Monetary policy
Poloz calls for action to avoid deflationary spiral
It is critical to avoid deflation as it interacts “horribly” with debt, outgoing BoC governor says
Turkish central bank cuts rates again
CBRT makes ninth consecutive cut since July 2019 but analyst warns strategy is “unsustainable”
Sarb carries out fourth consecutive rate cut
Sarb says banks can apply for looser prudential requirements on “case-by-case” basis as it cuts rates to record lows
Indian MPC cuts rates to record low in unscheduled meeting
RBI says Covid-19 is having a more severe economic impact than anticipated
Book notes: Central banking before 1800, by Ulrich Bindseil
A new standard reference point for the history of central banking
Bailey confirms BoE is considering negative rates
“I have changed my position a bit,” governor tells lawmakers, as UK inflation falls drastically
UK issues negative-yielding bond as inflation wilts
Inflation dropped sharply in April amid the coronavirus lockdown
Bank of Italy paper analyses Fed’s ‘gradualist’ policy
Monetary policy had stronger effects when markets thought Fed was “acting gradually” – researchers
Economists debate monetary financing of China’s government debt
PBoC adviser dismisses idea of monetising government bonds despite calls from Ministry of Finance think-tank
Final Fed lending facilities to go live this month
Complexity of main street facility has been “in a class by itself”, Jerome Powell says, as lawmakers criticise delays
Pressure builds on central banks to ‘monetise’ sovereign debt
Sarb is the latest institution facing calls to directly purchase Covid-19 related government debt
Norwegian governor says negative rates are unlikely
Øystein Olsen says it is “uncertain how negative rates will influence the economy”
The ECB, the lockdown and the monetary financing lock
The eurozone’s central bank may need to break its prohibition on monetary financing to fight the pandemic
Eurozone saw limited price convergence from 2001–11 – Bank of Spain
Researchers say this limited long-term alignment should be added to central bank policy framework
PBoC’s post-pandemic policy is still up in the air
The Chinese central bank has resisted radical easing, but with the NPC meeting this week, more loosening could be on the way, despite debt-level concerns, writes Hui Feng
Covid-19 should serve as warning for climate change – BIS official
Policy-makers need “holistic approach” to global risks, says Luiz Awazu Pereira da Silva
Mexican central bank cuts rates but stays cautious on inflation
Falling peso and supply disruptions make inflation outlook “uncertain” despite recession, board says
RBI economists hunt for suitable core inflation measure
Study examines 11 candidates for a less volatile inflation measure that is easy to communicate
Economists race to merge epidemiology and macro
Promising results are emerging, but workable forecasts may be some way off
Pandemic debt will test policy-makers – Richmond Fed research
Authorities may opt for “financial repression” policies with central banks keeping rates low – paper
RBNZ nearly doubles asset purchase programme
Policy-makers aim to front-load stimulus as economy faces “significant and unprecedented decline”
German court leaves Bundesbank caught between two legal decisions
Ruling may hamper ECB’s new PEPP programme as it is not constrained by PSPP limits
Brazil changes law to allow QE amid chaotic response to virus
Finance minister says central bank will “shower” country with liquidity if needed
Sri Lankan central bank threatens regulatory action to bring down rates
CBSL cuts rates again and warns banks they must pass lower rates on to customers