Quantitative easing
PBoC chief economist dismisses talk of QE
Ma Jun addresses rumours central bank is looking to acquire municipal bonds as collateral in an LTRO-like move to lower financial risk and increase liquidity
BIS’s Hannoun backs central banks' right to surprise markets
Deputy general manager praises Swiss National Bank for issuing markets with a wake-up call, warning of the heavy cost associated with unconventional monetary policy
Carstens-led IMFC urges policy-makers ‘to attenuate’ spillovers and spillbacks
Fund calls for ‘careful calibration’ of policy normalisation; endorses use of capital controls as a last resort
Praet says onus on governments to ensure permanent recovery
Accommodative monetary policy is ’playing a key role’ in helping return inflation to target, argues Peter Praet, member of the ECB executive board
Protester shocks Draghi at ECB press conference
President’s opening remarks disrupted by protester rushing the stage; Draghi regains composure to deliver upbeat message on impact of QE in eurozone
Linde: ECB’s QE is already ‘bearing fruit’
Households and families are enjoying better financing conditions due to the ECB’s quantitative easing programme, argues Luis Linde, governor of the Bank of Spain
Rates have hit lower bound, say ECB minutes
Second ‘account’ of ECB policy meeting suggests -0.2% is the effective lower bound for interest rates, but governing council mulls various options for extending QE should it be necessary
Jacques de Larosière on the international monetary system and the eurozone
Central Banking’s Chris Jeffery speaks to former IMF chief Jacques de Larosière about efforts to restore the global financial system and challenges for the eurozone at the Central Banking Awards 2015
Forward guidance can help QE succeed, Finnish research says
Article in Bank of Finland bulletin considers whether eurozone is at risk of Japanese-style deflation, finding the ECB’s asset purchases reduce the odds of this outcome
Noyer says ECB can cope with solvency risks
Banque de France governor flags risks from balance sheet expansion, but says the ECB is ‘fully protected’ against solvency risks
Kuroda says QQE bringing ‘landmark’ changes to Japan
BoJ governor sets out evidence that extraordinary monetary easing is bearing fruit, with inflation expectations rising and workers demanding higher wages
Lagarde tells emerging markets to prepare for US rate hike
Emerging markets can expect trouble if the Fed raises rates this year, says IMF managing director; BIS research implies economies can harness the benefits of spillovers with the right policy mix
ECB reveals flexibility in QE programme
European Central Bank releases modalities of asset purchase programme; Draghi delivers upbeat press conference underpinned by positive staff projections
BoJ’s Miyao extols virtues of open-ended QE
Outgoing policy board member says open-ended QE tends to have stronger effects than limited versions and may have additional impact via forward guidance and fiscal channels
Czech paper finds mixed evidence of spillovers from ECB unconventional policies
Impact of spillovers depends on whether the policy is conventional or unconventional, and has a larger impact on inflation than on growth, working paper finds
Riksbank board uncertain about negative rate limits
Minutes from executive board meeting that led to negative rates and quantitative easing reveal uncertainty about where floor for repo rate might be
ECB publishes first minutes
European Central Bank releases an ‘account’ of the discussion at the governing council meeting in January, which saw it launch quantitative easing in the eurozone
Bundesbank says German recovery is faster than expected
Monthly report highlights ‘remarkable’ rebound of German economy, leading forecasts to be revised upwards; oil and euro depreciation behind the boost
Poll: Should inflation targets be scrapped?
As advanced economies battle low inflation and interest rates remain constrained by the ZLB, should central banks rethink monetary policy orthodoxy?
A more effective strategy for the Fed
The Fed should adopt a Taylor-rule approach to ensure policy adjustments are only made due to changing macroeconomic fundamentals. This would mean it should raise rates and alter its communications
Central banks are on the losing side of government pacts
Quantitative easing by the ECB and the Bank of Japan brought market cheer. But, absent meaningful structural reform, is miring central banks deeper into an ever-more dangerous policy cycle.
Three strikes against the Federal Reserve
If you want to know why US economic recovery has been so sluggish, look no further than the policies of the Federal Reserve, argues Allan Meltzer
Weidmann: Risk of self-reinforcing deflation ‘very low’
Bundesbank president says there was ‘no immediate need’ for QE in the eurozone, while impact of lower oil prices on HICP could be ‘short-lived’
Riksbank goes negative and launches QE
Swedish central bank announces unprecedented measures to ‘safeguard' inflation expectations; rates ‘far from lower bound' says Ingves