Operating framework
Pacific series: Solomon Islands governor on reform amid political uncertainty
Luke Forau speaks about how Article IVs could be improved in the Pacific while addressing financial inclusion, CBDCs, conflict economics and more
Zoltán Kurali on the MNB’s monetary policy framework review
Hungarian deputy explains the rationale behind cutting the target from 3% to 2.5%, retaining a tolerance band and reducing meeting frequency
Claudio Borio calls for revised monetary frameworks
Former BIS economist says central banks should tolerate mild deflation and aim for ‘nimbleness’
MNB seeks closer alignment with ECB, lowers inflation target
Monetary policy decisions will also be reduced from 12 to eight each year from 2027
Relying on ECB to fight inflation ‘no longer viable’ – paper
Researchers argue EU should co-ordinate with central bank to tackle ‘shockflation’
Repos key to post‑Covid balance sheet reduction – RBNZ
Assistant governor says further repo growth will support monetary policy, liquidity, capital markets
Waller steps up to the plate with rationale for rate setting
Fed governor compares himself to baseball umpire and says data will determine his next FOMC vote
Ample reserves can yield highest welfare – BoE paper
Central banks face trade-off between financial stability and resource misallocation, author says
Reconsidering the role of money in monetary policy
Euro policy architect Otmar Issing argues that central banks must improve their flawed inflation targeting frameworks
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