Quantitative easing
Fed could shrink balance sheet to end “twist” on yield curve – Bullard
Allowing some bonds to run off the balance sheet could permit a more natural yield curve, St Louis Fed president says; San Francisco Fed’s Williams says a March rate hike expectation is “on the table”
ECB profit for 2016 rises on asset purchase income
Supervisory charges on banks rise by €105 million
Market ‘tightness’ affects QE success – Riksbank paper
Model accounting for the demand and supply of bonds allows authors to reveal new insights into the price and liquidity impact of asset purchases
Economics in central banking: Leo Krippner
His work on term structure modelling has helped central bank policy-makers to track the effects of unconventional policies and it raises many interesting possibilities for future research
BIS paper tracks US and eurozone QE spillovers
Shadow rates approach helps authors show US QE spilled across borders more strongly, though impact differed between countries
BoJ acts to thwart pressure on yields
Central bank commitment to yield curve control faces first serious test; BoJ launches unlimited purchases to hold yield down
Unconventional policy has improved ‘pass-through’, says ECB
“Simple pass-through models” are ill-equipped for analysis, paper argues
Yellen: Fed asset holdings provide automatic policy tightening
Downward pressure on long-run rates is expected to diminish, making the need to hike short-term rates less pressing, the Fed chair says
EU watchdog enquires into Draghi’s membership of G30
NGO accuses ECB of being too close to financial industry
BIS paper finds Fed’s QE had little discernible impact on real economy
Results are still preliminary, authors say, but “cast some doubt” on the effectiveness of US quantitative easing
ECB minutes show dissent over asset purchases
Some council members expressed “scepticism” over asset purchases; two programme extension options were discussed
Riksbank dissenters raise range of concerns
Three officials objected to the Riksbank’s decision to expand its asset purchases at the meeting on December 20, for a variety of reasons, minutes show
Lacker to retire from Fed after 28 years
Jeffrey Lacker, who has a reputation as a monetary policy hawk, is to step down as Richmond Fed president in October; the search is on to find successor
Yield curve control has long history – BoJ’s Amamiya
BoJ’s policy of controlling long-run rates is not as unconventional as many critics argue, executive director says
Riksbank extends QE, despite dissent
Additional Skr30 billion of purchases takes Swedish QE programme to mid-2017; central bank cites continued risks to the outlook, but three members challenge decision
ECB will stay in asset markets - Draghi
Asset purchases will continue, but at a lower monthly rate; ECB to accept cash as collateral in securities lending programme
Demands on central banks have created critical juncture – El-Erian
Economist says burden placed on central banks has created economic and political instability across the globe, and something must soon give
ECB minutes show concern over strength of future inflation
Wages growing at historically low rates, ECB council members say
QE may be partly to blame for global market correlations – SNB’s Maechler
Andréa Maechler says quantitative easing may cause some bond and equity prices to move simultaneously, but there are likely other factors at play as well
BoJ economists seek best escape route from liquidity traps
Some policies are more effective than others, but a combination can generate stronger effects, researchers find
Praet calls for further consolidation of eurozone banking
The ECB's chief economist says falling bank profits are not a concern for monetary policy and sector must improve business models while the central bank gives “regulatory clarity”
Riksbank’s Flodén warns QE dividends may not continue
Quantitative easing has generated profits so far, but the central bank is likely to incur losses in future, deputy governor warns; purchases amount to maturity transformation and therefore carry risk
Cœuré sets out sovereign debt reform ideas as Weidmann strengthens call to end QE
Two senior eurozone central bankers set out different visions for radical change to the handling of European sovereign debt
Carney: I will stay ‘as long as I can’
Carney says the decision to stay or go will be “entirely personal”; Bank of England governor says central bank will not “slavishly rely” on QE