Monetary Policy
Reserve Bank of Australia launches A$100bn in new QE
Australian central bank surprises analysts with easing measure, despite more hopeful macroeconomic forecast
Netherlands Bank launches new website
Central bank structures new site around six main themes
IMF encourages Bahamas central bank to launch asset registry
Recent initiatives to manage credit have been hampered by bottlenecks, IMF report says
Colombian central bank holds rates under new governor
Interest rates remain at 1.75%, a record low; board split in a 5–2 vote
Bank of Mozambique hikes policy rate by 300 basis points
MPC cites Covid-19, conflict and natural disasters as it orders increase
RBI paper tracks impact of rising transparency on expectations
Research uses text mining to study changing degree of transparency at the RBI
Fed on hold in first policy meeting under Biden administration
Unanimous vote comes amid signs of possible further fiscal stimulus; new voting members join FOMC
Cross-border spillovers play key role in ECB’s bond purchases – DNB paper
Cross-border effects play a “dominant role” in PSPP’s effectiveness, say researchers
Bundesbank paper estimates effects of Fed’s QE policies
Purchases of private securities were most expansionary measure, researchers find
Talking to firms aids central banks at ‘turning points’ – BoC paper
Qualitative information is particularly useful when timely official data is lacking, authors say
ECB leaves stimulus unchanged
Lagarde says prompt implementation of EU-wide fiscal stimulus is key to eurozone recovery
Brazil’s MPC removes forward guidance
Rate-setting committee forecasts it will raise policy rate by 125bp during 2021
Research finds productivity impact from monetary policy
Paper sets out model of supply-side transmission channel, which can lead to flatter Phillips curve
Romanian central bank cuts rates as inflation falls
National Bank of Romania says inflation is below midpoint of target level
Promoting fintech might reduce inequality – BIS’s Pereira da Silva
Inequality harms policy transmission, but technology may help, deputy general manager says
BoE must improve understanding of QE – report
Lack of understanding has prevented BoE’s ability to build public trust in new policy tool, report says
Riksbank to increase risk buffer
Swedish central bank concerned about future effects of asset purchases on balance sheet
Inflation could ‘approach’ FOMC target quicker than expected – George
Kansas City Fed president says decline in inflation has been idiosyncratic
Bank of Lithuania paper explores spillovers of US policy uncertainty
Authors find “significant recessionary and deflationary effect” and synchronous response worldwide
ECB says new data highlights stabilising effect of inflation expectations
Analysts argue that new approach to analysing surveys has “important practical advantages”
BoE’s Tenreyro says negative rates likely to work in UK
Looser monetary policy might help limit “scarring” to the economy, says MPC member
Lower Mexican inflation raises chances of rate cuts
Third official nominated by president due to join rate-setting body at next meeting
FOMC members welcomed ‘outcome-based’ guidance on QE
Fed policy-makers emphasised importance of balance sheet being used flexibly, minutes show
Hernández de Cos says yield curve control ‘worth exploring’
ECB could target differential between OIS curve and riskier sovereign yields