Leaning against the wind
Stefan Ingves on central bank failings on inflation and financial stability
Riksbank veteran speaks about liquidity, interest rate and non-bank regulatory reforms, and the need for explicit legal definitions for digital money
Fed’s Quarles casts doubt on leaning against the wind
But we “do not fully understand” the potential trade-offs, he says
Riksbank’s Jansson changes his mind on leaning against wind
Deputy governor says his position has shifted with benefit of hindsight
Five-year extension for Riksbank governor Ingves
Swedish governor receives additional term, as opposition allegedly blocks appointment of Karolina Ekholm
Rate hikes could halt asset bubbles, research finds
Tighter policy can work if savings fall or holdings of bubble asset decline, paper says
Svensson launches fresh attack on leaning against the wind
Lars Svensson outlines framework he hopes will guide debate, as other papers challenge his results
Credit cycle matters for fiscal policy – BIS paper
Phase in financial cycle has “substantial” impact on public finances, authors find
Kashkari: Fed should not seek to deflate asset bubbles
Spotting bubbles is too difficult and costs of failure too great, Minneapolis Fed chief warns
BIS economists model benefits of leaning against the wind
Results contrast with many earlier studies
Climbing ‘Mount Economy’
The BIS’s quest for financial stability-orientated monetary policy raises profound challenges
BoE prize-winning research favours CCB over leaning against the wind
Authors from Lancaster University find credit spread-augmented Taylor rule damages welfare
Norges Bank paper offers insights on when to ‘lean against the wind’
Working paper investigates use of monetary policy in mitigating financial imbalances
Bank of Thailand frets over zero lower bound
Minutes show central bank’s latest policy decision constrained by worries over financial imbalances
Canadian paper sees costs to leaning against the wind
Research estimates policy rate differences between ‘lean’ and ‘clean’ central banks
Ingves draws lessons from Sweden’s economic history
Riksbank governor emphasises close link between financial and price stability
Norges Bank’s Olsen backs ‘leaning against the wind’
Taking account of financial stability could improve inflation outcomes
Esther George questions macro-prudential approach
Kansas City Fed president says macro-prudential approach ‘expects too much'
Leaning against the wind may boost shadow banking: BoE researchers
Shadow banks grow faster as monetary policy is tightened
Riksbank deputy dismisses criticism of interest rate ‘experiment'
Jansson: ‘leaning against wind' played minor part in recent policy discussions
Riksbank board at a loss over falling inflation, minutes suggest
Swedish economy ‘needs two different policy rates: one for households and one for companies'
Ekholm leaves Riksbank for post in finance ministry
Deputy quits term early to become state secretary to new finance minister