Operating framework
Repos key to post‑Covid balance sheet reduction – RBNZ
Assistant governor says further repo growth will support monetary policy, liquidity, capital markets
EU banks shrug off mooted minimum reserves increase
Doubling of unremunerated reserves would curb Eurosystem losses, but banks doubt it will pass
Overnight reverse repos are for managing liquidity, says PBoC
Deputy governor reiterates that seven-day facility still provides benchmark lending rate
Move to inflation targeting could boost resilience – IMF paper
Countries in Middle East and central Asia should make exchange rates more flexible, authors say
RBA outlines monetary tools for stimulus when rates are low
Central bank says additions to policy toolkit make it better prepared for shocks
Foreign central banks can soon repo Chinese bonds, PBoC says
Experts say move is likely to increase monetary authorities’ demand for Chinese debt
NY Fed outlines tests of reserves demand
Approach can guide central bank as it approaches point of ‘ample’ bank reserves
Single and dual mandates often result in same policy – Schnabel
AI productivity boom yet to show up in eurozone data, ECB board member adds
RBA did not lose focus on inflation, says deputy governor
Hauser says last year’s cuts were based on assumption that price levels in Australia would be lower
Policy normalisation may cause economic contraction – BoJ study
Effects greater under less credible forward guidance, central bank researchers find
ECB tweaks collateral framework, ‘paves way’ for DLT-based assets
Bank clarifies ‘climate factor’ in securities pricing, introduces haircuts on sterling, dollar and yen assets
ECB in no hurry with new structural operations – Välimäki
Portfolio will first need to be reduced ‘considerably’, says bank's alternate board member
EMs can adopt higher inflation targets – BoE Bulletin
Authors say more elevated goals reflect economies’ faster growth and susceptibility to supply shocks
New taxonomy of operating frameworks from BIS economists
Two-dimensional approach captures “surprising similarities” between different methods
BoC will continue targeting inflation at 2%, governor says
Guidance is well understood and provides stability in uncertain times, argues Canada’s Macklem
Powell indicates policy shift at Jackson Hole
The Fed chair says the balance of risks appears to be shifting; FOMC no longer plans to overshoot inflation target
On the eve of the Fed’s framework review
Experts speak about the Fed’s monetary strategy review, including the role of flexible average IT and the need to better communicate policy trade-offs
Negative interest rates are last resort – BdF governor
Villeroy de Galhau outlines “order of operations” for deploying monetary policy tools
ECB unveils latest strategy fit ‘for all circumstances’
Chief economist says unconventional tools are “unconventional for a reason”
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
Abandoning HICP targeting would help the poorest – paper
Focus on discretionary spending inflation could lower recessions’ effects, Sintra conference paper argues