Quantitative easing
BoJ weighs further stimulus as tax hike bites
But central bank may be reluctant to add more stimulus while tax hike effects are uncertain
ECB governing council members disagreed over QE, minutes show
Members also differed over staff assessments of eurozone, but “large majority” backed rates move
Fed opts for asset purchases as liquidity solution
Central bank chooses not to address possible plumbing issues – at least for now
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects if the policies are used too much and for too long
‘Wrong’ to say Fed is out of policy space, Bernanke argues
Former chair estimates unconventional policy adds 3% to Fed’s room for manoeuvre
Central bankers without clothes and clout
The focus on the latest actions by central banks is disproportional to their impact on the economy. Without normalisation, central bankers may be revealed to have no clout, writes Jesper Berg
Expectations and term premia both drive spillovers – BIS paper
Different components have greater impacts in advanced and emerging economies, authors find
Lautenschläger resigns early from ECB governing council
News fuels speculation over German opposition to looser monetary policy
Orr: RBNZ ‘thinking hard’ about unconventional policy
Governor says tools not likely to be needed, but “we would be remiss not to be prepared”
30 years of central banking
Central banks face credibility tests on a number of fronts
Lane stresses broad consensus on ECB policy
Comments come after criticism from German and Dutch central bank governors
Dutch governor attacks ECB’s new stimulus
Klaas Knot says rate cut and QE is “disproportionate to present economic conditions”; Germany's Weidmann also critical
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
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
Fed ‘boneheads’ wasting opportunity of a lifetime, Trump claims
Trump calls for negative rates and a longer balance sheet term structure
Households respond more forcefully to rate cuts than QE – Dallas Fed
Fed should improve communications for QE and forward guidance, researchers say
Eurozone inflation to remain at 1% in August – official data
Below-target inflation may support loosening announcement by ECB on September 12
RBA open to unconventional policy measures – deputy governor Debelle
Quantitative easing may be on the cards if central bank cuts rates to 0.5%
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
Germany issues first ever zero coupon 30-year bond
Move raises questions over how ECB will respond to tough conditions, analysts say
Overcoming deflation: Japan’s experience and challenges ahead
Bank of Japan governor Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for the future conduct of monetary policy at other central banks
Trump attacks ‘horrendous lack of vision’ by Powell
President calls for return to crisis-era policies and acknowledges strong dollar is harming other economies
The Fed’s trade policy dilemma
FOMC should loosen, but members must speak out more forcefully against tariffs, writes Barry Eichengreen