Quantitative easing
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail; and more
Negative ECB deposit rate had limited effects – Bundesbank paper
Well-capitalised banks in core countries responded most to negative rates, researchers find
ECB’s bond purchases restrict monetary policy – DNB paper
Higher demand for safe assets widens sovereign bond spreads- paper
ECB’s asset purchases didn’t always stimulate bank lending – research
Sounder banks reduced lending to non-financial firms, Bundesbank paper finds
IMF sets up new monetary policy modelling unit
Fund responds to criticism from IEO report
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
IMF’s financial counsellor talks about efforts for the fund to craft well-targeted policy guidance
The future of balance sheet policies
What tactics will central banks deploy?
BoI paper uses shadow rates to measure influence of QE
Fed’s policy weakened dollar from 2011–14, researchers find
Fed cuts rates and halts balance sheet reduction
Decision sees hawkish dissents from Kansas and Boston Fed presidents Esther George and Eric Rosengren
Fed researchers gauge tightening from balance sheet normalisation
Tightening is ‘modest’ compared to accommodation provided by asset purchases, researchers find
Draghi sounds alarm over eurozone inflation outlook
ECB will look at new methods for boosting inflation as Draghi toughens language
Fed’s floor could be ‘junked’ if credit surges – Goodhart
Credit demand and plentiful liquidity could be potent inflationary mix, Charles Goodhart says
Central bank ‘put’ can harm market function – Kuroda
BoJ chief says easing measures are working, but central banks must be wary of side-effects
BoE’s Hauser sheds light on ‘quantitative tightening’ in the UK
Central banks have a greater obligation to provide liquidity in good times and bad, official says
NBER paper outlines ‘four-equation model’
Authors expand the textbook three-equation model to account for unconventional policy
IMF backs ECB’s looser stance
Directors concerned about banks’ low profitability, and call for common deposit insurance scheme
Purists lament as most cheer Lagarde as next ECB chief
Lagarde expected to adopt similar philosophy to Draghi at ECB
Doves vs hawks: IMF advice on unconventional monetary policy
Funds’ advice on innovative measures has not always “stood the test of time”, writes Philip Turner
Review calls on IMF to deepen monetary expertise
Independent report says IMF broadly made the right calls on risks around unconventional policy
Trump claims Fed is giving China the upper hand
Chinese president “can do whatever he wants”, Trump complains
Romania’s Mugur Isarescu on independence in a ‘post-truth’ world
Veteran governor speaks about country’s shift to market economy, the euro, mandate-drift and independence
Draghi strikes downbeat note as ECB extends policy rate hold
ECB president expresses concern over eurozone manufacturing and global tensions
South African politicians tussle over central bank mandate
African National Congress officials attempt to influence new government
Can central bankers turn finance green?
The Network for Greening the Financial System aims to bring about fundamental change. The central bankers who created it made a strong start but face serious challenges.