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December 3, 2015

Europe
European Central Bank Rate Move, a Turning Point for Europe

At the governing council’s meeting today, the European Central Bank (ECB) announced that it will cut benchmark deposit rate to -0.3 percent, extend its quantitative easing (QE) program to at least Ma…

Central bank rates in Europe

October 31, 2014

Europe
Three Central Banks

Today’s central bank news tells us a lot about the risks and rewards of proactive central banking. The Bank of Japan (BoJ) surprised me (and nearly everyone else ) with a dramatic expansion of its u…

June 24, 2013

Europe
European Banking Union: Small Steps

European finance ministers meet Wednesday to try and agree on common rules for resolving a failed bank, after failing to do so this past weekend.  If agreement is reached, and it appears far from cer…

October 18, 2016

Monetary Policy
Large Scale Central Bank Asset Purchases, by Currency

In an earlier post, I added reserve purchases by the world’s major emerging market central banks, Japan and Switzerland to the bonds purchases by the Fed, the BoJ, the ECB and Bank of England. I want…

usd

October 20, 2016

Monetary Policy
Large Scale Central Bank Asset Purchases, Versus Supply

In earlier posts, Emma Smith and I added up central bank purchases of G-4 government bonds. This includes emerging market, Japanese and Swiss purchases for reserve accumulation and purchases by the F…

us-demand-supply

April 24, 2018

International Economic Policy
Asia's Central Banks and Sovereign Funds Are Back

East Asia (China, Japan, and the NIEs) ran a $600 billion current account surplus in 2017. "Official" (central bank and sovereign fund) outflows accounted for about half of that. Asia's foreign excha…

Asia's Central Banks and Sovereign Funds Are Back

December 8, 2004

Budget, Debt, and Deficits
The central bank bid

It seems like America’s biggest creditors stepped up to the plate today. China’s rapidly growing reserves have to go somewhere ... From Bloomberg:"So-called indirect bidders, which include the forei…

October 27, 2014

Europe
European Banks: Balance Sheet Clarity But A Cloudy Future

The European banking assessment results, released yesterday, were generally well received by markets. The test looked like earlier U.S. and Spanish stress tests in terms of structure, the results wer…

December 4, 2015

Europe
ECB and the Limits of QE

Markets were clearly underwhelmed by the European Central Bank’s (ECB) easing announcement yesterday, marginally cutting its (already negative) deposit rate and extending the duration of its asset pu…

September 30, 2016

China
The ECB on the Slowdown in Global Trade

I really liked the ECB’s recent report on the slowdown in global trade (summarized here), for five reasons. 1) It doesn’t assume that trade should always grow faster than output. A liberalization …

china-manu-trade