Quantitative easing
ECB will not consider QT until rates back to normal – Lagarde
Central bank holds close to €5 trillion in eurozone securities, over €4.2 trillion in public assets
ECB’s green bond plan is insufficient, NGO says
ECB plan shies away from excluding high carbon output companies, says Reclaim Finance
RBA reports huge losses from bond purchase programme
Central bank says its asset purchase programme helped boost the economy despite its financial cost
Book notes: 21st century monetary policy, by Ben S Bernanke
Bernanke’s great book offers important insights for today’s policy-makers, writes Stephen Poloz
BoE hikes rates 50bp as fiscal policy increases uncertainty
Divided MPC approves rate increase, but several members call for more aggressive hike
Fed paper explores rate hike impact on money markets
Monetary tightening likely to impact flows in and out of Fed’s overnight repo facility
ECB lays out plan to green corporate bond portfolios
Central bank will focus on issuer-specific climate scores
Bank of Canada critic becomes leader of the opposition
Pierre Poilievre said in May he would fire governor for failing to contain inflation
Reverse bond auctions are useful crisis tool, ECB paper finds
DNB’s use of reverse auctions increases liquidity and stability of bill market, researchers say
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, NBU ex-governor and current government adviser argue
Uncertainty over ECB’s TPI muddies monetary and fiscal impact
Analysts say anti-fragmentation tool exposes long-standing flaws in EU fiscal framework
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
ECB uses bond reinvestments to support Italy and Spain
Central bank rebalanced its bond holdings in June and July away from France, Germany and the Netherlands
DNB officials propose framework for central bank capital
Study offers central banks a guide to the complexities of latent risk and independence
Eurozone debt likely unsustainable without QE – BIS paper
Authors find benefits of ECB’s PEPP extend beyond the end of the bond-buying programme
Markets likely to test ECB’s anti-fragmentation tool
ECB could struggle to avoid political disputes over TPI instrument, some observers warn
ECB surprises markets with a 50bp rate hike
Central bank unveils new instrument to prevent sharp increases in sovereign bond spreads
Monetary Policy Benchmarks 2022 report – a pandemic legacy
Benchmarks data offers insights into how Covid has impacted policy frameworks, plus governance, market operations and policy transparency
Fed faces years of losses as interest rates rise
QE brought major interest rate risk onto central bank’s balance sheet
ECB readies first hike since 2011 as it faces policy ‘trilemma’
Central bank may be forced to choose two options among price stability, fragmentation risk and market functioning