Dallas Fed announces change in research function

The President of the Federal Reserve Bank of Dallas, Richard W. Fisher, on Friday 6 May announced a change in the organisation and focus of the bank's Research Department in order to better analyse the effects of globalization on monetary policy.

Mr Fisher appointed Harvey Rosenblum to the newly created post of Executive Vice President to oversee the expansion of the Dallas Fed's research agenda.

"The global economy is undergoing dramatic and significant changes that affect the gearing of the