Federal Reserve System
Bernanke evaluates long-term interest rates
Federal Reserve chair Ben Bernanke expects long-term interest rates to rise gradually; says upside and downside risks to rate level are 'roughly symmetric'
Yellen says monetary easing needed to support labour market
Federal Reserve vice-chair says labour market should take centre stage in Fed’s monetary policy; does not believe asset purchases are threatening financial stability
Stockton’s Bank of England review offers forecasting lessons for central banks
The Stockton review of the Monetary Policy Committee at the Bank of England offers valuable lessons for central bankers and economists around the world.
Deutsche Bundesbank’s losing struggle in European integration battle
The Deutsche Bundesbank was once the cornerstone of European monetary stability but has become little more than a bargaining chip for politicians negotiating European integration.
State Bank of Vietnam needs a single mandate not independence
Lessons from South Korea, Japan and the US indicate a single mandate would benefit the State Bank of Vietnam more than an IMF call for legal independence.
Bernanke commits to continuing asset purchases
Fed chairman says benefits of ongoing monetary policy stimulus are clear; urges US government to delay bulk of impending spending cuts
Central bank independence: more myth than reality?
Crisis responses are placing a heavy burden on many central banks. But there is no evidence showing that legally independent central banks have a better track record in monetary policy
Fed’s Powell and Rosengren hit back at ‘fiscal crunch’ research paper
Research suggests Fed is constrained by precarious US finances, but Fed governor and president offer alternative conclusions
Fed’s Tarullo presses regulators for speedy reforms
Federal Reserve governor Tarullo urges Basel Committee to implement ‘Sifi surcharge’ within a year; Boston Fed president Rosengren says surcharge alone not enough
FOMC members 'undecided' over further asset purchases
Federal Open Market Committee displays more uncertainty over when to halt asset purchase programme; wary of buying more securities but scared of ending purchases too soon
Fed paper examines costs of trend inflation variance
Study finds an increase in the volatility of trend inflation imposes a modest welfare cost on the economy
Fed’s Tarullo lays out regulatory priorities for 2013
Federal Reserve governor highlights a number of regulatory efforts planned for the coming year; says US is ahead of its peers in introducing a bank resolution framework
Fed presidents back money market fund reform
Regional federal reserve bank presidents say money market fund reform needed to increase resilience and reduce susceptibility to runs, despite SEC objections
Philadelphia Fed president wants forward guidance in ‘normal times’
Charles Plosser says helping the public understand how the Fed sets policy in normal times will make forward guidance at the zero lower bound more effective
Yellen says forward guidance is ‘good news for workers’
Fed vice-chair says unemployment is predominantly cyclical and can be allayed by increasing aggregate demand; forward guidance will help Fed boost demand without compromising price stability
Stein says Fed could deploy monetary policy to cool credit markets
Jeremy Stein says imperfect regulatory tools may require monetary and macro-prudential policies to work in tandem if credit markets overheat, but spotting trouble is not straightforward
Taylor challenges efficacy of central bank independence
Without a rules-based framework central banks tend to stretch the bounds of their independence, and the results tend to be poor, John Taylor says
Fed research paper finds uncertainty more damaging at the zero lower bound
New paper finds the zero lower bound has exacerbated the effect of uncertainty in the ‘Great Recession'
Rating agency warns of knock-on effect of Fed’s foreign bank rules
Fitch says tighter rules for foreign banks operating in the US are likely to make other countries raise standards as well, putting a squeeze on the growth of global banks
Fed holds rates and maintains asset purchases in first vote since membership shake-up
Esther George, president of the Federal Reserve Bank of Kansas City, votes against QE in her first meeting
Stanley Fischer hints at successor as candidates emerge
Fischer says Bank of Israel deputy governor Karnit Flug was chosen on the basis she would be able to ‘function as governor’ when necessary; other potential candidates speak to CentralBanking.com
Bank of Israel governor Fischer to step down
Stanley Fischer announces he will stand down in June this year; speculation begins as to his next move
Belgian paper finds Fed policy influenced by Taylor rule
Working paper presents evidence that Federal Reserve policy-makers are influenced by the Taylor rule when making monetary policy decisions
Fed researchers plot balance sheet exit strategy
Federal Reserve economists project possible routes towards returning the balance sheet to a 'normal' size, finding that the process should only have a temporary impact on the Fed's income