Federal Reserve System
Bernanke remains dovish in face of stability threats
Fed chairman says low interest rates are providing significant benefits to growth and heading off ‘incipient’ deflationary pressures; hints QE could be reduced soon, but only if data allow
BIS paper finds higher US bank taxes may have only moved stability risk
Research into higher taxes imposed on wholesale funding by US banks finds they did reduce reliance on short-term borrowing, but says risks may simply have been pushed into foreign banks
Wall Street hoping for Fed reprieve for derivatives desks
Investment banks fear they will be subject to section 716 of the Dodd-Frank Act unless Federal Reserve gives relief
Fed’s Raskin says fiscal policy is holding economy back
Member of board of governors expects fiscal policy to ‘significantly hinder’ growth this year and remain restrictive going forward, but predicts continued moderate recovery
Fed paper says macro-prudential policy is not a new idea
Research studies various macro-prudential policies employed in the past, seeking insights for contemporary policy-makers
Robert Pringle's Viewpoint: Watch what central bankers do, not what they say
Recent speeches by Ben Bernanke and Mark Carney signal a new phase in the development of central bank rhetoric. The big question is whether they preface a change in policy
Fed director says rest of world lagging behind on cross-border resolution
Michael Gibson says US has had its resolution authority in place for years, but slow progress in other jurisdictions is causing delays; FDIC chair says talks with G-Sib host countries are ongoing
Philadelphia Fed paper investigates price discovery
Study questions how government support can best help kick-start the process of price discovery in a frozen market
Inflation target may necessitate hasty QE exit, says Plosser
Philadelphia Fed president argues for pace of asset purchases to slow from next FOMC meeting; says accommodative monetary policy may need to be removed 'more aggressively' than some think
Fed paper investigates decline in US labour market mobility
Study identifies drop in interstate migration since 1980s; attributes fall to stronger internal labour markets rather than demographic or sociological factors
Bernanke outlines Fed's ‘intensified' monitoring of financial system
Focus is on Sifis, shadow banking, asset markets, and the non-financial sector, according to the chairman of the Federal Reserve
Central banks adopting social media at different paces, finds CBJ study
A new Central Banking journal study shows that institutions around the world are adopting very different approaches in their deployment of social media techniques
Communicating uncertainty in economic forecasts
The way central banks and economists communicate uncertainty in macroeconomic forecasts differs around the world. Charles Manski contrasts the approaches of the Federal Reserve and Bank of England
Booknotes: After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead
According to Alan Blinder's publisher, he has taken the time 'to think his way through to a truly comprehensive narrative of how the worst economic crisis in postwar American history happened'
Booknotes: The Federal Reserve and the Financial Crisis
This volume is based on the transcripts of four lectures from a series delivered by the chairman of the Federal Reserve Board at George Washington University in the spring of 2012
Booknotes: Bull By the Horns: Fighting to Save Main Street from Wall Street and Wall Street from itself
This is a great book with a clear message: no more bailing out of too-big-too-fail banks.
Fed’s Tarullo says wholesale funding is the most important gap in regulation
Fed governor warns regulation does not yet adequately address vulnerabilities in the financial system, citing wholesale funding and ending too-big-to-fail as particular problems
Fed opens door to further asset purchases
The Federal Reserve resists recent talk of an exit from quantitative easing by emphasising that it could yet increase asset purchases; accuses fiscal policy of ‘restraining economic growth’
Bank of Japan raises ‘major concerns' over US foreign bank rules
Letter to Fed governor challenges proposed regulation of foreign banks on the basis of inconsistency with international standards and restrictive liquidity rules; Germans also weigh in
Fed to release new $100 bill in October after three-year delay
New $100 bill with new security features is finally ready to enter circulation, after 'creasing' issues caused delays in 2011
Barnier takes Bernanke to task over foreign bank rules
Letter from European commissioner to Fed chief says proposed rules for foreign banks put global efforts at regulatory harmony in jeopardy and could spark ‘protectionist reaction’
Fed’s Stein backs ‘committed liquidity facility’ as supplement to Basel LCR
Federal Reserve governor says facility approved for use in Australia could be a good way of maintaining liquidity during crisis and imposing a ‘pollution tax’ on illiquid banks
Fed’s Raskin assesses impact of inequality on monetary policy
Governor Sarah Bloom Raskin says inequality in US could affect transmission of monetary policy to real economy; predicts ‘increasingly potent’ policy as house prices rise
Kocherlakota warns of consequences of ‘mandate-consistent' lower rates
Minneapolis Fed president highlights risks accompanying persistent low rates, but argues rates must go lower still to be consistent with dual mandate