Federal Reserve Bank of St Louis
St Louis Fed explains Fed’s plans to unwind balance sheet
Fed expected to stop replacing maturing securities to reduce $4.5 trillion balance sheet
Bullard: low unemployment does not mean high inflation
Recent research shows US unemployment could fall to 2.5%, while inflation would be 1.86%, says St Louis Fed president
Bullard raises concerns about east coast dominance of the Fed
St Louis Fed president is not worried about the major shake-up of the board of governors; points to reducing the influence of the New York Fed on the FOMC
St Louis’s Bullard on the future of the Fed and its monetary policy record
St Louis Fed president James Bullard rails against east coast dominance, favours aspects of the Choice Act and says Fed monetary policy was a “factor” that fuelled crisis
Fed needs quarterly monetary policy report, Bullard says
St Louis president argues for better Fed communication when it comes to monetary policy decisions; a quarterly report would align the US with international best practice
St Louis Fed president may support rate increase
Bullard cautions future real interest rates likely to stay flat; says Trump administration can only alter low interest rate environment by improving productivity
St Louis Fed chief says election has not changed near-term outlook
Bullard hints at support for “single policy rate increase”; says changes to fiscal and regulatory regimes likely from 2017 and to immigration and trade policy in longer term
Harnessing growing data volumes: The St Louis Fed
Huge demand for macroeconomic data that is easily accessible, international and granular is driving the rise of this global data hub. Daniel Hinge meets the Fred team
BIS paper examines impact of money market deregulation and integration
Integration of money markets and ability of banks to raise funds using variety of substitutable instruments has implications for monetary policy, paper says; deregulation results in larger open market operations
Bullard backs new approach to forecasting
Idea of economy converging to a single steady state has “likely outlived its usefulness”, St Louis Fed president says; instead reserve bank will now focus on regime-based forecasts
Bullard challenges ‘backward-looking’ language in Fed statement on goals
James Bullard reveals he disagreed with an element of the Fed’s statement on longer-run goals, believing it failed to capture the importance of future expectations to inflation targeting
Economists challenge foundations of monetary economics
‘Neo-Fisherian’ approaches use standard New-Keynesian models to show that cutting interest rates will produce lower, not higher, inflation – and the result is surprisingly difficult to overturn
Bullard offers alternatives to cutting reserve bank dividend
St Louis Fed president takes issue with congressional proposal to cut dividend paid to largest banks; suggests tying amount paid to benchmark rate instead or eliminating it completely
Economics needs a ‘replication journal’, paper argues
Natural and life scientists spend considerable time attempting to replicate the results of earlier research; economics could benefit from a similar approach, St Louis Fed paper argues
St. Louis Fed’s Bullard makes case for NGDP target
Working paper questions appropriate monetary policy response at zero lower bound and explores the mechanics of a ‘special upward adjustment’ in the price level on credit market
St. Louis Fed paper considers impact of trade shocks on labour market
Working paper examines effects of trade shocks on labour markets, finding the increase in import competition from China after 2000 actually boosted aggregate US welfare
Curbs on rehypothecation may boost welfare, St Louis Fed paper finds
Researchers find rehypothecation boosts welfare, particularly as inflation rises, but it generally goes too far, implying there are benefits to regulatory intervention
St. Louis Fed’s Bullard doubts zero lower bound
James Bullard says low inflation in the US may justify a ‘somewhat lower-than-normal’ policy rate, but not remaining at the zero lower bound
Poll: Central bankers favour clampdown on bitcoin
Latest Central Banking poll shows most central bankers favour regulating or banning virtual currencies, despite most institutions so far just issuing warnings or advice
Massive stimulus saved China from ‘great recession'
The rest of the world could have avoided recession too, had other governments dared implement such a ‘bold and powerful' stimulus package, St. Louis Fed paper suggests
Rosengren calls on FOMC to update forward guidance
Boston Fed president Eric Rosengren – who is not on the FOMC this year – calls for guidance to be increasingly linked to achieving the dual mandate
St Louis Fed research chief calls Bitcoin ‘stroke of genius'
St Louis Fed vice president and head of research has raised some central bankers' eyebrows by encouraging them to ‘welcome the competition' from the virtual currency
Dudley calls for global insurance mechanism to smooth taper tantrums
Dudley sides with Bullard over global monetary policy co-ordination - but says more work should be done to devise an insurance system against international capital flow volatility
Fed's Bullard wants more research into what drives labour market participation
St Louis Fed president concludes the existing literature suggests demographics are behind most of the decline in participation, but calls for more detailed work on household participation decisions