Quantitative easing
Brainard cites Delta in dovish speech
Fed governor warns “employment is still a bit short of the mark” for taper
Dallas Fed president resigns, following Boston’s Rosengren
Both faced criticism for equities trading and holdings, but are not unique among Fed leaders
FOMC doubles ceiling for reverse repo bids
Participating institutions can now borrow up to $160 billion per bid
BoJ holds rates as Japan waits for new prime minister
Central bank warns of possible financial problems from persistent Covid-19
Powell’s remarks show Fed set for November taper
Markets remain calm as analysts agree Fed is intent on cutting back asset purchases in November
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Monetary Policy Benchmarks 2021 report – seeking a strong anchor
Insights into the organisation and resourcing of monetary policy, decision-making, tools, transparency and market operations
Fed saved US from even larger pandemic downturn – ECB paper
Unemployment would have risen by 20% more without Fed’s bond buying, researchers find
Above-target inflation may push Riksbank to taper
Inflation rose from 1.7% in July to 2.4% in August
Central banks set monetary policy around eight times a year
African central banks reported setting monetary policy less frequently than peers
BoE’s Hauser mulls future of central bank balance sheets
Balance sheets will be bigger but also more variable, executive director says
Canadian governor outlines next phase of policy
Governor says Bank of Canada will keep asset holdings unchanged in “reinvestment phase”
ECB announces moderate cut in net asset purchases
Council unanimously agrees adjustment despite mid-term below-target inflation projections
Pandemic Treasuries market calmed quickly – research
Dallas Fed analysis finds “headwinds” early on, but not lasting pandemic disruptions
Bank of Canada on hold as growth proves weaker than expected
Second quarter contraction comes as Canadian exporters struggle with bottlenecks
Asset purchase programmes prevalent among advanced economies
But just 17% of emerging market economies said they operate a purchase programme
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
Powell says taper test has been met ‘with regard to inflation’
Fed chair tells Jackson Hole conference that slowing QE this year “could be appropriate”
ECB council divided on forward guidance, minutes show
Some senior officials argued new formulation risks inflation overshooting
Is the ECB’s strategy review enough?
The reformed framework may allow greater stimulus to tackle weak inflation expectations, but the Governing Council is already divided on what to do next
From Covid‑19 recovery to a greener economy
BNP Paribas asks, in a world challenged by the Covid‑19 pandemic and empowered by recovery from it, what’s next for the central banking sector? Also discussing how banks and central banks can collaborate to encourage sustainable growth and build a better…
Fed may taper asset purchases this year, say FOMC minutes
Federal Reserve staff warn US financial system has “notable” vulnerabilities
Fixing market-based finance: duct tape or deep reform?
Central banks are increasingly having to act as market-makers of last resort. But deeper reforms may be needed to avoid stretching their balance sheets to breaking point
No one monetary policy target optimal – Bank of Canada paper
Flexible inflation targeting one of best performers in “horse race” with other options