Forward guidance
Japan does not need more large-scale stimulus to avoid deflation – Kuroda
Below-target inflation still requires ultra-low interest rates and asset purchases
US forward guidance had limited effectiveness, Fed paper finds
Households and firms took until 2012 to seriously consider new regime, researchers say
Williams says Fed policy is almost normal
In achieving Fed’s mandate, “this is about as good as it gets”, New York Fed president says
BIS paper finds trade-off in forward guidance
Forward guidance may deter economic growth, authors say
ECB should enhance forward guidance during normalisation – Cœuré
Executive board member thinks changing economic phase and QE unwinding require more communication
Yellen says Fed should begin forward guidance now
Action now could have equivalent impact to negative rates, says former Fed chair
CBRT vows action at next policy meeting
Turkish central bank has already raised effective interest rates without changing the policy rate
IMF paper praises Chilean central bank’s forward guidance
Central bank’s monetary policy predictability and efficacy was “quite high”
Abandoning forward guidance has helped market communication – Poloz
Governor underscores the importance of language and says forward guidance can sometimes confuse markets
Bank of Canada to incorporate US tariffs in economic projections
Next monetary policy meeting could be affected by protectionism
RBA governor dispels view board ‘does nothing’
Central bank board votes to leave rates on hold, extending period to 21 months with no change; Lowe says next move is likely to be up
Forward guidance essential in times of stress – Fed’s Evans
Chicago Fed president says central banks should plan for inevitable future scenarios now, in order to best prepare the public and to ensure policies are understood
Communication key to convey policies and objectives to public, central bankers say
Yellen, Draghi, Kuroda and Carney reflect on reaction of markets and public to policy communication
Norwegian policy normalisation is feasible – analysts
Uncommon combination of higher oil prices and weak currency offsets subdued consumer prices
Low inflation partly down to luck – CEPR report
David Miles and co-authors argue advanced economies’ luck on inflation could run out; recommend central banks prepare
Verbs matter in forward guidance – Italian paper
Researchers look at verbs used in ECB statements from 2002 to 2015
Asset purchase programme is key to central bank credibility – ECB paper
Researchers analyse market reactions to unconventional monetary policy decisions
Wheeler hits out at commercial bank for unforgiving commentary
RBNZ governor says commentary threatens its integrity, damaging the central bank and financial markets; former RBNZ official says Wheeler overreacting
Governors think unconventional tools may not stay – ECB survey
Advanced economies’ governors are more likely to favour keeping QE tools
No ‘taper tantrum’ this time around – Fischer
Fed vice-chair says US central bank has learned from mistakes made in 2013; markets unlikely to face same disruptions as Fed unwinds balance sheet, says Fischer
Uncertainty matters for forward guidance success – BoE paper
Authors show that introducing uncertainty generates significantly different macroeconomic effects, with implications for policymaking
BoJ economists seek best escape route from liquidity traps
Some policies are more effective than others, but a combination can generate stronger effects, researchers find
Carney faces grilling from parliament in wake of tenure decision
Regardless of Brexit timetable, BoE governor will leave on June 30, 2019; he warns firms could trigger plans to leave London in late 2017 if Brexit deal proves unsatisfactory
BoE seen as ‘boxed in’ ahead of MPC vote
Forward guidance from MPC members has laid the ground work for a rate cut or other form of easing; even if the effect of a cut is minimal, a hold decision would be worse, says former committee member