Federal Reserve System
Moderate economic expansion reported in Fed’s Beige Book
Survey of economic conditions in Fed districts finds moderate increase in economic activity; New York district bucking trend
Fed publishes final rules on stress testing
Stress-test scenarios for bank-holding companies and non-bank financial institutions to be set by Fed; questions raised regarding suitability of tests for determining remedial action
Fed paper studies impact of fiscal reform within a monetary union
Research published by the Federal Reserve considers the effects of a unilateral shift in taxation policy within a monetary union and finds that risk of spillovers only comes with full integration
New rate-setting communication deliberated by Fed
Minutes from the FOMC’s September meeting show consideration of a switch in the way interest rate decisions are disclosed as well as motivation behind QE3
Bernanke defends Fed’s loose monetary policy
Ben Bernanke says Federal Reserve’s accommodative stance, including a third round of quantitative easing, is justified; denies Fed is encouraging poor fiscal policy-making
Contractionary monetary policy increases wealth spread, says Philadelphia Fed paper
Philadelphia Fed study considers impact of contractionary monetary policy shocks on different segments of the population; finds imbalance between the wealthiest and others
San Francisco paper studies effect of crisis on potential output
Federal Reserve Bank of San Francisco study examines US output potential; distinguishes between long-running trends and consequences of financial crisis
Research warns of global liquidity trap
Smithers & Co report says quantitative easing unlikely to boost demand due to worldwide liquidity trap; calls for fiscal stimulus but says such action is not expected
ECB communicates ‘intensively’ on fiscal policy, says paper
Research report compares central banks' communication on fiscal policy; ECB the most active commentator
US regulators release capital estimation tools for community banks
US federal banking regulators offer capital estimation tools to help community banks assess impact of proposed capital rules before comment period closes
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
Giff 2012: Central bank action enables Europe to reverse fiscal austerity, says Turkish deputy prime minister
Central banks have created a ‘window of opportunity’ for governments in Europe and elsewhere to embark on fiscal expansion to spur short-term growth, says Turkish deputy prime minister
Fed paper examines Chinese response to rate shocks
Federal Reserve study explores the response of the People’s Bank of China to foreign interest rate shocks; says liberalisation of foreign currency policies could reduce central bank’s costs
Fed’s Lacker explains dissenting vote on QE3
Jeffrey Lacker sets out reasons for vote against quantitative easing; says it will have a weak effect on growth, carries potential inflation risk and raises issues about the Fed’s mandate
Concerns raised over impact of Fed’s QE3
Federal Reserve to purchase $40 billion of mortgage-backed securities each month until US economy improves; doubts arise over effectiveness of the policy despite positive market response
Fed paper dissects link between asset purchases and bond yields
San Francisco Fed working paper explores the relationship between the Fed’s asset purchases and international bond yields; says portfolio balance was a key link between the two
Central banks are major driver of gold prices, says GFMS
Latest Thomson Reuters GFMS gold survey finds central banks are supporting gold prices via large purchases; adverse economic climate and quantitative easing also contributing to price increase
Fed paper evaluates asset purchase programmes
A Federal Reserve working paper says the central bank’s asset purchase programmes have lowered Treasury yields; uses market expectations to help judge impact
Fed paper estimates impact of more stringent bank supervision
Discussion paper studies changes in the stringency of the US bank ratings system ‘Camels’; finds although variation is small, closer supervision leads to a significant decline in lending
Bernanke disappoints markets by revealing little about QE3
Ben Bernanke’s Jackson Hole speech gets muted response from markets; gives no clear indication of whether third round of quantitative easing is forthcoming
Fed’s beige book reveals increased economic activity
US Federal Reserve economic summary reports expanding economic activity in the US; credit conditions said to be improving
Fed considers delaying stress tests for large banks
Federal Reserve considering altering the implementation timeline for stress tests required under Dodd-Frank; follows concerns raised about immediate effect date of changes
The flaws in the Fed's new macro stress test proposals
New macro stress test proposals by the Fed and ECB appear to conflict with rules put forward by the UK, and are raising concern in countries where financial institutions are relatively robust
Philadelphia Fed paper examines private monetary system
A Philadelphia Fed study explores the public and private provision of money; finds that a central bank does contribute to monetary stability