Monetary policy
Riksbank maintains stimulus as it revises up growth forecasts
Swedish central bank says a return to negative rates is possible if inflation target is imperilled
Kyrgyz central bank hikes policy rate by 100 basis points
Rising commodity prices and currency worries bring second hike this year
Russian central bank raises rates as inflation climbs
Nabiullina warns that delay would mean that monetary policy would have to become tighter later
IMF praises Chile’s Covid-19 response
Fund warns against new withdrawals from pension system
Fed must clarify future of QE, IMF says
IMF warns that rising longer-term Treasury yields could have major impact
Eurozone’s public debt rose sharply in 2020 – official figures
Public debt in the bloc jumped to 98% of GDP in wake of Covid-19, Eurostat says
Jamaican law increases central bank independence
New act gives rate-setting responsibility to monetary policy committee
ECB makes no change as Lagarde warns of uncertainty
Lagarde says price pressures remain weak and cautions over possible Covid-19 variants
Bank of Canada tapers quantitative easing programme
Despite continuing pandemic, “the outlook has improved”, says Macklem
BoE’s Bailey extols virtues of ‘meeting varied people’
Governor launches new initiative to gather diverse views from market contacts
ECB watchers say divisions on council could hamper decision-making
Analysts say central bank’s strategy of lower purchases could be tested later in 2021
Zhang Tao on the IMF’s fintech agenda, CBDCs and big tech oversight
IMF deputy managing director speaks about the fund’s perspectives on CBDC operating frameworks, regulating big tech and macrofinancial oversight in a digital world
Bank of Israel: vaccination fuelling rapid recovery
Inflation expectations are increasing, but headline figure still well below target
Is the ECB implementing yield curve control?
The eurozone has adopted a hybrid system – lying somewhere between the Fed’s QE and the BoJ’s yield curve control – that targets wider financing conditions
Fed may make Fima permanent – SF president Daly
SF Fed president says policy-makers also considering creation of domestic repurchase facility
Sarb projects ‘sharp but incomplete initial recovery’
South African inflation forecast to rise on higher electricity and water prices
Covid-19 support may have created “zombie firms” – BIS economists
Policy-makers should impose tighter lending standards and reform bankruptcy law, analysts argue
MMT rests on ‘untested statements’ – Richmond Fed paper
Authors warn that modern monetary theory rests on shaky foundations
Inflation in Sweden rises to 1.9%
Analysts say stable core inflation means Riksbank is unlikely to tighten policy
Sweden’s pension funds curb inequality, official says
Riksbank’s Ohlsson says collective funds mean high asset prices benefit wider population
Book notes: Central banks as fiscal players, by Willem Buiter
Buiter puts a real economic problem into a convincing theoretical frame, and translates it into applicable policy advice
Bank of Canada warns of possible housing pressures
BoC research highlights “vulnerabilities” as banks issue more high loan-to-income mortgages
New FOMC target may be shifting expectations – research
Cleveland Fed paper says some professional forecasters driving rise in inflation expectations
BIS launches database on Covid-19 monetary policy actions
Data designed to help researchers study “massive” policy response to pandemic