Quantitative easing
Brexit and Hungary’s challenge to European governance
The European Central Bank and Europe's political leaders must meet the challenge as another front opens for European monetary stability
ECB governing council welcomes markets' increased risk appetite
Governing council members happy with increased risk appetite in eurozone and global markets, minutes show; worried by slow pace of structural reform and no clear trend of rising inflation
Mexican deputy Sánchez takes stock of easy policy in advanced economies
Manuel Sánchez explains how extraordinary monetary accommodation may be generating costs; tells audience in Mexico central bank policy co-ordination is a challenge
Stanford's John Taylor on the global monetary system and central bank co-operation
The Stanford University professor talks to Daniel Hinge about how central banks can co-ordinate policy to break free from a downward spiral in interest rates
BoJ sees operational issues dampen negative rate effect
Financial system report says combination of negative rates and QQE is helping push rates lower and prompting portfolio rebalancing, but “several factors” are holding the effects back
Riksbank extends QE as inflation remains ‘fitful’
Central bank not yet comfortable inflation will return reliably to target, though it is forecasting CPI to be close to target in two years’ time
John Taylor offers way out of downward interest rate spiral
Stanford University professor says a return to more “rule-like” policy-making could help bring easing cycle to an end, with the Fed playing a key role
Latin American countries may be especially exposed to US monetary policy, paper finds
These economies may be more vulnerable than most emerging markets to the normalisation of US monetary policy, claims a Bank of Spain paper
Rajan and Mishra lay down rules of the monetary game
Authors warn current models may display the policy biases of those who built them, calling for better dialogue and analysis of monetary policy spillovers
Eurozone not at zero lower bound, Praet says
ECB chief economist Peter Praet has said the eurozone is not at its zero lower bound; remarks may not contradict earlier guidance by ECB president Draghi
Fed QE drives portfolio rebalancing towards foreign assets, Brazil paper finds
Research analyses ‘comprehensive’ dataset for Brazilian capital flows and a smaller one for other EM economies
ECB launches ‘comprehensive package’ as inflation outlook worsens
Mario Draghi announces cuts in interest rates and an expansion to the ECB’s asset-purchase programme, as well as a second TLTRO package, larger than the original
RBI paper questions impact of global spillovers
Authors find money and credit markets in India are largely unaffected by spillovers, although there is an impact via debt markets and the indirect effects of global growth and inflation
BoJ moves to ‘ease stress’ in JGB market
More generous limits applied to securities lending facility designed to alleviate strains in the market for government bonds, though liquidity indicators do not show clear signs of tightening
Draghi says ‘risk of side effects’ will not stand in ECB’s way
Mario Draghi says the European Central Bank will not be deterred by the ‘unintended consequences’ of its asset-purchase programme, ahead of a key March governing council decision
Kuroda insists there is ‘no limit’ to monetary easing
BoJ governor calls combination of QQE and negative interest rates the ‘most powerful' framework in 'history of modern central banking’ and argues there is space for more easing if need be
Policy interactions may drive global banking contraction, BoE economists find
The combination of unconventional monetary policy and regulation may cause ‘substantial’ spillovers as banks cut cross-border lending, economists including Kristin Forbes find
Kuroda and Davos panel see little alternative to divergence
Bank of Japan governor warns a synchronised exit from easy policy in the major economies ‘could be worse’ than the ’staggered arrangement’ at present
Consultancy and advisory services provider of the year: BlackRock Solutions
A key partner to major central banks engaging in complex asset purchases, asset quality reviews, resolution mechanisms and strategic asset allocations
BoJ board reveals miscommunication fears
New ‘summary of opinions’ reveals some on board concerned about giving impression stimulus is at its limit, while some see dangers to taking further action
Bank of Japan tweaks QQE with maturity extension and new ETF purchases
BoJ will continue to buy 80 trillion yen worth of JGBs a year, but with slightly longer to run to maturity; announces new ETF programme to offset sales of old stocks
Bank of Canada adds negative rates to toolkit
Central bank publishes new framework for monetary policy when interest rates are approaching zero, suggesting the overnight rate could be cut as low as -0.5%
Forecasters expected ‘significant’ drop in bond yields in wake of Fed easing, paper finds
Staff report published by the Federal Reserve Bank of New York examines how professional forecasters revised their predictions in aftermath of Fed decisions
Draghi reasserts ECB’s willingness to act
Mario Draghi says there cannot be any limit to how far the ECB is willing to deploy its instruments within its mandate, after easing package meets with lukewarm reaction on markets