Monetary policy
Lawmakers propose reducing Bank Indonesia’s independence
Proposed law change could see finance minister sitting on rate-setting committee
Information drives transatlantic policy spillovers – ECB paper
Tighter ECB policy often causes financial easing in US due to “information effect”, researcher argues
ECB will consider dropping market neutrality – Lagarde
Policy review will consider abandoning principle guiding asset purchases, but Bundesbank’s Weidmann is opposed
SF Fed’s Daly calls for major action on US inequality
Fed can use new policy framework to cut inequality but Federal government must do more, says Daly
Marshall Islands readies to make waves in digital currency
Island nation ready to issue blockchain-based national currency if its new government gives the go-ahead, chairman of foundation says
Spanish governor in favour of extending support to non-financial firms
Hernández de Cos favours grants and equity injections over debt issuance
Banking sector resilience ‘likely to be tested’ – IMF’s Adrian
Fund’s stability report says vulnerabilities are high and rising, creating difficult policy choices
Book notes: Money, by Geoffrey Ingham
The incompatible theories of money: Ingham reveals the fundamental clash of ideas that shape the environment in which all central banks operate
Turkish central bank tries to tighten policy without hiking rates
Currency continues to slide as data shows central bank’s FX reserves fell by one-sixth in 12 months
IMF staff praise new Argentina stabilisation plans
Buenos Aires requested a new support programme in August
Lagarde calls on governments to prolong fiscal support
ECB president thinks regulatory, investment and education measures are needed to boost post-pandemic recovery
Argentina’s central bank attempts monetary balancing act
Central bank tries to increase government access to pesos while raising repo rate
Carstens warns QE strengthens ‘fiscal-monetary nexus’
BIS chief warns central banks over using up “credibility capital” by their Covid-9 responses
RBI chooses to ‘look through’ above-target inflation
New committee chooses to focus on growth as supply factors push up inflation
Carbon tax could help monetary policy – ECB paper
But tax will only improve welfare if alternatives to carbon-based power are available, say researchers
Riksbank defends corporate bond purchase programme
Central bank says increasing reliance on bond issuance warrants intervention
Fed minutes reveal debate over forward guidance
Some FOMC members warned stronger forward guidance in new framework would tie Fed’s hands
Powell says economy faces risk of downward spiral
Risks from aggressive policy action are much smaller than risks due to inaction, Fed chair says
Unemployment is a national priority, says RBA’s Lowe
Central bank’s latest data shows unemployment at 7.5%
RBI appointments clear way for delayed MPC meeting
Three new officials will start setting Indian monetary policy this week
Argentine peso falls after central bank changes regime
Spread with unofficial exchange rate widens further
Beyond climate: addressing the ‘E’ in ESG
Environmental degradation raises fundamental questions about how central banks think about risk; efforts to expand focus beyond climate risks now under way
Bank of Finland research looks at ECB’s effects on eurozone equities
Researcher says eurozone monetary easing has raised eurozone equities’ expected risk premia
Sticky prices play key role in monetary policy responses – ECB paper
Author finds different US industries’ react very differently to monetary policy decisions