Federal Reserve System
Fed 'very close' to adopting inflation target, says Bullard
St Louis Federal Reserve president says FOMC nearing agreement to introduce inflation targeting in US; move is part of effort to improve transparency at the Fed
Bank of Italy: ECB’s flexible operational framework assisted crisis response
Bank of Italy study compares effectiveness of unconventional monetary policies adopted by the Federal Reserve and European Central Bank in response to crisis
Fed to release ‘projections’ for future policy
FOMC minutes reveal committee members’ expectations for future monetary policy will be incorporated in Summary of Economic Projections documents; part of Fed’s improved transparency plan
NY Fed paper identifies illiquidity issues in Tips market
New York Federal Reserve study says benefits of inflation-protected Treasury securities are not being fully reaped
Obama nominates two new members to Fed board
Former undersecretary of the Treasury Jerome Powell and Harvard economist Jeremy Stein put forward to fill vacant seats on Federal Reserve Board of Governors; need Senate backing
CentralBanking.com review of 2011
Round-up of 10 of the leading news stories in 2011
Bank of Japan launches Twitter account
Bank of Japan advances internet offerings by launching a Twitter account; joins several other central banks in ‘tweeting’ key information
Fed holds fire amid European chaos
Federal Open Market Committee points to 'strains' in global financial markets as it holds rates and reaffirms commitment to Operation Twist
Promotions and reappointments at the Chicago Fed
Federal Reserve Bank of Chicago announces new deputy chairman, reappointments of board chairman, two directors and Federal Advisory Council representative; also promotions in three internal groups
US regulatory agencies issue new market risk capital rule proposals
US federal bank regulatory agencies remove references to rating agencies in new market risk capital rule proposal; change aids compliance with Dodd-Frank Act
Kamin confirmed as permanent replacement for Sheets at Fed
Steven Kamin is made permanent director of the Division of International Finance at the Federal Reserve Board; has been acting head since Nathan Sheets resigned in August
Chinese labour costs contributed to US job losses: Fed paper
Federal Reserve study says decline in US manufacturing employment was largely attributable to relatively low investment and slow growth in the US, rather than China's competitive labour market
Fed promotes directors on district boards
Federal Reserve announces string of changes to chair and deputy chair of regional Fed board of directors for 2012
Plosser warns Fed against engaging in fiscal policy
Philadelphia Federal Reserve president Charles Plosser says involvement in credit programmes risks blurring distinction between monetary and fiscal policy
Fed paper details highs and lows in Spanish economic activity
Researchers point to change between 2007 and 2011 as one of the worst in Spanish economic history
Fed picks new head for banking supervision division
Michael Gibson takes over from Patrick Parkinson on January 1; Parkinson leaves Fed after 30 years of service
Capital flows reversed in India post-QE2: RBI paper
Reserve Bank of India study shows capital inflows into India declined after the US Federal Reserve’s second quantitative easing programme
Minneapolis Fed’s Kocherlakota warns FOMC against inflation drift
Minneapolis Federal Reserve president Narayana Kocherlakota says Federal Reserve should formulate a public contingency plan to avoid tolerance of high inflation
Major central banks take co-ordinated action
Central banks reduce US overnight index swap rate from 100 basis points to 50 basis points above market rate to flood financial system with dollar liquidity
Housing market reforms can boost recovery: Fed’s Yellen
Federal Reserve vice-chair Janet Yellen says there is good case for government to address the dysfunctional US housing market
Credit expansions strengthen recessionary trends: SF Fed paper
San Francisco Federal Reserve study finds credit intensity of the boom periods matter for path of recession
FOMC disagrees over monetary policy strategy
Federal Open Market Committee discusses alternative monetary policy strategies; committee disagrees over setting a “longer-run inflation goal”
SF Fed says mortgage market reforms can aid monetary policy
San Francisco Federal Reserve president John Williams says fiscal policy must work in tandem with monetary policy to stimulate US economy
Chicago Fed paper explores determinants of asset-price bubbles
Chicago Federal Reserve study says theoretical models that observe relative price deviations from fundamentals are effective in predicting boom-bust cycles