Monetary Policy
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime
Riksbank to buy covered bonds; Iceland enters secondary market
Central banks unveil new forms of unconventional purchases
RBNZ launches $30bn government bond-buying programme
MPC asked to vote on package via email to ensure social distancing
US banks increase discount window borrowing
Federal Reserve “encouraged by the notable increase” in use of backstop facility
Norges Bank slashes rates to record low of 0.25%
Central bank says workers are being laid off, as Norway faces double shock from virus and oil
BoE ramps up corporate and government bond-buying
Central bank launches new £200 billion package of QE plus rate cut and more liquidity
RBA introduces yield curve control
Lowe says measure would not have been considered under “normal times”
ECB’s negative rates boosted lending – Bank of Italy paper
Banks increased credit to ex ante riskier firms, but did not see rise in failed loan rates, researchers find
ECB launches €750bn emergency purchase programme
Governing council says new tool will remain active until Covid-19 crisis is over
Riksbank resumes QE by buying government debt
Swedish central bank buys $245 million in sovereign debt and will buy covered bonds on March 25
Cleveland Fed president criticises scale of rate cut
FOMC should have saved some rate cuts for US economic recovery, Loretta Mester says
Fed re-launches Primary Dealer Credit Facility in latest crisis move
New PDCF is more easily accessible than similar measure used in 2008 crisis
Book notes: Renewing our monetary vows, by Richard Barwell and Jagjit Chadha
Open letters to the governor of the Bank of England, as new chief Andrew Bailey takes over
Riksbank backs fiscal stimulus with massive QE programme
Swedish central bank increases loans to banks, cuts overnight lending rate to 0.2%
Bank of Canada steps up Covid-19 response
Bank widens eligible repo collateral, tweaks monetary framework and unveils mortgage market measure
Bank of Mauritius launches Covid-19 response package
Bank unveils five measures designed to bring relief for businesses and keep credit flowing
The Fed can still do more – Donald Kohn
The Fed still has several tools left if economic conditions worsen, Kohn argues in blog
The Tokyo Olympics: downside risks prevail
BoJ’s latest stimulus effort seems to be weak, and comes at a time when benefits of hosting Olympics may be overstated
Asian central banks rush to roll out easing measures
Japan expands asset purchases; Korea cuts rates; China extends lending and HKMA cuts capital buffer
RBNZ reduces rates by 75bp in emergency meeting
Central bank says future purchases of government bonds preferable to lower rates
Central banks should support demand and bolster confidence – IMF
IMF offers advice to central banks on what measures are appropriate to combat Covid-19
Bank of Israel unveils actions to boost market function
Repo operations and asset purchases designed to tackle high volatility
Richmond Fed paper examines use of discount window
Facility not typically used in “life or death” scenarios, researchers find
Central banks and banks: a changed relationship
Development of large, complex international capital markets has reshaped relationship between central and commercial banks