Monetary Policy
ECB is caught in a ‘communications trap’ – Issing
Monetary policy architect says ‘close to’ 2% inflation target was never part of original plan
BoE considering legal action over hoax press release
Group calling themselves the ‘Yes Men’ claimed credit for the fake
The dawn of average inflation targeting
Failure to explain how the Fed calculates its ‘average’ for AIT creates risks
BoE’s Saunders mulls dual interest rates for UK
Funding banks at less than the policy rate could be a useful tool, MPC member says
Riksbank stresses pandemic’s unpredictability
Two board members thought it unnecessary to increase asset purchases, minutes show
Otmar Issing on the art of central bank communications
EMU architect critiques “whatever it takes”, forward guidance, Fed’s AIT and ECB’s strategy review
RBI on hold as inflation outlook turns ‘adverse’
Central bank in a bind as supply problems drive up prices but growth still needs “nurturing”
Lane’s calls to investors stir controversy ahead of key ECB meeting
Chief economist’s private discussions with investors after policy meetings come under scrutiny
Brazil central bank could ‘test’ lower rates if inflation remains weak – IMF
IMF staff see “no constraint” to lower rates as long as forward guidance is deployed
BoE prepares to launch sharia-compliant liquidity facility
Special-purpose vehicle will be structured as a ‘wakalah’ or fund-based liquidity facility
RBA board not expecting to raise rates for three years – Lowe
Australian central bank leaves rates unchanged as governor forecasts unemployment will fall slowly
ECB’s asset buying should drop ‘market neutrality’ – Rehn
Finnish governor says ECB should adopt green principles, but Bundesbank’s Weidmann is opposed
Monetary-fiscal policy co-operation and the ‘slippery slope’
Barry Eichengreen assesses the risks central banks face from closer links to fiscal policy
Lessons from the Riksbank’s negative rates experiment
Sweden is the only nation to have implemented negative rates and then returned them to ‘normal’ territory. What can central bankers learn from the Swedish experience?
Rehn says ECB should adopt average inflation targeting
Finnish governor says current target has “asymmetric downward bias”
Phillipines central bank says new website has improved comms
BSP says website’s mobile-friendly design and chatbot has boosted effectiveness
Sveriges Riksbank announces big QE boost
Swedish central bank increases size, scope and duration of asset purchases
Olli Rehn on AIT, market neutrality and EU fiscal policies
Finnish governor speaks about the ECB’s strategy review, climate change and lessons from the eurozone crisis
RBNZ considers greater focus on house prices in MPC decisions
Government is concerned house price rises are excluding people from the market
Excess liquidity can weaken policy transmission – BoE paper
“Novel dataset” sheds light on possible unintended consequences of crisis-fighting measures
RBNZ launches review of accidental disclosure
Information on new funding for lending programme was released before policy was officially unveiled
Ghana recovering faster than expected, says governor Addison
Growth has bounced back to double figures and inflation expected to hit target by mid-2021
Is there a path between the Covid abyss and chasm of financial risk?
Policy-makers may be asking too much from macro-prudential policies