Monetary policy
Former RBI deputy attacks government over fiscal dominance
Recent actions by Indian government are “tantamount to coercive monetisation”, says Viral Acharya
Emerging markets face ‘uphill battle’ against pandemic – IMF staff
EME countries face limited fiscal space and possible solvency crisis, warn researchers
Turkish central bank issues brief statement as lira hits record low
Lira hits lowest-ever level against dollar and euro as central bank’s response remains unclear
Brazil’s central bank cuts rates to record low
MPC says there is limited space for more monetary policy stimulus as crisis continues
Fed paper looks at effects of negative rates on banks
Banks with large holdings of liquid assets could be hurt by negative rates, researcher says
BoE says negative rates ‘in toolbox’ and forecasts slow recovery
First “proper” forecast since Covid-19 outbreak gives little hope of a V-shaped recovery
IMF supports Riksbank’s criticism of proposed central bank law
Swedish lawmakers propose separating monetary and financial stability measures
Biden promises new Fed mandate on racial inequality
Democratic candidate wants Fed to take responsibility for economic concerns of Black Lives Matter movement
Lane stresses inflation will determine ECB’s PEPP purchases
Lower inflation outlook could mean the programme will remain longer than anticipated
Colombia cuts rates to record low of 2.25%
Central bank has revised down GDP growth to a range between -6% and -10% for 2020
Share buybacks limits monetary policy- BdF paper
Use of low-cost debt for buy-backs cuts spending on employment and capital good- researchers
Fed’s forward guidance has significant bond yield impact – DNB paper
Researchers say data indicates that Fed managed to preserve monetary policy credibility
Bank of Russia cuts rates to record low
Governor argues monetary stimulus will offset fiscal consolidation efforts in 2021–22
Lagarde hails EU fiscal-monetary co-ordination
Recovery fund will support economy from 2021, avoiding fiscal tightening once national stimulus lapses, stresses ECB president
BIS’s Borio says policy buffers should be repaired as soon as possible
Economist highlights three long-term challenges to tackle post-coronavirus
BEAC to buy securities to support countries grappling with Covid-19
Bank of Central African States will purchase up to $830 million in secondary market
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin
NBU surprises with hold in Shevchenko’s first policy decision
New governor had seemed to hint at desire to ease policy, but now indicates rate will remain on hold
IMF research highlights limits of exchange rate flexibility
New dataset sheds light on role of dominant-currency invoicing for exchange rate dynamics
Shelton and Waller reach final stage of Fed nomination process
Both candidates received enough backing in first of two key votes, but neither escaped criticism
EU recovery fund set to ease ECB’s burden
Common debt issuance likely to significantly reduce fragmentation risks, taming sovereign bond spreads, say analysts
Two FOMC members back overshooting target
Brainard and Harker suggest Fed should leave rates low until inflation rises above 2% target
Canada holds rates as governor warns of “long climb out”
Governor says interest rates will stay “unusually low” as central bank forecasts GDP fall of 7.8%
Chilean MPC says it will keep stimulus in place
Central bank says credit supply is weak despite emergency liquidity package