Unconventional monetary policy
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
Yellen offers helicopter money cautious support
Policy should only be used in "extreme" circumstances, Fed chair says
Tiberius’s experiences with zero interest rates in 33 AD
Can the ECB learn from policies used in ancient history?
Outflows during normalisation proportional to earlier inflows, paper warns
Working paper examines the effects unconventional monetary policies have on capital flows
BoJ sees operational issues dampen negative rate effect
Combination of negative rates and QQE helping push rates lower and prompting portfolio rebalancing
Kuroda: Negative rates having ‘visible’ impact on JGB yields
Bank of Japan governor Haruhiko Kuroda says rates are falling across the yield curve
Viñals supports negative interest rates in current climate
Financial counsellor believes negative rates are helpful in current economic climate