Monetary Policy
Tackling ‘dead-end’ monetary policy
Shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
Bank of Korea cuts rates back to record low
Governor hints at further cuts after year-on-year inflation entered negative territory in September
Riksbank’s Ingves weighs post-crisis policy legacy
“Leaning against the wind” clashing with inflation target, communications challenges and cash’s decline have shaped the last decade
MAS makes rare policy tweak amid slowing global economy
MAS targets slower appreciation of Singapore dollar, the first such easing in more than three years
St Louis Fed president calls for standing repo facility
Facility would solve “almost all” of the Fed’s problems in controlling rates, James Bullard says
Trichet defends Draghi’s legacy against growing criticism
Former ECB president says unconventional monetary policy measures have helped to avoid deflation
Fed unveils plan for ‘technical’ asset purchases
New York Fed will buy Treasuries “at least into the second quarter of next year”
Draghi defends ECB policy
ECB president welcomes debate but insists crisis-fighting policies saved eurozone
Inflation in Mexico falls to target for first time since 2016
Minutes say officials acknowledge price increases are falling faster than previously anticipated
BoJ weighs further stimulus as tax hike bites
But central bank may be reluctant to add more stimulus while tax hike effects are uncertain
ECB governing council members disagreed over QE, minutes show
Members also differed over staff assessments of eurozone, but “large majority” backed rates move
Trump has changed markets’ expectations of Fed’s moves – researchers
Goldman Sachs and NBER both study implications of Trump’s tweets on trade and the Fed
Chances of US recession ‘notably increased’, FOMC members say
Fed rate-setters worried by trade and political uncertainty and weaker manufacturing, minutes show
ECB paper looks at market expectations of Fed policy
“Monetary policy slope” predicts changes in stock markets and professional forecasts – researchers
Fed opts for asset purchases as liquidity solution
Central bank chooses not to address possible plumbing issues – at least for now
Central banks must use “unconstrained” negative rates, Rogoff tells ECB
Policy-makers must ensure cash depreciates against electronic money, or face failure, Rogoff says
Bank of Uganda implements 100bp rate cut
Rate-setters think below-target inflation offers opportunity to support economic growth
BSP governor rules out Philippines involvement in Asian currency war
Rate cuts by Central Bank of the Philippines due to ‘domestic factors’
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects
Minneapolis Fed president calls for more cuts
Kashkari says cuts would support the economy, but he is unsure how low rates needs to go
Bank of Israel holds rate in divided policy meeting
Central bank willing to cut rates in future to boost below-target inflation
‘Wrong’ to say Fed is out of policy space, Bernanke argues
Former chair estimates unconventional policy adds 3% to Fed’s room for manoeuvre
Central bankers without clothes and clout
Without normalisation, central bankers may be revealed to have no clout, writes Jesper Berg
BSP’s Diokno on forward guidance and cutting reserves
Philippines governor, Benjamin Diokno, speaks about fintech and efforts to wean Asia off the US dollar