Blog post
05 January 2015
Permanent QE and helicopter money
What’s at stake: As the ECB contemplates its own version of quantitative easing, this review clarifies the conditions under which this policy is belie
Monetary policy
Showing 305-320 of 341 results
Blog post
22 December 2014
Deflation in France, hidden behind tax hikes?
The significant divergence between the core inflation measures for France reported respectively by Eurostat and the national statistical office (
Opinion piece
17 December 2014
Has a stronger renminbi contributed to financial tightening?
The People’s Bank of China (PBC), the Chinese central bank, finally cut its benchmark interest rates on 21 November, after easing its policy in a shad
Blog post
05 December 2014
What is behind the reduction of private sector debt? Comparing Spain and the UK
Spain and the United Kingdom are going through a deleveraging process, with their private debt-to-GDP ratios dropping by around 18% in the United Kin
Blog post
03 December 2014
The ECB’s balance sheet, if needed
In his press conference on November 6th, ECB President Mario Draghi pledged monetary stimulus, although only “if needed.” These words have won Mr
Blog post
25 November 2014
How can Europe avoid secular stagnation?
Larry Summers crystallized an important question in a recent speech: Has the world economy entered a period of “secular stagnation”? The slow rec
Blog post
25 November 2014
Monetary vs. fiscal credibility in Japan
What’s at stake: The damage inflicted by the introduction in April of the first major tax increase in 17 years has led to calls for postponing th
Working paper
06 November 2014
Does Money Matter in the Euro area? Evidence from a new Divisia Index
The purpose of this paper is to examine the possible role of money shocks on output and prices in the euro area.
Blog post
29 October 2014
The distributional effect of quantitative easing
What’s at stake: The notion that ultralow interest rates and central-bank asset purchases have fueled a surge in asset prices, which mostly
Blog post
24 October 2014
Monetary policy cannot solve secular stagnation alone
Larry Summers crystallized an important development and question in a recent speech given at the IMF research conference: has the world economy entere
Blog post
24 October 2014
Chart of the week: Real interest divergence weighs on growth
The real interest rate divergence in the Euro Area has recently generated new attention. Real interest rates fell quite substantially in the cris
Blog post
16 October 2014
How tight is China’s monetary policy?
There have been definite signs of monetary loosening in China in recent weeks. Nevertheless, for almost a year, the debate continues to rage over whet
Blog post
16 October 2014
How loose is China’s monetary policy?
On the contrary, among the major central banks, the PBC appears to have tightened the most since the global financial crisis, on the basis of both ex-
Blog post
16 October 2014
China's financial liberalisation: interest rate deregulation or currency flexibility first?
Part I discusses three institutional factors favouring a strategy of greater currency flexibility ahead of fuller domestic interest rate liberalisatio
Working paper
08 October 2014
Developing an underlying inflation gauge for China
This paper develops a new underlying inflation gauge (UIG) for China which differentiates between trend and noise, is available daily and uses a broad
Blog post
08 October 2014
A compelling case for Chinese monetary easing
A successful Chinese economy needs both structural reforms on the supply side to enhance potential growth, and a nimble monetary policy to fully explo