Unconventional monetary policy
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
Paper warns emerging markets of pitfalls of credit easing
Developing and emerging countries may experience macroeconomic repercussions
ECB increases role of corporate debt in QE
Fall in sovereign bond purchases could allow extension of stimulus
Bank of Japan increases bond purchases amid global sell-off
Both the prime minister and the governor see no rush to withdraw stimulus
Central bankers assess markets’ reactions to policy changes
Benoît Cœuré warns of complacency among investors as central banks move to normalise
ECB’s corporate bond-buying had positive effect in Spain, research says
Stimulus reduced yields for non-financial firms and increased credit to smaller companies
Central banks lack ‘firepower’ to combat financial crises, says report
Without rate cuts available, the next crisis could be much “longer and deeper”, report says
Fed economists tackle question of optimal balance sheet size
Cutting balance sheet would significantly reduce interest rate risk, economists find
ECB corporate bond purchases fall to lowest level in December
CSPP is expected to rebound in January, while ECB reduces QE to €30 billion a month