Forward guidance
Fed feeling its way with new inflation framework
Average inflation targeting is broadly dovish, and could see rates stay lower for even longer
Kansas Fed paper looks at conditional forward guidance
Date-based forward guidance would be effective without yield curve control, research says
Fed’s forward guidance has significant bond yield impact – DNB paper
Researchers say data indicates that Fed managed to preserve monetary policy credibility
US forward guidance is contractionary for Canada – BIS paper
Model highlights “beggar-thy-neighbour” effect of Fed’s forward guidance
Peter Praet on Europe’s Covid-19 responses
Former ECB chief economist discusses stability, negative rates, common debt and improving the EMU
NY Fed economists weigh in on yield curve control debate
Jury still out on Japan’s measures to control yield curve but there is “one clear benefit”, researchers say
Fed promises to keep buying assets at current rate
Fed will hold accommodation in place for “however long it takes”, chair Jerome Powell says
Covid-19 biggest threat to Fed mandate ‘in our lifetimes’ – Clarida
Fed may not provide further forward guidance until September, Richard Clarida says
FOMC considers more aggressive forward guidance
Officials discussed state-contingent forward guidance and yield curve control, April minutes show
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for Yellen-backed move to adopt elements of price-level targeting
Fed predicts ‘unprecedented’ economic shock
Policy on hold as Q2 may see data “worse than any data we have seen”, Powell warns
BIS paper finds little evidence of ‘liquidity trap’
Monetary policy remains effective even very close to the lower bound, economists find
Should the Fed be next to implement yield curve control?
RBA joins BoJ in effort to control longer-term rates
Book notes: Renewing our monetary vows, by Richard Barwell and Jagjit Chadha
Open letters to the governor of the Bank of England, as new chief Andrew Bailey takes over
The Fed can still do more – Donald Kohn
The Fed still has several tools left if economic conditions worsen, Kohn argues in blog
Central banks should support demand and bolster confidence – IMF
IMF offers advice to central banks on what measures are appropriate to combat Covid-19
RBNZ prepares unconventional policy tools
Central bank is not planning to use them yet, governor stresses
FOMC discusses communication ‘escape clauses’
Fed might need “leeway” to deal with financial instability, some FOMC members say
Lifetime achievement award: Otmar Issing
Architect of euro’s framework still playing important role in shaping debate on monetary policy
Governor of the year: Mark Carney
Carney has played a vital role in managing Brexit risks
Fed paper models new transmission channels of forward guidance
Allowing for household borrowing amplifies forward guidance effectiveness, researchers find
Book notes: The long journey of central bank communication, by Otmar Issing
This book is a “masterly exposition on central bank communication, its evolution and continuing challenges”
ECB paper looks at role of uncertainty in central bank comms
Researchers use machine learning to study market reactions to BoE inflation reports
Carney launches review of BoE monetary policy
“Deep structural changes” have left little space for conventional tools to work, governor says