Monetary Policy
BIS paper studies high-frequency data on central bank intervention
Sterilised foreign exchange interventions can help to slow credit growth, authors find
NGDP target can create ‘divine coincidence’ – Bullard and Singh
Nominal GDP targeting can “repair” distortions from credit market frictions, authors find
Pressure on Hong Kong dollar set to continue despite a dovish Fed
HKMA intervenes to defend peg, with pressure looking likely to continue
Argentina toughens monetary targeting on higher inflation
Government to send bill to parliament to prohibit central bank from financing the Treasury
ECB’s chief economist takes to Twitter
Praet expresses scepticism about dual mandate and rejects ‘modern monetary theory’
Developed world needs fiscal boost – Romanian deputy governor
Once wages recover pre-crisis level, inflation will rise fast, research finds
Turkey’s monetary policy will depend on fiscal caution, central bank says
Minutes say MPC could further tighten policy if the government fails to deliver on promises
Yi Gang makes People’s Congress debut as dilemmas grow
Governor says he sees smaller room for cutting reserve requirement ratios in 2019 but does not rule out the possibility
IMF says Gambian central bank is managing well
Significant policy rate cuts are “appropriate” in light of falling inflation, IMF report says
Climate change matters for monetary policy – RBA’s Debelle
More frequent and acute climate disruptions need inclusion in economic models
Housing prices fuelled by low interest rates in Australia – research
Increased migration has also boosted rents since the 2000s, RBA authors find
Fed IOER amendment aimed at ‘thwarting’ The Narrow Bank
The move appears to specifically target The Narrow Bank’s business model, the firm says
Brainard hints at Fed’s monetary policy plans
Governor’s speech signals plans on policy rates and Treasury bills purchasing after QT end
Draghi unveils new bank funding as ECB forecasts slower growth
Forward guidance extended and third round of TLTROs introduced as Draghi warns of uncertainty
Weak pass-through may shield UK from sudden rate rise – BoE’s Saunders
Central banks may start to lose control of policy transmission even above lower bound, says MPC member
ECB’s negative rates increased eurozone credit supply – IMF paper
Cuts above zero lower bound did not have same effects on banks, researchers find
Two FOMC members signal Fed may hold rates steady
New York and Boston Fed presidents expect US growth to slow to 2% this year
BoE paper: corporate bond purchases boosted market liquidity
Study of post-Brexit QE finds purchases helped support bond market liquidity