Balance sheet
Stefan Ingves on leadership, prudential oversight and transparency
Riksbank veteran talks about Basel III, policy lessons and CBDCs
Eight key elements to managing a central bank
Peter Nicholl describes critical lessons he learned while developing governance and capacity at the CBBH
‘Funding for lending’ may suffer side effects – BIS committee
Survey finds lending schemes tend to be effective, but firms may become dependent
Why central banks shouldn’t ignore stablecoins
Rapid growth of stablecoins could impair monetary policy transmission
Federal Reserve saw fall in profits in 2022
Central bank remitted $76 billion to US Treasury, but has been in red since September
Bank of Canada may be set for billions of losses
Think-tank warns losses could pose reputational risk for central bank
2022: The year in review
The invasion of Ukraine left central banks facing yet another exceptional set of challenges this year
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
Bank of Canada posts first quarterly loss in its history
“We do not make policy to maximise our income,” says Macklem
BoE begins unwinding gilt market intervention
Use of “reverse enquiry window” designed to limit market impact from £19 billion sales
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Thesis that QE caused low r* is entertaining and infuriating in equal measure
Balance sheet policy needs rethink, economists say
BoE chief economist says central banks should focus more on risks of assets they buy
Riksbank slows down normalisation with 75bp rise
Ingves chairs last policy decision as Riksbank predicts higher inflation and lower growth
UK Treasury makes first payment to BoE to offset QE losses
Indemnity was “integral” to QE but “day of reckoning” had to come, economist says
Lagarde says ECB may need to tighten above neutral rate
ECB president confirms central bank will announce QT plans in December
Book notes: Yellen, by Jon Hilsenrath
Offers new insights into the tough decisions Yellen has made as a pre-eminent economic policy-maker
Liquidity dependence may hamper QE exit
Expanding reserves may prove perilous for financial stability, with maximum danger during QT, writes Viral Acharya
Christopher Sims on modelling the inflation surge
Unprecedented shocks creates major challenges for forecasters, the Nobel prize-winning economist says
‘Shouting on the phone’: BoE officials shed light on gilt market intervention
Crisis sparked by UK government’s plans needed unprecedented action, officials tell parliament
Bank of England to go ahead with QT
Central bank delays start of bond sales by one day to avoid fiscal announcement
Report of delay to QT ‘inaccurate’, BoE says
Article says central bank is “expected to bow to investor pressure” for delay to asset sales
US and European policy-makers feel ‘vindicated’ over aggressive hikes
QT may deserve a slower approach than traditional policy, says Jacob Frenkel
BoE prepares more market support as cliff edge looms
Central bank creates temporary repo facility with wider range of eligible collateral