Federal Reserve Bank of Richmond
J Dewey Daane, 1918–2016
Former Fed governor and adviser to the International Monetary Fund played key role in founding of the Central Bank of Paraguay
Richmond Fed tries to bridge gap between rules and discretion
Economist presents research urging Fed to be more explicit about its strategy using “graphical framework”, while Jeffrey Lacker says rules offer valuable guidance to policy-makers
Slow growth need not be the ‘new normal’ – Richmond Fed paper
Authors give reasons for optimism about the future of US economic growth, and outline policies that could support it, although most are outside the control of the central bank
Fed should stay the course with gradual rate rises – Lacker
The Federal Open Market Committee should continue raising rates, suggests Richmond Fed president; oil price falls and financial markets volatility both stabilising, Lacker argues
Inflation expectations well-anchored, Richmond Fed president says
Lacker tells audience at Banque de France he believes expectations are anchored, despite drop in inflation compensation; Villeroy de Galhau notes drop in market-based measures in eurozone
Fed to encourage supervisory staff to air divergent views
Federal Reserve will develop practices encouraging staff to exchange and respond to divergent views in 2016; New York Fed and Richmond Fed boost supervisory resources following review
Identifying the effects of structural shocks exposes problems with real-time data, researchers say
Using a model that identifies the effects of structural shocks, the paper finds ‘substantial and systematic’ differences between ways real-time and final data respond to monetary shocks
Richmond Fed paper examines relationship between deregulation and innovation
Working paper uses a dynamic equilibrium model to look at ATM and debit card industry in US; offers generalised findings on relationship across financial services industry
People: BoE appoints general counsel; Chicago Booth professor joins Slovakian board
Sonya Branch takes up top legal role at BoE; National Bank of Slovakia board now five-strong; Bank Negara Malaysia appoints debt resolution committee chairman; and more
Richmond Fed paper analyses new banks decline
If the rate of new banks continues to fall, it will have a large impact on the banking sector as well as the flow of credit in the economy, according to research published by the Richmond Fed
Richmond Fed article questions use of dove and hawk to describe policy-makers
Article in Richmond Fed’s economic magazine argues the terms simplify the disagreements on the FOMC; says the idea of a split between two camps is ‘likely to persist’
Richmond Fed paper examines triggers for contingent capital conversion
Working paper finds the desirability of a regulator or fixed-price mechanism depends on the effect the conversion has on the value of equity to the incumbent owners
Richmond Fed economist sees obstacles to Islamic finance in the US
Islamic finance in the US suffers from poor liquidity and problems meshing with the regulatory environment, researcher says
FOMC's Lacker denounces committee's new normalisation principles
Richmond Fed president says FOMC expectation not to sell MBS as part of balance sheet reduction flies in the face of half-a-century's worth of Fed practice
FOMC members offer conflicting takes on US inflation path
Jeffery Lacker says inflation is moving closer to the Fed's 2% target, while Narayana Kocherlakota warns reaching it may take another four years
Fed's Lacker highlights 'critical, misconstrued' distinction between monetary and credit policy
Action constitutes monetary policy if quantity of liabilities is altered and credit policy if portfolio composition changes without affecting liabilities, Richmond Fed head says
Effect of a monetary policy shock is volatile over time
Research using 100 years of US economic data finds the sensitivity of the economy to monetary policy shocks has changed ‘dramatically'
Richmond Fed study shows 'dramatic crossover' in payment methods of US citizens
Study evaluates Fed data tracking 2,500 participants making close to 13,000 payments during three days in October 2012, shows many seniors sticking to mail as main payment method
Redistribution can boost demand but cut output, warns Fed working paper
Richmond Fed working paper points out that although taking from the rich to give to the poor can boost aggregate demand, it may also disincentivise work
Financial market fragility might be down to 'poor policies', says Lacker
Stylised and abstract economic models used to 'justify' Fed intervention during the financial crisis may not have received enough discussion, Richmond Fed president argues
Household borrowing not caused by income inequality, Richmond Fed paper argues
Finds low-income households in high-inequality regions accumulated less debt relative to income than their counterparts in lower-inequality regions; rebuts 'wish to keep up' as driver of credit demand
Currency peg speculation can 'damage' balance sheets
Researchers find that questions over the credibility of a currency peg can have ‘damaging effects’ on bank balance sheets – consistent with monetary mismatch theory
People: Barclays economist returns to BoE; Cleveland steps up search for Pianalto replacement
Bank of England hires Simon Hayes from Barclays to replace Robert Wood in charge of MPC economic forecasts, reporting to Spencer Dale; Cleveland Fed hires search firm to find new president
Fed heavyweights warn new bank resolution laws won't end ‘too big to fail'
Dudley, Lacker and Tarullo say 'single point of entry' framework under 'Title II' provision is important but inadequate; FOMC members call for long-term debt requirement for Sifis