Federal Reserve System
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
Fed paper investigates shackling credit-fuelled booms
Researchers at San Francisco Fed model asset-driven credit growth; find restrictions on household borrowing the most effective tool to reduce excess volatility
Bernanke stresses importance of Fed independence
Chairman of the Federal Reserve highlights provisions in place to safeguard independence of the US central bank; discusses common fiscal authority for Europe
Fed’s Bernanke looks beyond broad market indicators
Fed chairman warns key aggregate metrics can miss economic pain felt by individuals and households; encourages development of economic measures to better assist with policy decisions
Fed research deputy director testifies on triparty repo market
Deputy director of the Fed’s research and statistics department outlines efforts made towards reform and oversight of the US triparty repo market
Fed reveals final rules for fraud prevention adjustments
Rules released permitting debit card issuers to receive an adjustment for fraud prevention; maintains cap of one cent a transaction but simplifies requirements
Bank of Canada paper finds major benefits of QE in UK and US
Researchers study impact of asset purchases by Federal Reserve and Bank of England; identify ‘powerful effect’ on output and inflation