Monetary policy
Fed on hold in first policy meeting under Biden administration
Unanimous vote comes amid signs of possible further fiscal stimulus; new voting members join FOMC
Brazil’s inflation still above target in January
Early reading recorded at 4.3%, adding pressure to tighten policy
ECB steps up work on climate change
Central bank launches climate change centre and invests in new BIS green bond fund
Talking to firms aids central banks at ‘turning points’ – BoC paper
Qualitative information is particularly useful when timely official data is lacking, authors say
Brazil’s MPC removes forward guidance
Rate-setting committee forecasts it will raise policy rate by 125bp during 2021
Eurozone bank credit tightens despite ECB stimulus
Banks expect credit to further tighten during the first quarter of 2021
Romanian central bank cuts rates as inflation falls
National Bank of Romania says inflation is below midpoint of target level
Promoting fintech might reduce inequality – BIS’s Pereira da Silva
Inequality harms policy transmission, but technology may help, deputy general manager says
BoE must improve understanding of QE – report
Lack of understanding has prevented BoE’s ability to build public trust in new policy tool, report says
Bank of Lithuania paper explores spillovers of US policy uncertainty
Authors find “significant recessionary and deflationary effect” and synchronous response worldwide
ECB says new data highlights stabilising effect of inflation expectations
Analysts argue that new approach to analysing surveys has “important practical advantages”
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
The changing data landscape: Part 1
Central Banking speaks to Eyal Rozen, Ramūnas Baravykas and Wanpracha Chaovalitwongse about whether there is a need to change underlying infrastructure to bolster data-driven policy-making
US may face ‘jobless recovery’ despite huge stimulus
Economists warn fiscal stimulus has been poorly targeted; Ben Bernanke defends Fed policy
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…
Rebuilding policy buffers is key challenge of coming decade – Borio
BIS economist says central banks are not out of options but the trade-offs are increasingly difficult
Bank of Japan launches policy review as deflation worsens
BoJ considers further monetary easing and extends special loan programmes
What does 2021 hold for the ECB?
Former officials reflect on AIT, how the strategy review may affect normalisation, QE options and the need for new tools
BoE’s inflation target may hamper response to no-deal Brexit – IMF
Report urges BoE to bolster market communication in the event no deal is reached
Bank of Mexico holds rates as board splits
Change to rate-setting board’s make-up may herald change in policy stance, say observers
Size matters for central bank research publishing
Staff numbers have strongest association with central banks’ research output