Forward guidance
Bank of England unveils forward guidance ‘phase two'
The current policy will be scrapped when UK unemployment reaches the bank's 7% threshold ‘in the coming months' in favour of a less easily defined version aimed at reducing labour market slack
Yellen says labour market recovery ‘far from complete' in first appearance as chair
New Fed chair says she expects ‘a great deal of continuity in the FOMC's approach to monetary policy' going forward; downplays unemployment rate for evaluating labour market conditions
Fed's Plosser wants to end asset purchases by summer
Philadelphia Fed president and FOMC member who voted for the Fed's ‘measured' $10bn taper in January reiterates earlier calls to scale back QE at ‘faster pace'
‘Normal' Norway has no need of forward guidance, says monetary policy chief
Head of Norges Bank's monetary policy division says interest rate forecasts are all the forward guidance his country needs, as the crisis did not hit Norway to the same extent
Fed 'policy shocks' cause both dollar and foreign interest rates to fall, Boston Fed paper finds
Expansionary monetary policy shocks by the Federal Reserve leads to dollar depreciation, while similar 'unexpected expansionary announcements' by foreign central banks cause it to appreciate
Interest swaps with longer maturities more sensitive to macroeconomic news, DNB paper suggests
The impact in Sweden of macroeconomic news on the sensitivity of interest rate swaps was reduced at the effective zero lower bound at short maturities but not at longer maturities, according to paper
Bank of England will recalibrate forward guidance next month
Governor Mark Carney tells an audience in Davos he would prefer the next stage of forward guidance not to focus solely on unemployment, but on ‘overall conditions' in the economy
Vaguer guidance in vogue as unemployment continues to confound
As UK and US unemployment brushes the thresholds of monetary policy forward guidance, central banks' next moves are anything but straightforward
Fed's Williams says ‘highly effective' forward guidance has a ‘number of limitations'
San Francisco Fed president defends the policy's record in a paper written for the Brookings Institution, but also says it is ‘prone to misinterpretation'
SNB's Jordan: 'Transparency can be counterproductive'
Chairman of the Swiss National Bank calls for central banks to take ‘great caution’ before making changes to their communications policy; expresses scepticism over board minutes and forward guidance
Fed minutes reveal QE wind-down balancing act
Reduction in monthly asset purchases of $10 billion meant to signal slow rather than quick tapering; thresholds becoming less relevant as economy improves
ECB 'strengthens' guidance but keeps policy on hold
Mario Draghi says December’s inflation drop was ‘broadly as expected’ and did not warrant a knee-jerk response; places additional emphasis on governing council’s forward guidance
Yellen approved as Fed chairwoman
US Senate approves Janet Yellen as Federal Reserve's first female chair, in closest vote to date; adjusting unconventional policies to improving economic conditions ‘greatest challenge', says analyst
Fed taper met with calm, but questions remain
Markets take ‘expected' tapering in stride, but analysts warn of persistent emerging market vulnerabilities and changing FOMC dynamics in 2014
Carney defends forward guidance as UK unemployment falls closer to BoE threshold
Bank of England governor says reaching 7% unemployment threshold does not presuppose monetary tightening, but rather incorporates a deliberate buffer before full employment is reached
Carney: UK businesses ‘understand forward guidance well'
New governor's policy of providing guidance on future interest rates is useful for businesses and households, he says - despite financial markets apparently not believing it
Reserve Bank of New Zealand looks to ramp up ‘alternative' communication
RBNZ doubles down on speeches and alternative media channels such as videos and infographics to cut through post-crisis ‘noise'; follows Riksbank's communication strategy overhaul earlier this week
Liikanen calls for ‘precise’ communication at point of exit
Bank of Finland governor Erkki Liikanen emphasises the importance of central banks providing detailed and accurate communication as they approach the ‘turning point’ of monetary policy
Departing Bernanke takes stock of Fed's unprecedented actions
Federal Reserve chairman discusses the ups and downs of the bank's asset purchases and attempt to guide market expectations; admits shortcomings but maintains policies are warranted
ECB's Asmussen defends 'unorthodox measures' in pursuit of 'orthodox objectives'
Executive board member highlights distinction between policy goals and instruments; says LTROs, OMTs and forward guidance crucial to ensure monetary transmission and hit inflation target
UK data boost could spell early end to BoE forward guidance
Inflation report out today predicts consumer price inflation will reach 2% target sooner than predicted after sharp drop in October; revised forecast on unemployment may undermine forward guidance
Fed retains credibility following forward guidance, says Dutch paper
Dutch researcher says the Federal Reserve’s forward guidance resulted in a ‘significant reduction’ in Treasury yields as a whole, but did not change the relationship between real and nominal yields
Senior Fed staff consider further stimulus
Two of the Federal Reserve’s top economists have produced papers outlining the merits of ‘highly accommodative’ monetary policy, including a lower unemployment threshold
Fed reaction function shift helped support recovery, research finds
NY Fed research finds markets viewed ‘calendar’ forward guidance as a more dovish approach to policy, supported by comments from FOMC members; ECB and BoE both denied such a move in own guidance