Federal Reserve System
Three strikes and you’re out
Standard and Poor’s downgrade of US debt is just one of a handful of errors made by credit rating agencies, writes Robert Aliber
Chicago Fed reviews implementation of Dodd-Frank Act
Chicago Federal Reserve newsletter looks at policy debate on measures to address systemically important financial institutions
Spike in US headline inflation is temporary: San Francisco Fed paper
The San Francisco Federal Reserve review says headline inflation is likely to fall to converge with low levels of core inflation
Inflation revisions could alter observed policy target: Philly Fed paper
Philadelphia Federal Reserve study says large size of inflation data revisions might reduce success rate of inflation targeting
Fed warns of Dodd-Frank clash with Basel III
Proposal to remove references to credit rating agencies conflicts with Basel III wording; Fed faces tough process to find alternative standards of creditworthiness
Federal Reserve – Beige Book (July 2011)
Federal Reserve July Beige Book shows United States experienced slowdown in economic activity on east coast
College drop-out rate is strongly correlated to income: Boston Fed
Boston Federal Reserve study shows poor students are 27% more likely to drop out of college than wealthier students
Political impasse raises US default concerns
As the August 2 deadline to raise the US debt ceiling looms, Blair Baker looks at what the prospect of a default in the US means for the world and whether the Fed can play a pivotal role in Washington
St Louis Fed paper observes high government reallocation costs
St Louis Federal Reserve study says governments come up against high capital and labour reallocation costs when responding to a negative demand shock
Small businesses hit harder during recession: NY Fed
New York Federal Reserve study shows weak consumer demand for small firms’ products and services led to disproportionate decline for these firms
Fed aims for summer Sifi regulations
Bernanke says Fed expects to issue proposed rules on Sifi oversight this summer; also 'on schedule' to implement Basel III
QE2 reduced deflation threat: NY Fed’s Sack
New York Federal Reserve executive vice-president Brian Sack says the risk of deflation in the US diminished significantly following the Fed’s second quantitative easing programme
Exogenous financial shocks should factor into monetary policy: Dallas Fed paper
Dallas Federal Reserve study says exogenous financial shocks should be incorporated into monetary policy decisions
Frequency of cyclical unemployment is rising: Fed paper
Federal Reserve study shows cyclical movements in unemployment have become more persistent in recent decades
Boston Fed’s Rosengren clarifies state of US recovery
Boston Federal Reserve president Eric Rosengren says US recovery is not in a soft patch, but in a consistently weak state
Markets respond positively as Bernanke says US is ready to act
Federal Reserve chairman Ben Bernanke says US has a “number of ways” it could ease financial conditions if necessary; markets respond postitively
St Louis Fed paper on US monetary policy and global output gaps
St Louis Federal Reserve study says there is not sufficient empirical evidence to suggest US monetary policy should focus on global output gaps
Fed's Hoenig warns of risks from late rate rise
Kansas City Federal Reserve president Thomas Hoenig urges Federal Open Market Committee to begin moving out of very accommodative monetary stance
Standard monetary policy rules don’t apply in liquidity traps: Dallas Fed
Dallas Federal Reserve study shows monetary policy should be complemented with fiscal policy in order to shift aggregate demand out of a liquidity trap
NY Fed paper identifies labour slack threshold
New York Federal Reserve study says relationship between labour market slack and inflation is non-linear
Weber says heterogeneity in euro area not an issue
Former Bundesbank president Axel Weber says heterogeneity of economies not an issue in currency in St Louis Federal reserve paper
Minneapolis Fed’s Kocherlakota urges review of US tax code
Minneapolis Federal Reserve president Narayana Kocherlakota says US lawmakers must reduce incentives by households and financial institutions to overleverage
Brazilian reserve requirements inefficient liquidity tool: Fed paper
Federal Reserve study says reserve requirements failed to provide adequate liquidity provisions in Brazil
QE2 is classic monetary policy: Fed’s Bullard
St Louis Federal Reserve president James Bullard says effects of quantitative easing too similar to interest rate loosening