy?
Fed researchers gauge tightening from balance sheet normalisation
Tightening is ‘modest’ compared to accommodation provided by asset purchases, researchers find
Central bank ‘put’ can harm market function – Kuroda
BoJ chief says easing measures are working, but central banks must be wary of side-effects
Weidmann accepts OMT as ministers discuss Draghi succession
Bundesbank president withdraws his opposition to OMT programme unveiled by Mario Draghi in 2012
Review calls on IMF to deepen monetary expertise
Independent report says IMF broadly made the right calls on risks around unconventional policy
Kenya’s rate controls caused ‘collapse’ in credit – IMF paper
Caps undermined central bank’s control over signalling policy stance, researchers find
Fed prepared to adjust balance sheet size and composition
Minutes reveal discussions of how the Fed could use its balance sheet in long-run
Quantitative easing: a never-ending story?
The Fed is cutting the size of its balance sheet, but is unlikely to reduce it to pre-crisis levels
Higher EU corporate bond spreads in 2018 unrelated to ECB policy – research
Global trade disputes played a bigger role than the end of the European asset purchase programme
NY Fed official sketches key factors for balance sheet plans
Fed’s nominal securities purchases may be higher than before crisis, official says
Trump urges Fed to restart quantitative easing
It would turn the economy into a “rocket ship”, the president says
Fed set to end quantitative tightening in September
FOMC will also slow the pace of its balance sheet reduction programme from May
ECB’s negative rates increased eurozone credit supply – IMF paper
Cuts above zero lower bound did not have same effects on banks, researchers find
BoE paper: corporate bond purchases boosted market liquidity
Study of post-Brexit QE finds purchases helped support bond market liquidity
Timing of US intraday payments may be useful signal – New York Fed paper
Lenders made intrabank payments earlier once Fed expanded balance sheet, researchers say
Powell hints at long-term goals for Fed balance sheet
Proposed reserves buffer is more than enough, Charles Goodhart says
Fed officials reveal further details of balance sheet plans
Fed discusses letting assets fall off its balance sheet at the same pace as economic expansion
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