Inflation targeting
FOMC signals rates likely to stay on hold until 2023
Latest Fed projections say inflation likely to stay below target for several years
ECB leaves policy unchanged
Lagarde says she will not comment on euro’s exchange rate against the dollar
Fed’s new framework will help poorer communities – former Fed official
New approach recognises benefits of long expansion to low-income communities, Stephanie Aaronson says
Influential Fed economist Thomas Laubach dies
Current and former Fed officials pay tribute to the US central bank’s German influencer, who died on September 2
Fed feeling its way with new inflation framework
Average inflation targeting is broadly dovish, and could see rates stay lower for even longer
‘Strict inflation targeting is past its expiry date’ – Klaas Knot
DNB president stresses the limits of central banks’ ability to micromanage inflation
Average inflation targeting could cut inequality – Fed paper
‘Hank’ models tend to be supportive of Fed’s new approach to inflation targeting, research finds
Klaas Knot on ECB policy-making, the FSB and central bank ‘capture’
The DNB president talks about unconventional policy, inflation target ‘bands’ and ‘circuit-breaking’
Fed adopts average inflation target
Powell says FOMC will also allow employment to run above estimated maximum level
Bank of Canada seeks public views on inflation targeting
Canadian central bank aims to increase public engagement with monetary policy review
Podcast: Cleveland Fed director on all things inflation and Covid-19
Robert Rich discusses money supply growth and muted inflation, plus new Fed research
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed chief supports average inflation targeting and worries about Treasuries market and non-bank regulatory weakness
Two FOMC members back overshooting target
Brainard and Harker suggest Fed should leave rates low until inflation rises above 2% target
Covid-19 hampers inflation measurement – Riksbank’s Ohlsson
Too soon to say whether consumption changes during pandemic will become permanent, official says
Iran’s race towards monetary policy reform faces high hurdle reality
Majlis’s Tohid Atashbar writes that the central bank’s new inflation targeting approach may struggle to deliver
US citizens think Fed’s communication strategy needs adapting – Fed report
“Fed Listen” events revealed a lack of understanding about inflation targeting, report shows
Researchers say hitting lower bound has little impact on expectations
Persistent deviation from inflation target can still undermine long-term expectations, BIS paper says
Raising inflation targets may lower neutral rate – Boston Fed paper
A higher target might therefore be less effective than current research suggests, research says
FOMC considers more aggressive forward guidance
Officials discussed state-contingent forward guidance and yield curve control, April minutes show
Eurozone saw limited price convergence from 2001–11 – Bank of Spain
Researchers say this limited long-term alignment should be added to central bank policy framework
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
Flatter Phillips curve calls for average inflation targeting – Brookings paper
Average inflation targeting could be “especially effective” in current environment, researchers say
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
Monetary policy is not ‘impotent’ – BoE’s Broadbent
Scepticism is “overdone” and may encourage inaction, deputy governor says