Forward guidance
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
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy
Governor of the year: Mark Carney
Carney has played a vital role in managing Brexit risks while driving efforts towards climate, payments and dollar funding reform
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”, writes Anand Sinha
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
Bernanke offers ideas for Fed’s policy framework review
Unconventional policies are “preferable” to raising inflation target and can still be enhanced, Bernanke argues
Greater exchange rate flexibility warranted in Peru – IMF
Limiting interventions would help reduce dollarisation further, says fund
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes
Bank of Israel’s communication more accessible than Fed’s and ECB’s – research
In August, the central bank issued a special statement correcting forward guidance on lower inflation
Fed paper looks at US spillovers to foreign government debt yields
Fed has “economically large” impact on some dollar-denominated bond yields, researchers find
‘Wrong’ to say Fed is out of policy space, Bernanke argues
Former chair estimates unconventional policy adds 3% to Fed’s room for manoeuvre
BSP’s Diokno on forward guidance and cutting reserves
The Central Bank of the Philippines governor speaks to Christopher Jeffery and Alice Shen about fintech, efforts to wean Asia off the US dollar, and why he wants to cut policy and reserve requirement rates
30 years of central banking
Central banks face credibility tests on a number of fronts
Dutch governor attacks ECB’s new stimulus
Klaas Knot says rate cut and QE is “disproportionate to present economic conditions”; Germany's Weidmann also critical
Households respond more forcefully to rate cuts than QE – Dallas Fed
Fed should improve communications for QE and forward guidance, researchers say
RBA open to unconventional policy measures – deputy governor Debelle
Quantitative easing may be on the cards if central bank cuts rates to 0.5%
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
Overcoming deflation: Japan’s experience and challenges ahead
Bank of Japan governor Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for the future conduct of monetary policy at other central banks
Bank of Portugal paper assesses unconventional policy
Forward guidance and asset purchases had significant effects on equities markets – researchers
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
Higher inflation expectations can cut consumption – research
Authors conduct randomised control trial to test “forward guidance puzzle”