Quantitative easing
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
Japan at a turning point but liquidity risks loom, say panellists
Panel at Japan Securities Summit including BoJ’s Takehiro Sato believes Japan’s ‘certain, coordinated and creative’ policy mix will deliver the first turnaround in 20 years
BoJ nominee Harada: monetary stimulus, fiscal discipline
A review of Yutaka Harada’s published papers and articles reveals the Bank of Japan Policy Board nominee is likely to favour more stimulus from the central bank and less from the government
Boston Fed’s Rosengren flags key elements of successful QE
Eric Rosengren sets out the most successful design features from the Fed’s experience of quantitative easing and hints ‘other parts of the globe’ may have acted too late
Meltzer accuses Fed of three ‘major’ errors
Writing in the Central Banking Journal, Allan Meltzer argues the Fed continued QE for too long, while relying too heavily on ‘noisy’ data and too little on monetary and credit aggregates
BoJ’s Iwata says QQE is a break with history
Deputy governor says latest asset purchases programme a sign of dramatic ‘regime change’ and consumers will have to respond – it is just a question of when
Constâncio: ECB ‘encouraged’ by reaction to QE
ECB vice-president points to rise in price of equities and bonds and drop in the exchange rate, but warns against reading too much into financial and real variables
Denmark suspends bond sales to stem FX inflows
The move, intended to lower longer-term yields and thereby discourage upwards pressure on the krone, ‘effectively works as QE' says analyst