Unconventional monetary policy
Fed could shrink balance sheet to end “twist” on yield curve – Bullard
Allowing some bonds to run off the balance sheet could permit a more natural yield curve
Market ‘tightness’ affects QE success – Riksbank paper
Model accounting for demand and supply of bonds allows authors to reveal new insights
BoJ acts to thwart pressure on yields
Central bank commitment to yield curve control faces first serious test
Regulations and QE impacting repo market – ECB’s Mersch
“Confluence of factors” has boosted demand for collateral and impaired its supply
Yellen: Fed asset holdings provide automatic policy tightening
Downward pressure on long-run rates expected to diminish
Yield curve control has long history – BoJ’s Amamiya
Policy has roots in work of John Maynard Keynes
Carney hits back at critics of monetary policy’s distributional impact
Loss of open markets “would be a tragedy, but is a possibility”, governor says
Demands on central banks have created critical juncture – El-Erian
Politicians must deliver reforms if world is to return to stability, economist says
QE may be partly to blame for global market correlations – SNB’s Maechler
Likely other factors at play as well as asset purchases, board member says
BoJ economists seek best escape route from liquidity traps
Some policies are more effective than others, researchers find
QE is not hurting pension funds, says Broadbent
‘Material constraints’ not yet being seen, says Bank of England deputy governor
BoE corporate bond purchases off to rapid start
Central bank has already filled more than 10% of quota
Target2 balance surge not a sign of eurozone ‘stress’ – ECB’s Praet
Euro RTGS claims have swollen by €400 billion since introduction of QE
ECB paper finds ‘sizeable’ impact from QE
Authors find evidence of various channels through which QE affects economy
IMF’s Singh urges central banks to beware of collateral impact of policy
Senior economist says asset purchase programmes have drained quality collateral
ECB's Mersch cautions against ‘extreme’ policy measures
Central bank cannot fulfil mandate with “mathematical equations”, says Mersch
Unconventional monetary policy should be supported on structural and fiscal fronts – ECB paper
Authors examine the effects of supply- and demand-side policies
Riksbank paper looks to medieval Europe for ZLB solution
“Gesell tax” on holdings of cash could help central bankers overcome the zero lower bound
Monetary expansion: Is the sky the limit?
Bank of Mexico deputy assesses the pros and cons of unconventional monetary policies
Helicopters bearing gifts
As QE and negative rates run out of room, helicopter money could represent a last resort
Inflation expectations are part of QE transmission mechanism – BoE paper
Firms’ inflation expectations increase in response to QE, research finds
Money illusion may not be irrational – BIS paper
Borio and Zabai suggest reasons for people's focus on nominal effects
IMF staff suggest using tiers if CNB cuts rates below zero
Fund encourages Czech National Bank to prepare for ‘eventual exit’ from exchange rate commitment
IMF staff warn BoJ against unconventional monetary policies
Fund staff recommend more conventional forms of stimulus