Quantitative easing
Riksbank keeps policy rate at 4%
Most analysts think the Swedish central bank has reached peak rate
The predicament of bloated central bank balance sheets
Swollen balance sheets carry significant risks for combating inflation, ensuring financial stability and preserving central bank credibility, independence and effectiveness. How can central banks reduce them?
Riksbank needs a capital injection, says governor
Swedish central bank estimates it would need close to Skr80 billion
Joachim Nagel on the ECB’s terminal rate, fiscal policy, model relevance and the digital euro
The Deutsche Bundesbank president speaks about compromise on the Governing Council, rolling back PEPP, the need to implement Basel III and the chances of a revised Stability and Growth Pact
QE crowds out bank loans – NBER paper
Asset purchases generate “counterproductive” cut in lending to firms, authors find
Carney derides UK ex-PM’s economic policy
Former BoE governor says cutting taxation does not automatically lead to growth
Momentum builds to end RBNZ dual mandate
Think-tank calls for abolishing deposit insurance and creating new prudential regulator
Policy rate is Fed’s most powerful monetary tool, says paper
Researcher tests impact of changes in short-term rate, forward guidance and asset purchases
BoJ unlikely to change policy further this year, analysts say
Central bank needs time to review situation after surprise yield curve move
Stefan Ingves on central bank failings on inflation and financial stability
Riksbank veteran speaks about liquidity, interest rate and non-bank regulatory reforms, and the need for explicit legal definitions for digital money
Monetary Policy Benchmarks 2023 report – navigating uncertainty
Benchmark data highlights ongoing evolution in policy frameworks as central banks move beyond the pandemic – and into the high-inflation period
ECB needs to maintain tight policy, says IMF
Policy rates, rather than quantitative tightening, should be main tool, IMF directors say
BoJ announces details of monetary policy review
Central bank plans to engage with experts, business leaders and public over policy framework
ECB’s monetary policy is taking effect rapidly, says Lane
But chief economist warns tighter financing conditions could cause eurozone contraction
A letter to Andrew Bailey
Jagjit Chadha warns the Bank of England governor not to let markets take control
Caution needed with forward guidance and QE – IMF’s Gopinath
“Straitjacket” of ultra-loose policies may have delayed response to inflationary shock
BoJ’s easing stance fuels yen undervaluation dilemma
Japanese policy-makers need to consider feedback loop that an undervalued yen has on cost-push inflation; reflect on YCC exit options in ‘broad perspective review’, writes Sayuri Shirai
ECB raises rates again and signals more tightening
Tight labour market and core inflation surprises have driven forecasts higher, Lagarde says
ECB enters new phase in fight against inflation
Central bank faces stronger trade-offs as economy weakens and it approaches terminal rate
Central banks’ pandemic interventions averaged 6% of GDP
IMF paper finds relief measures were three times bigger than in global financial crisis
Central banks should abandon floor systems – BIS’s Borio
Abundant reserves are causing distortions and could hamper policy-making, economist says
Trends in reserve management 2023: survey results
Insights on inflation, asset diversification, geopolitical risk, risk management frameworks and ESG adoption
Eurozone consumer inflation expectations rose significantly, ECB says
Rise in expectations may bolster arguments for tighter monetary policy
Eurozone interest rates should increase further, says Nagel
Bundesbank president stresses ECB will start reducing balance sheet at a faster pace from July