Quantitative easing
Interpreting the PBoC’s slew of policy reforms
An insight into new stimulus measures, bond market tactics, deflationary pressures and framework changes
Central banks face a capital framework imbalance – should we care?
Most economists say clear recapitalisation frameworks are important. But many central banks still lack them
Central bank balance sheets: is there an optimal structure?
Establishing guidelines is challenging, although there are many reasons why CBBSes are heterogeneous
Most asset purchase programmes are winding down
Around a quarter of respondents have open APPs but most are shrinking
QE liquidity boosts investment into EMEs, paper finds
Economists propose new mechanism for QE spillovers to emerging market economies
BoJ to reduce its government bond purchases
Central bank will announce bond-buying details at next meeting and keeps rates unchanged
BoE reserves framework drawn into political arena
Minor party’s proposal to axe interest on reserves highlights BoE’s costly operating framework
QE should stabilise rather than stimulate – ECB’s Schnabel
Asset purchases have become conventional, but central banks should exercise caution
Risks facing central banks: action and inaction
Unlike Fed policy in the 1990s, central bank actions this century do not appear overly accommodative, given poor policy decisions elsewhere, writes Andrew Smithers
Bailey predicts ‘significant increase’ in BoE repo operations
Banks have started demanding reserves through short-term repo facility as balance sheet shrinks
Trends in reserve management 2024: survey results
Insights on geopolitical risk, AI, asset diversification, risk management and ESG adoption
QE helped smooth sovereign bond yields, ECB paper finds
Eurosystem’s asset purchases helped reduce effect of “auction cycle”, researcher says
RBA to shift to ‘ample reserves’ operational framework
New approach will be simpler to operate and reduce market volatility risk, assistant governor Kent says
ECB economists highlight smooth quantitative tightening
Foreign investors are largest euro area securities holders, but households are buying more
ECB unveils new monetary policy framework
Move will see central bank make cheaper loans to eurozone lenders as it shrinks its balance sheet
‘Passive’ QT can be costly, BoE paper finds
Research highlights need to account for frictions and build “headroom” for future shocks
BoJ may scrap ultra-loose policy at March meeting, reports say
Policy-makers could be mulling speedy end to yield target and negative rates
Dallas Fed chief says pace of QT may need to slow down
Lorie Logan argues US central bank should take more measured approach to normalising balance sheet
Escaping the structural liquidity trap
Investment needs to be subsidised not taxed if developed countries want to avoid inflation and financial crises, writes Andrew Smithers
Managing reserves amid climate change and home-shoring
Central banks can still make asset allocations with solid climate outcomes, despite slippage in the net-zero timetable, writes Gary Smith
Polish governor appeals to ECB for support against removal
Lagarde says “not lawful” impeachment could harm central bank independence