Monetary policy
Draghi defends ECB policy
ECB president welcomes debate but insists crisis-fighting policies saved eurozone
Inflation in Mexico falls to target for first time since 2016
Minutes say officials acknowledge price increases are falling faster than previously anticipated
BoJ weighs further stimulus as tax hike bites
But central bank may be reluctant to add more stimulus while tax hike effects are uncertain
ECB governing council members disagreed over QE, minutes show
Members also differed over staff assessments of eurozone, but “large majority” backed rates move
ECB paper looks at market expectations of Fed policy
“Monetary policy slope” predicts changes in stock markets and professional forecasts – researchers
Big tech: a threat to banks?
The explosive growth of financial services offered by big tech companies in China offers important lessons
Central banks must use “unconstrained” negative rates, Rogoff tells ECB
Policy-makers must ensure cash depreciates against electronic money, or face failure, Rogoff says
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects if the policies are used too much and for too long
Bank of Israel holds rate in divided policy meeting
Central bank willing to cut rates in future to boost below-target inflation
Borio and co-authors attack concept of natural interest rate
BIS paper sets out a model in which “monetary policy hysteresis” can do lasting damage to the economy
Central bankers without clothes and clout
The focus on the latest actions by central banks is disproportional to their impact on the economy. Without normalisation, central bankers may be revealed to have no clout, writes Jesper Berg
Schlesinger and Issing lead attack on ECB policies
Six senior former policy-makers call for tighter eurozone policy as Draghi’s term nears its end
RBA cuts rates to new record low
Australia’s central bank “prepared to ease monetary policy further” to meet inflation target
EMEs can resist spillovers with prudential policy – BoE paper
Some prudential policies work better than others, researchers find
Expectations and term premia both drive spillovers – BIS paper
Different components have greater impacts in advanced and emerging economies, authors find
RBI weighs reforms to liquidity framework
Report recommends retaining the corridor system and simplifying operations
Lautenschläger resigns early from ECB governing council
News fuels speculation over German opposition to looser monetary policy
Philippines central bank cuts policy rates for third time this year
Governor Diokno says benign inflation outlook provides more room for further rates reduction
Floating exchange rates cut inflation in Caribbean – IMF paper
Survey finds greater financial openness in Caribbean countries is associated with lower inflation
BoE paper explores collateral’s impact on labour market
Collateral value affects hiring decisions by small businesses, authors find
BIS’s Borio warns of ‘troubling’ negative yields
BIS quarterly review highlights new peaks in negative-yielding debt and examines CLO risks
Banks shy away from ECB’s first TLTRO III
Demand was “shockingly weak” says analyst, but firms are expected to increase their uptake in December
Costa Rica cuts rates for fourth time since March
Central bank adds to wave of more accommodative policy stances around the world
Rate round-up: Fed triggers further global easing
Fed cut prompts flurry of action, with many central banks hinting at a more dovish stance