Monetary policy
ECB cuts rates to new record low and re-starts QE
Deposit rate decreased to –0.5% and open-ended asset purchases launched at €20 billion a month
Turkey launches second major rate cut
Central bank slashes further 325 basis points off main rate
ECB corporate QE also transmitted through bank lending – ECB research
Spillover effect independent from banks’ balance sheet quality
ECB expected to cut rates and restart QE to boost inflation
But Draghi’s ambitious stimulus package faces growing opposition from governors in surplus countries
Poland keeps rates unchanged on lower global growth
Solid growth and strong demand push inflation slightly over target
Fed ‘boneheads’ wasting opportunity of a lifetime, Trump claims
Trump calls for negative rates and a longer balance sheet term structure
Five insights into China’s green finance transformation
China’s top-down, state-directed mechanism may be the most effective way to embed green finance in a timely manner, writes the PBoC’s Ma Jun
High public debt hampers fiscal stimulus in eurozone – Bank of Portugal research
High debt deepens crises, increases spillover effects and cuts scope for counter-cyclical fiscal policy
Macro-pru is no panacea
Many central banks need better macro-prudential policy frameworks and communication at a time of rising political interference
30 years of forecasting: have central banks learned anything?
Forecasting models are constantly being upgraded, but forecast errors are still persistent. What more can central banks do?
China lowers reserve requirements after premier’s intervention
PBoC cuts reserve requirement by 50bp to boost lending, its third move this year
Riksbank maintains tightening plans despite lower rates globally
Sweden’s central bank adds it will increase rates at a slower pace than it planned earlier in 2019
RBI makes fresh bid to boost transmission mechanism
Banks mandated to link floating-rate loans to an external benchmark
Chile cuts rates again on lower inflation forecasts
Central bank reduces policy rate by 50 basis points to 2%; signals more stimulus may be needed
Argentina reimposes currency controls as peso plummets
Authorities aim to stem depreciation of peso, which has fallen 23.9% against dollar since August 11
Lagarde calls for eurozone-wide fiscal capacity
Eurozone nations should have counter-cyclical fiscal instrument and common treasury – Lagarde
A key message from Jackson Hole: policy must globalise
Setting policy in isolation is becoming untenable and spillovers must be considered more, remarks suggest
Bank of Mexico’s board disagreed on last rate cut – minutes
One board member opposed recent 25bp rate cut due to high inflation and uncertain fiscal outlook
RBA sheds light on new ‘Martin’ macro model
Large-scale “macroeconometric” model designed to balance flexibility and theoretical rigour
Argentina opens IMF talks as crisis deepens
Government extends debt maturity and pledges reserves will not be used to repay international investors
BoE policy-makers face fallout from political chaos
November policy decision could be unveiled on an election day; new analysis by MPC members suggests worst economic impact yet to come
Israeli central bank faces hard choices, analysts say
MPC says Israeli currency’s strength is helping to keep inflation below target
Negative rates could lower inflation expectations – San Fran Fed paper
Japanese inflation expectations fell after BoJ introduced negative rates, researchers find
Fed should scrap apolitical stance, urges former senior official
Dudley says Fed should set rates with Trump’s re-election chances in mind