Quantitative easing
Goodhart and Pradhan on the end of monetary independence
The unanchored central banker authors speak about how ageing populations, soaring healthcare costs and rising fiscal deficits will force central bankers to compromise on inflation targets and bail out indebted governments
Repos key to post‑Covid balance sheet reduction – RBNZ
Assistant governor says further repo growth will support monetary policy, liquidity, capital markets
Demand for excess reserves goes beyond price signals – BIS paper
Study shows drivers for banks include payment flow volatility and cost of borrowing
Warsh declines to outline Fed’s reaction function
Chair tells Jackson Hole that ‘humble, never naïve’ approach will work and assesses US economy
Everything you always wanted to know about money (but were afraid to ask)
Rupal Patel and Jack Leslie, authors of ‘Money: the inside story’, speak about how central banks can improve their comms – and credibility – by tackling popular misconceptions about how finance works
Mervyn King on his career and big ‘mistakes’
The former BoE governor speaks with Christopher Jeffery about the value of transparency, lessons from the GFC, the need to track broad money and tie short-term funding to haircut collateral, and danger presented by non-banks
QE reduces bonds’ safe haven properties – BdF paper
Safety is becoming ‘increasingly fragmented’ across asset classes, researchers say
Jim Bullard on Kevin Warsh’s first FOMC and Fed independence
The Federal Reserve veteran speaks with Christopher Jeffery about Iran and the US economy, the ‘good' AI bubble, cutting the Fed’s balance sheet and staff, and the need to clarify swap rules and recapitalise the regional Feds
QT does not produce opposite effects to QE, evidence suggests
BoE study considers implications of 1980s ‘overfunding’ for policy-makers today
Book notes: The art of monetary policy, by Kristin Forbes
The message that effective monetary policy-making requires judgement, flexibility and realism alongside technical expertise is both persuasive and highly relevant
Lane and Waller: research mix is extremely valuable
Central banks’ short- and long-term studies both benefit policy-making, Fed and ECB officials say
Focus on duration and not size of Fed ledger, ex-governor says
Discussion around balance sheet should go beyond shrinking nominal amount, argues Jeremy Stein
Kristin Forbes on ‘wargaming’ for the next crisis
The MIT professor and former BoE MPC member speaks about QE, scenario analysis and the art of conducting monetary policy in the ‘fog of war’
Geopolitical shifts and the evolution of reserve management: adapting to a new reality
How great power rivalry affects central bank portfolios by the Central Bank of Brazil’s Ricardo da Costa Martinelli
Fed needs sounder framework for QE, G30 economists say
Former heads of BoE, BoJ and NY Fed discuss how US central bank could bolster its independence
Politics and finance threaten independence – Schnabel
ECB board member says fiscal woes and deregulation may make central banks’ jobs impossible
The Fed’s six-trillion-dollar balance sheet question
Kevin Warsh’s drive to shrink the US central bank’s ledger is unlikely to be a simple task
Tillis holds firm over Warsh’s confirmation as Fed chair
Senator still intends to block appointment unless criminal probe into Powell is dropped
Current threats to central bank independence
Improved communications, advocacy for tech oversight and international co-operation will help to address challenges posed by populism, excessive debt and new forms of money, write Gavin Bingham, Paul Fisher and Andrew Large
Powell: We do not see systemic risks from private credit
Fed chair speaks on independence, financial stability and more at Harvard
Fed holds amid uncertainty over oil shock and tariffs
Powell pledges to stay on as interim chair if Warsh’s nomination is not confirmed in Senate