Federal Reserve System
The shift to a multi-polar world
Extraterritorial reach of US policies could hasten the use of alternative currencies; decision on renminbi inclusion in SDR may be a tipping point for relevance of Bretton Woods institutions
Dealing with an age of turbulence in emerging markets
Nigerian deputy governor details the options available to emerging markets when reacting to changes in developed-world monetary policies and associated fund movements
Kocherlakota wants Fed to mimic Bank of Canada communication
Minneapolis Fed president calls for ‘symmetric’ inflation target and two-year horizon for achieving it; says FOMC should adopt Canada-style language to characterise inflation objective
Robert Pringle’s Viewpoint: Time to cure central bankers’ deflation phobia
The policies followed since the ‘great crisis’ have not succeeded in restoring confidence. It is time to try a different approach
Dallas Fed president Richard Fisher to step down March 19
Fisher is the second recent dissenter on the FOMC to leave in less than two months; Was required by law to step down before April 30
Plosser: central bankers should take ‘great care' in changing view on neutral interest rate
Distinguishing transitory from permanent changes in growth and real interest rates is a ‘tricky task', says Philadelphia Fed president and FOMC member
Dudley says Federal Reserve could do more to be a ‘better global steward'
Permanent FOMC member suggests dollar's reserve currency status sets the US central bank apart; warns Fed funds rate hike likely to spark ‘market turbulence'
Powell says ‘good deal more’ needs to be done on CCPs
Fed governor Jerome Powell stresses the need for international coordination to ensure that reforms on the central clearing of OTC derivatives live up to their promise
Lagarde approves of BoJ’s ‘brave’ decision to launch more QE
IMF managing director describes ramping up of asset purchases as ‘perfectly legitimate’ and ‘brave’ on high-level panel in Paris; Yellen, Coeuré, Rajan and Carstens also feature
Hélène Rey warns advanced economies are not safe from US spillovers
Leading economist says spillovers from US monetary policy affect both advanced economies and emerging markets, weakening domestic policy; NY Fed's Bill Dudley responds
Kocherlakota wants FOMC to stress target symmetry
Minneapolis Fed president wants FOMC to clarify inflation objective; also calls for adoption of benchmark two-year time horizon for returning inflation to target
Yellen: Economics profession can benefit from more diversity
Janet Yellen argues economies ‘develop and become more stable through diversification’, noting the failure of economists brought a public debate about the health of the profession
Kocherlakota explains dissent from FOMC decision to end asset purchases
Minneapolis Fed president says downside risks to inflation outlook ‘arguably worse' than a year ago; says evidence from Japan and Europe shows need to act on 'an ongoing basis'
Fed wraps up asset purchase programme
US central bank brings era-defining policy to an end in unceremonious manner; Minneapolis Fed's Kocherlakota votes against decision
Bank of Mexico’s Sánchez considers EM response to tighter Fed policy
Deputy governor says emerging markets will need to contend with the end of the ‘financial bonanza’ that surfaced in the wake of the crisis, and must consolidate
Fed issues tougher and broader 2015 stress tests
Severely adverse scenario adds oil price shock and wider corporate bond spreads; list of stress-tested institutions grows
Robert Pringle’s Viewpoint: Stanley Fischer responds to the Fed’s foreign critics
The Federal Reserve vice-chair rightly insists that each nation should each keep its house in order; but the global village needs to be kept tidy as well
Fed paper models impact of return to normal rates
Discussion paper studies the likely effect of returning interest rates to more normal levels; finds different combinations of tools would have different effects on financial intermediation
The global financial architecture is broken
Central banks have taken over from Bretton Woods institutions in a multipolar world where actors are increasingly fearful of dealing in G-4 currencies, writes Andrew Sheng
Andrew Sheng says international monetary system is fundamentally flawed
Former chairman of Securities and Futures Commission says the world is breaking up into national currency blocks, and the revival of ‘Cold War 2.0’ makes it difficult to fix
Yellen ‘greatly’ concerned by inequality in US
Fed chair takes unusual step of addressing inequality in her speech at a Boston Fed conference; explores four ‘building blocks’ of economic opportunity
Danièle Nouy: Fed facing similar data challenges as ECB
The supervisory board chair delivers concluding remarks to the ECB conference on statistics; notes similarities between approach of Fed and European authorities to data problems
Top UK and US officials join forces to enhance resolution
Officials including Mark Carney and Janet Yellen meet in Washington to improve transatlantic cooperation in the event of a global banking collapse
Plosser wants Fed to follow ‘rule-like’ monetary policy
Philadelphia Fed president says constrained discretion has been shown to produce better policy-making, citing Nobel prize-winning research