Federal Reserve Bank of New York
Robert Pringle’s Viewpoint: Managing without safe assets – tricky but not impossible
Unless sovereigns provide a credible backstop to the banking system the private sector will have to do the best it can, writes Robert Pringle
NY Fed blog post points to fiscal implications of Fed policies
NY Fed blog post notes Fed policy impact on government fiscal position is much broader than the direct influence remittances from Fed earnings have on government finances
Fed researchers find effects of QE ‘minimal' without guidance on rates
Paper by senior economists from the New York and San Francisco Feds argues that signalling a rate rise will be far more meaningful than communication on when asset purchases might come to an end
International banks pose risk to global financial system, NY Fed paper finds
Evidence from 2007 suggests banks can more easily deal with a credit crunch in their home jurisdiction than they can overseas, which could be a weak point in the global system, paper finds
NY Fed researchers explore long-term rate rise
Ten-year Treasury yields rose ‘sharply’ between April and July; researchers attribute this to an increase in the compensation investors were demanding to hold them
NY Fed study says shadow banks are here to stay
Study says shadow banks will play a significant part in the future of the United States’ financial system; higher capital standards on banks will lead to increase in shadow activity
People: NY Fed communications head resigns; Riksbank names acting financial stability chief
NY Fed's Krishna Guha leaves his position with immediate effect but will stay on as senior adviser until September; Martin Johansson will lead the Riksbank's financial stability department; and more
People: Fed governor resigns; Bank of England HR chief finds herself new role
Elizabeth ‘Betsy' Duke to quit the Fed, 19 months after her term officially expired; BoE's executive director for human resources to take new job in the private sector
New York Fed's Dudley says ‘much more' to be done to ensure financial stability
Central bankers and regulators must remain vigilant for ‘symptoms of instability', says Dudley, who admits the task of ‘securing financial stability will never be truly complete'
Top Fed officials speak out to calm markets
Two Federal Reserve governors and the New York Fed president emphasise a change in monetary policy will be driven by data, not the date; further easing remains a possibility
New York Fed forecasts support continued easing
Staff forecasts predict inflation and unemployment are unlikely to make significant progress toward their target levels in 2013
Dudley calls for new plan to avoid market overreaction when Fed heads for the exit
New York Fed president pours cold water on suggestions of an imminent exit from QE, but says the FOMC needs to rethink its ‘stale’ plan on how an exit will ultimately be accomplished
New York Fed paper launches DSGE defence
Staff report says the standard DSGE model produced ‘surprisingly accurate’ forecasts during the financial crisis and subsequent recovery
NY Fed paper assesses risk of fire sales in tri-party repo markets
Staff report finds limited tools are available to reduce the damage from pre-default fire sales but says there are no options currently available once a default has occurred
People: New director-general at Bank of Italy; Bank of Israel adviser ends 30-year tenure
Salvatore Rossi becomes Bank of Italy's director-general; Barry Topf leaves Bank of Israel after 30 years; and more
NY Fed president dispenses policy advice to European and US governments
William Dudley tells European policy-makers that moving forward with banking union is critical, while the US government should be worrying more about its fiscal outlook
New York Fed demands better management of foreign exchange risks
Greater use of capital and collateral to mitigate all risks relating to foreign exchange trading is crucial, warns Jeanmarie Davis, head of financial market infrastructure at the NY Fed
NY Fed paper says monitoring is essential to fix Dodd-Frank’s ‘significant limitations’
A growth in shadow banking is one risk from the Dodd-Frank Act that must be addressed by broad and forward-looking monitoring, a staff report says
NY Fed plans test run of small-firm open market operations
Fed prepares pilot programme to allow five smaller firms to act as counterparties in open market operations for a year, with the possibility of making the scheme permanent thereafter
NY Fed paper highlights money market fund ‘stampede’ risk
Staff report finds intermediation by money market funds can turn unexpected withdrawals into runs, meaning a small shock can bring down the whole banking system
New York Fed paper warns of negative welfare effects of capital controls
Staff report finds significant gains available from international policy coordination, and that interventions in the international flow of capital can hit global and individual welfare
NY Fed president calls for tri-party and money fund reform
William Dudley lays out a range of options to ‘make the basic structure of the wholesale funding market as sound as possible'
NY Fed research plays down QE impact on emerging markets
Staff report says large-scale asset purchases have a relatively small impact on capital flows to emerging economies in the aggregate, but finds substantial variation between countries
NY Fed paper studies Treasury liquidity crunches
Staff report finds negative feedback relationship between price volatility and liquidity in US Treasury markets – a trend that worsens during financial crises