Monetary policy
Brazil likely to end easing cycle with 50bp rate cut
Record-low rates will suffice to boost growth in 2020; inflation up on weaker real
Effects of Irish and Dutch macro-pru differ strongly – DNB paper
Researchers look at interaction of monetary and macro-prudential policy in two eurozone economies
BIS paper examines economic impact of macro-pru
Shocks are similar to monetary policy but transmission differs, researchers say
Sri Lankan government may not pass central bank reform – adviser
Former governor’s comments come as IMF praises draft law on central bank inflation targeting
New ‘currency’ aims to tackle failings of its predecessors
Saga sits somewhere between a stablecoin and a crypto asset – and has been designed by a team that includes former central bankers
Paul Volcker, 1927–2019
The Fed chair made his name battling inflation, and left his mark on independence and post-crisis financial regulations
PBoC’s monetary policy framework not likely to change – RBA research
Institutional structure and economic development model prevents alignment with international peers, paper argues
Poloz to leave Bank of Canada in June 2020
After a seven-year term under which the central bank has undergone numerous transformations, the governor announces he will not seek reappointment
Turkish central bank faces sluggish economy and political pressure
Updated policy framework includes major increase in MPC meetings, but few other changes
Eurozone bond purchases work as stabilisation tool – BoI paper
Researchers simulate effectiveness of sovereign bond purchases against both real and financial shocks
Chilean MPC abandons easing plans amid political unrest
Currency fell sharply in November following prolonged street protests
Mauritius to roll out forward-looking policy framework
New monetary policy operating framework will look to smooth the yield curve and improve communication with external stakeholders
Greater exchange rate flexibility warranted in Peru – IMF
Limiting interventions would help reduce dollarisation further, says fund
PBoC governor vows to stay away from QE and negative rates
Beijing should maintain “normal” monetary policy, as ultra-low rates in developed markets proved ineffective, says governor
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
The book has “no equal” in reviewing new microeconomic theory for central banking
Swedish MPs propose dual mandate for Riksbank
Proposals aim to redefine institution’s role in monetary policy, financial stability and payments, while enhancing independence
The pursuit of ‘fintecgrity’
Digital currencies, distributed ledgers and deep learning are set to transform the financial economy. How can regulators maintain integrity at the confluence of finance and technology?
Tighter policy in large economies squeezes cross-border banking – paper
US monetary policy shocks play major role in bilateral bank lending – Bank of Spain paper
Chile launches biggest forex intervention in 20 years
Chilean peso has fallen by 14% against dollar since mid-October amid massive street protests
IMF approves new credit line for Mexico as fiscal outlook darkens
Central bank’s success in reducing inflation may be compromised by fiscal weakness
Will the ECB make climate change a policy goal?
Weidmann declared strong opposition to “green QE” as climate groups call on Lagarde to shift policy
Canada’s fiscal stimulus worth 100bp of rate cuts – Poloz
Infrastructure investment has also helped to reduce financial vulnerabilities
Fed’s Brainard calls for major framework overhaul
Yield curve caps, flexible inflation targeting and more active macro-prudential policy could help, governor says; Fed may have mistimed 2015 hiking cycle
RBA’s Lowe rules out QE in Australia
Governor stresses inflation forecasts converge to target in 2021, and rates could be cut if needed