Leaning against the wind
Significance of Swedish debt levels for Riksbank policy ‘exaggerated', says deputy
Per Jansson says expansive policy helped Sweden manage crisis better than many other countries; adds higher inflation is Riksbank's top priority
Norges Bank's Olsen defends ‘leaning against the wind' policy
Noting historically high household indebtedness, Norwegian governor says central bank cannot rely on assumption that new regulations will eliminate risk of financial stress
Riksbank's Ingves and Flodén warn over risks of persistent low interest rates
Interest rates may need to stay low - creating dangerous levels of household debt, Riksbank governor and deputy tell parliamentary committee
Italy's Visco calls for more 'symmetric' monetary policy
Central banks should be prepared to tighten policy pre-emptively, Ignazio Visco writes in forthcoming Central Banking journal, in order to head off financial crisis
Ingves outvoted as Riksbank cuts 50bp
Swedish central bank hits zero lower bound for first time since 2010 as inflation plummets; outvoted Ingves says his standing is not weakened, calls housing situation ‘acute'
Yellen takes sides in ‘lean against the wind' debate
Federal Reserve chair says monetary policy faces ‘significant limitations as a tool to promote financial stability'; macro-prudential policies ‘far more direct' and effective
Caruana defends role of interest rates in ‘leaning against' financial cycles
Interest rate rises have a role to play in discouraging excessive borrowing, BIS managing director Jaime Caruana tells National Bank of Bulgaria conference
Riksbank minutes reveal fissures on ‘leaning against the wind' amid low inflation
The Riksbank's decision not to cut interest rates amid weak inflation earlier this month was preceded by heated debate, minutes show
Riksbank deputy leads defence against Svensson critique
Vice-governor one of several heavyweights, including former governor and Nobel Foundation head Lars Heikensten, to take on Lars Svensson, who blames the bank for causing unemployment
Riksbank told to stop ‘leaning against the wind' by national forecaster
Sweden's National Institute for Economic Research sees ‘no reason for monetary policy to be influenced by household debt' in a rebuke of Riksbank policy
OECD’s William White fears global economic system is still highly unstable
William White tells Christopher Jeffery he is wary of placing too much reliance on the ‘science’ of monetary or regulatory policy. He also believes the world economic system is still out of balance
Monetary policy is the incorrect tool to curb asset bubbles
There is no evidence the use of monetary policy in Sweden to keep household debt in check actually works. Such a policy only undermines employment and results in the Riksbank breaching its mandate
Robert Pringle’s Viewpoint: Looking for a game-changer for the financial system
The world may need to look to central bank governors in countries such as China and India to champion reform of the global monetary architecture
IMF paper on leaning against the wind in Latin America
Fund study says countercyclical instruments are an effective tool to restrain excessive credit growth in Latin American countries
ECB’s Stark: central bank’s more likely to react to asset-price growth
European Central Bank executive board member Jürgen Stark says central banks more likely to lean against against asset prices in future
Hoenig calls for Fed to lean against the wind
Kansas City Fed president challenges fundamental tenet of Greenspan-era central bank
RBA's Debelle: leaning against the wind useless
There is not much to be achieved by leaning against the wind, said Guy Debelle, the assistant governor for financial markets at the Reserve Bank of Australia.
Forum: Tackling asset-price bubbles
Central Banking asked a select panel of former central bankers and advisors if the current crisis calls for a reevaluation of the policy response to asset prices