Federal Reserve System
The effect of pessimism and doubt on asset returns
RESEARCH - Andrew Abel analyses the effects of pessimism and doubt on asset returns in a working paper published by the Federal Reserve Bank of Philadelphia.
Fed expected to make another US rate cut
US - The Federal Reserve is expected to make another anti-recession move on 15 May with an interest rate cut - to try to boost the ailing U.S. economy.
Sir Eddie George at the University of Zurich
SPEECH - The Governor of the Bank of England, Sir Eddie George, gave a speech at the Swiss Institute of International Studies, University of Zurich on May 7.
Good news reported by latest Fed Beige Book
RESEARCH - More evidence that the US economy has turned a corner after a steep six-month slide is reported in the latest Beige Book summary of regional economic conditions.
Supereconomies face clashes
EUROPE - Central bank politics is assuming an intriguing role in attempted reversal of the slowdown of the US economy and spreading effects on other parts of the world.
Shadow Committee slams Fed
According to the US Shadow Open Market Committee the Fed had lsot sight "of its long-run inflation objective of price stability" in its recent series of rate cuts.
International Economic Review article
RESEARCH - Jon Faust and Lars E. O. Svensson of the Board of Governors of the Federal Reserve, writing in the International Economic Review, define and study transparency, credibility, and reputation in a model where the central bank's characteristics…
US is wrong to browbeat the ECB into cutting rates
GERMANY - America is wrong to try to browbeat the European Central Bank into cutting interest rates "I hear but I do not listen," remains the response of Wim Duisenberg, president of the European Central Bank, to the clamour for lower interest rates.
Cross-sector financial disclosure (update)
An international regulatory working group has released a set of guidelines to prompt all financial institutions to reveal more information about the risks they are running.
US economy stronger than expected
UNITED STATES - The US economy has grown by 2% during the first three months of 2001 - twice as fast as analysts had predicted.
Euro rates held steady
EUROPE - The European Central Bank has decided to leave interest rates unchanged after a scheduled board meeting in Frankfurt on Apr 26.
Calls grow for ECB to cut rates
EUROPE - A United Nations body yesterday, Apr 24, called for the ECB to follow the lead of the US and cut interest rates if it wants to avoid a slide into recession.
International monetary policy cooperation
CENTRAL BANK RESEARCH - Giancarlo Corsetti and Paolo Pesenti at the New York Fed have written a staff report titled "International Dimensions of Optimal Monetary Policy". This article finds that the gains to be made from international monetary…
Central banks could own big chunk of US Tsys-UBSW
RESEARCH - Global central banks could own the entire supply of marketable U.S. debt by the end of 2006 as growing foreign exchange reserves force them to buy more ultra-safe U.S. government debt, according to a survey of central banks conducted by UBS…
Rationale for transparency in central banking
SPEECH - The vice chairman of the Federal Reserve, Roger Ferguson, in a speech on central bank transparency, said that a transparent central bank will not always make its decision widely predictable.
Fed seeks female governor for board-Reuters
UNITED STATES - The Bush administration is seeking women and bankers to fill two empty posts on the powerful seven-member Fed Board of Governors, Reuters reports on Apr 18.
Financial innovation and monetary transmission
CENTRAL BANK RESEARCH - On April 5-6, the Federal Reserve Bank of New York organized the conference "Financial Innovation and Monetary Transmission." The twelve papers presented at the conference cover many topics including the "announcement effect",…
US economy appears to be stabilizing-Fed's Hoenig
UNITED STATES - The U.S. economy is showing signs of stabilizing and will likely pick up speed in the second half of 2001, Federal Reserve Bank of Kansas City President Thomas Hoenig said on Apr 12.
Fed spied on employee's emails-investigator
UNITED STATES - An investigator looking into an unusual labour dispute at the Federal Reserve Board has found credible evidence that Fed managers snooped on the e-mail correspondence of an office secretary and fired her when she considered starting a…
Greenspan's hero image 'is a liability'
UNITED STATES - The Financial Times on Apr 10 reports that Alan Greenspan's heroic image poses a liability for markets. The article is based on a report by UK economist Marcus Miller which was presented at the Royal Economic Society's annual conference…
Financial education should begin early-Greenspan
UNITED STATES - Consumers should become familiar with the basics of personal finance at a relatively young age, Federal Reserve Chairman Alan Greenspan said on Apr 6 in remarks that did not touch on the U.S. economy or monetary policy.
Ferguson on the monetary transmission mechanism
SPEECH - Fed vice chairman Roger Ferguson gave a speech on Apr 5, 2001 titled "Understanding Financial Consolidation" - a speech that he has already given three times this year. It is based on a study, commissioned by the G10 and directed by Ferguson,…
FSA hosts major Basel conference-Apr 10-11
UNITED KINGDOM - The UK's Financial Services Authority is organising a two day conference in London on April 10-11 which will be a key milestone in the UK consultation on the revised Basel Capital Accord and the European Commission's proposals for…
Role of research in the policy process-Gramlich
SPEECH - US Federal Reserve governor Edward Gramlich gave a speech on Apr 5, 2001, about the usefulness of private sector research into financial services for helping the Fed measure up and assess how well its laws and regulations are achieving their…