Negative rates
ECB’s negative rates boosted lending – Bank of Italy paper
Banks increased credit to ex ante riskier firms, but did not see rise in failed loan rates, researchers find
Riksbank backs fiscal stimulus with massive QE programme
Swedish central bank increases loans to banks, cuts overnight lending rate to 0.2%
RBNZ reduces rates by 75bp in emergency meeting
Central bank says future purchases of government bonds preferable to lower rates
Central banks and banks: a changed relationship
The development of large, complex international capital markets has reshaped the relationship between central banks and their commercial counterparts
ECB likely to shy away from rate cut, analysts say
Central bank expected to unveil targeted measures to support banks and SMEs
RBNZ prepares unconventional policy tools
Central bank is not planning to use them yet, governor stresses
What can the ECB do now?
Central bank is facing coronavirus shock with limited room for further policy measures
Riksbank’s Breman says coronavirus does not demand looser policy yet
Swedish central bank abandoned negative rates in December; inflation declined sharply in January
Knot warns of drawbacks of negative rates
Consumers are increasing their savings rather than their consumption
Did the Riksbank abandon negative rates too soon?
In January, a key inflation measure dropped sharply. Policy-makers face difficult choices if inflation does not recover
Do low rates spur investment?
Many believe low interest rates spur investment, but there appears to be little hard evidence to support such claims, writes former IMF head Jacques de Larosière
Economist joins Bank of Japan’s rate-setters
BoJ board member in favour of continued QE but has expressed doubts on negative rates
Schnabel takes on Germany’s ‘false narratives’ on ECB policy
Criticism based on “half-truths” imperils trust in single monetary policy and “undermines European cohesion”
Dutch households sharply increased savings in 2019
Higher net incomes and the need to offset lower interest rates behind surge, says DNB
Lifetime achievement award: Otmar Issing
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy
ECB’s Mersch warns of negative side-effects of ultra-loose policies
Policies may be contributing to risk-taking, high asset-price inflation and inequality, board member says
Trump’s criticism undermining confidence in Fed – Yellen
Political pressures could hurt central bank independence, says former Fed chair
Riksbank minutes show disagreements over December rate hike
Dissenting board members cite looser international policy, weak growth and below-target inflation
Lagarde awards Schnabel key policy role in renewed ECB board
Panetta leads market infrastructure and payments, banknotes and international relations
Rates have been falling for eight centuries – BoE research
Study casts doubt on major theories, including secular stagnation; author warns rates could “soon enter permanently negative territory”
Negative rates demonstrate shortcomings of currency
Many central banks have rates in negative territory. The distortionary effects of these policies raise broader questions on the design of money itself, writes Barry Topf
Schnabel and Panetta appointed ECB executive board members
The final distribution of responsibilities in January will determine the new members’ portfolios
Riksbank abandons negative rates
Swedish central bank increases repo rate by 25 basis points, but two board members dissent
De Guindos: Boost eurozone banks’ countercyclical capital buffers
Increases in counter-cyclical buffers should accompany decreases in other capital ratios, says ECB vice-president