Deflation
Has Covid-19 made gold shine brighter?
The price of gold has skyrocketed this year, but central banks have not flocked to invest as they have done in the past, write Rachael King and Victor Mendez‑Barreira.
Record-low inflation may require ECB to boost PEPP purchases
HICP index expected to decline year on year by 0.2% in August; core inflation at record-low 0.4%
Covid-19 policy-making and the need for high-speed data
High-frequency data holds the promise of speed and adaptability, but the rush to find alternative economic indicators has the potential to create problems
BIS’s Restoy: Covid-19 blurs lines between policy instruments
Prudential policies have taken on an explicit economic stabilisation role for the first time, official says
Lane warns eurozone faces ‘substantially negative’ price pressures
Tighter financial conditions and falling inflation called for expanded QE, says ECB chief economist
Poloz calls for action to avoid deflationary spiral
It is critical to avoid deflation as it interacts “horribly” with debt, outgoing BoC governor says
Bailey confirms BoE is considering negative rates
“I have changed my position a bit,” governor tells lawmakers, as UK inflation falls drastically
The ECB, the lockdown and the monetary financing lock
The eurozone’s central bank may need to break its prohibition on monetary financing to fight the pandemic
PBoC’s post-pandemic policy is still up in the air
The Chinese central bank has resisted radical easing, but with the NPC meeting this week, more loosening could be on the way, despite debt-level concerns, writes Hui Feng
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for a Janet Yellen-supported Fed move to adopt elements of price-level targeting. But questions remain about the timing of such a move
Could engineering higher inflation help manage fiscal deficits?
Fiscal and monetary co-ordination could be a workable option for the Covid-19 recovery, Chicago Fed paper finds
Singapore eases monetary policy sharply and taps reserves
MAS flattens currency appreciation slope to zero after government unveils $34 billion stimulus
Philippines, Taiwan and Indonesia cut rates; Singapore on watch
Asian central banks continue easing to boost virus-hit economies; Singapore slips into deflation for the first time in a decade
Inflation targets back in the spotlight
Monetary policy can do little to offset the impact of Covid-19
Knot warns of drawbacks of negative rates
Consumers are increasing their savings rather than their consumption
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
Tackling ‘dead-end’ monetary policy
A shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
Trichet defends Draghi’s legacy against growing criticism
Former ECB president says unconventional monetary policy measures have helped to avoid deflation
30 years of central banking
Central banks face credibility tests on a number of fronts
ECB expected to cut rates and restart QE to boost inflation
But Draghi’s ambitious stimulus package faces growing opposition from governors in surplus countries
Overcoming deflation: Japan’s experience and challenges ahead
Bank of Japan governor Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for the future conduct of monetary policy at other central banks
Four Gulf states cut rates following Fed decision
Bahrain, Qatar, Saudi Arabia and UAE have currencies pegged to US dollar
Central bank ‘put’ can harm market function – Kuroda
BoJ chief says easing measures are working, but central banks must be wary of side-effects
Putting modern monetary theory to the test
Sayuri Shirai asks whether MMT might hold the solution to Japan’s stagnation