Interest rates
Brazil’s MPC removes forward guidance
Rate-setting committee forecasts it will raise policy rate by 125bp during 2021
BoE’s Tenreyro says negative rates likely to work in UK
Looser monetary policy might help limit “scarring” to the economy, says MPC member
Fed’s Clarida says vaccine rollout has ‘brightened’ 2021 economic outlook
Rising Covid cases are downside in near term, but economy should bounce back, says vice-chair
Firms and households form inflation expectations very differently – paper
Confidence in economy has strongly divergent effects, Central Bank of Ireland research finds
Bank of Israel says rapid vaccination brightens outlook
Central bank leaves stimulus unchanged with rates at 0.1%
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
BoE’s Bailey explores future of balance sheet policy
Question of whether QE is “state contingent” could impact how it is deployed through the cycle
Bank of Japan launches policy review as deflation worsens
BoJ considers further monetary easing and extends special loan programmes
Bank of Mexico holds rates as board splits
Change to rate-setting board’s make-up may herald change in policy stance, say observers
Fed faces longer-term challenges under new policy strategy
Steve Kamin warns central bank may not have paid enough attention to why r* has fallen
IMF’s Adrian weighs balance between stimulus and stability
Central banks need to incorporate macro-financial stability in decision-making processes, he says
House price consideration could be added to mandate – RBNZ’s Orr
New Zealand’s governor argues house prices are not the remit of monetary policy
Whither the age of ‘magic money’?
EME central banks are more exposed to changes in geopolitics, climate, demography, technology and inflation at a time when monetary theory is running well behind central bank practice
Few central banks forecast policy rates
Economics Benchmarks 2020 highlights wide variation in variables forecast by central banks
Monetary unions in the making in Africa
EAC, Ecowas and SADC can adopt practical steps learned from EMU to prepare for their own currency unions
BoE’s Saunders mulls dual interest rates for UK
Funding banks at less than the policy rate could be a useful tool, MPC member says
Otmar Issing on the art of central bank communications
EMU architect speaks about Draghi’s “whatever it takes” intervention, forward guidance failures, the Fed’s average inflation target ‘miscommunication’, and why the ECB may be overreaching in its strategy review
Lane’s calls to investors stir controversy ahead of key ECB meeting
Chief economist’s private discussions with investors after policy meetings come under scrutiny
BoE prepares to launch sharia-compliant liquidity facility
Special-purpose vehicle will be structured as a ‘wakalah’ or fund-based liquidity facility
Early estimate says eurozone inflation staying put
Eurostat estimates for November show core inflation also remained stable at 0.2%
RBA board not expecting to raise rates for three years – Lowe
Australian central bank leaves rates unchanged as governor forecasts unemployment will fall slowly
Monetary-fiscal policy co-operation and the ‘slippery slope’
Barry Eichengreen assesses the risks central banks face from their closer links to fiscal policy
Lessons from the Riksbank’s negative rates experiment
Sweden is the only nation to have implemented negative rates and then returned them to ‘normal’ territory. What can central bankers learn from the Swedish experience?
Rehn says ECB should adopt average inflation targeting
Finnish governor says current target has “asymmetric downward bias”