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State-dependent exchange rate pass-through
October 17, 2024
After the pandemic, central banks faced the daunting challenge of stabilising prices as supply chain disruptions led to rising costs (Ostry et al. 2022) and geopolitical tensions (Ben Cheikh et al. 2023) and aggressive monetary tightening by the Federal Reserve led to significant fluctuations in exchange rates. All the while, policymakers at major central banks […]
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Revisiting the signalling channel of quantitative easing
October 17, 2024
In the next economic downturn, central banks will have to decide whether to restart quantitative easing policies. This column assesses whether central banks may resort to asset purchases in the future and focuses on the signalling channel of transmission. It discusses the underlying mechanisms which support this channel, including showing that monetary policy is not […]
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