Federal Reserve System
Implicit government guarantees leads to increased risk-taking at banks
Fed discussion paper argues that strengthening market discipline by reducing bank complexity is needed to address moral hazard
BIS economists find Fed's QE helps curb tail risk perception
Paper published today finds the effect of the Fed's announcing unconventional monetary policy measures is strongest when used in conjunction with forward guidance on low interest rates
Central banks are getting more transparent, study finds
Study conducted by Barry Eichengreen and Nergiz Dincer finds trend towards greater transparency was not knocked off course by the financial crisis; independence, however, is more patchy
Sovereign default spreads drove European bank risk exposures during crisis
Systemic risk of European banks reached its height in late 2011 at around €500 billion, based on a measure introduced in a recent Fed working paper
Fed struggles with same issues as 100 years ago, says Lacker
There has been a debate over which assets the Fed should hold since its founding in 1913, Richmond Fed president Jeffrey Lacker says
Summers trails Yellen and Fischer in Central Banking Fed poll
Readers of CentralBanking.com make Janet Yellen first choice to succeed Ben Bernanke as Fed chair - with Stanley Fischer a strong second; Larry Summers joint third with Christina Romer
Canada deputy says QE exit may be ‘more benign’ than critics fear
Despite Canada’s close ties to the US, Bank of Canada deputy governor John Murray believes tapering of Fed asset purchases will have less of a negative impact than many pundits fear
US needs to improve supervision of insurers, FSB peer review concludes
Dombret-led review says US is making progress in reducing systemic risk, but insurance supervision architecture is ‘fragmented'; FSB also publishes progress report on compensation practices
ECB research highlights Greenspan’s powers of persuasion
Researchers say Alan Greenspan was a ‘dominant’ chairman of the FOMC who frequently managed to convince regional Fed presidents to walk his own policy line
Lagarde tells central bankers not to 'rush to exit' on QE
Speaking at Jackson Hole, the head of the IMF said unconventional monetary policies were "still needed in all places it is being used" and that it was unclear what "exit" actually implied
Economists weigh Fed exit at Jackson Hole
Robert Hall warns against tightening policy too soon; Arvind Krishnamurthy lays out exit path that would see Fed selling its Treasury portfolio while maintaining its purchases of MBS
Yellen must overcome deputies’ curse to take Fed chair
Fed vice-chair Janet Yellen will need to avoid joining Paul Tucker, Tiff Macklem, Karnit Flug and other discarded deputies to take the top job at the Fed as governments increasingly favour outsiders
Fed contemplates change to forward guidance
Minutes from the FOMC’s July meeting show members were divided over the outlook for the US economy, and on the prospect of tinkering with the Fed’s forward guidance
Fed urges big banks to improve internal capital planning
Federal Reserve says lenders must strengthen methods for assessing risks; reveals 18 biggest US lenders face challenges in one or more areas
EM central banks in a bind as capital volatility set to worsen
Central banks in the biggest emerging market economies are bracing for ever faster outflows of capital if tomorrow's FOMC minutes continue to point to US monetary tightening
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
Atlanta Fed president calls for QE caution
Dennis Lockhart urges the FOMC to scale back the Fed’s asset purchases in a flexible manner; believes any initial reduction should be seen as a ‘cautious first step’
Opinion: The ECB should not hold back from eurozone bond purchases
There is no danger in the ECB buying large amounts of eurozone government bonds to bolster market confidence – so long as the right conditions are met – says Natixis chief economist Patrick Artus
Getting to grips with monetary policy?
Global co-operation on monetary policy remains out of reach
BIS calls for monetary tightening not heeded by major central banks
The BIS's latest annual report voices the private concerns of the world’s leading central bankers. But it falls short on action that will hold national governments to task
Sandra Pianalto to retire next year
Cleveland Fed president Pianalto calls time on a 30-year career at the bank; successor will sit on the FOMC in 2014
Philadelphia paper models export dynamics after large devaluations
Working paper says that exports responds ‘sluggishly’ to a large currency depreciation; creates a model to capture these dynamics and explore their macroeconomic impacts
Central banks face $450bn in paper losses from gold holdings
The decline in world gold prices during the first half of the year has resulted in the value of central bank gold reserves falling by $447 billion; latest entrants into bullion market hardest hit