Monetary Policy
St Louis Fed explains Fed’s plans to unwind balance sheet
Fed expected to stop replacing maturing securities to reduce $4.5 trillion balance sheet
Uzbekistan poised to float currency
From September 5, restrictions on foreign exchange trading will be lifted, paving the way for a new operational framework at the central bank
Fed paper explores balance sheet effects of liquidity rules
Study of how banks allocate portfolios of liquid assets highlights implications for monetary policy
BoE’s Saunders says public is ready for rate hike
External MPC member denies hike would negatively impact household spending, noting inaction could leave the central bank behind the curve
Bullard: low unemployment does not mean high inflation
Recent research shows US unemployment could fall to 2.5%, while inflation would be 1.86%, says St Louis Fed president
Better information bolsters policy pass-through – BoE paper
Where agents lack access to perfect information, publishing forecasts influences potency of monetary policy, study finds
Draghi’s ‘whatever it takes’ is not credible – Nobel laureate
Chris Sims says ECB cannot be sure it will be able to stop a run on the euro until it is backed by a central eurozone fiscal authority
Riksbank’s deputy argues for changes to monetary policy regime
Mulled changes would remove distortions, analysts say
QE has positive spillovers into south-eastern Europe, ECB paper says
Some countries experience stronger inflationary effects than eurozone - researchers
QE has not increased eurozone inequality - ECB’s Constâncio
Low-income households benefit most from stimulus, ECB vice-president says
Indonesian central bank cuts interest rates despite slight inflation rise
Inflation is expected to remain within target, Bank Indonesia says
SNB analyses monetary policy role in containing external inflationary factors
Research finds independent monetary policy protects Switzerland against international spillovers
Svensson launches fresh attack on leaning against the wind
Lars Svensson outlines “simple and transparent framework” he hopes will guide debate, as other papers challenge his results
Spanish paper looks at sectoral comovement and monetary policy
Monetary policy shocks have greater effects when industries experience comovement - researchers say
Global liquidity matters for pass-through – CBRT research
Access to external sources of liquidity affects pass-through of monetary policy, researchers find
ECB council worries about euro’s strength, though recovery continues
Minutes of July’s monetary policy meeting suggest low inflation warrants loose policy, but recovery is gathering momentum
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
Archive – Interview: Allan Meltzer
Robert Pringle talks to Allan Meltzer, Carnegie Mellon professor and chair of the US Congress’s International Financial Institution Advisory Commission (the “Meltzer Commission”); first published in February 2003