Federal Reserve System
US watchdog highlights discrepancies in Fed emergency programmes
US Government Accountability Office says Fed on occasions failed to properly document processes and decisions during crisis; says opportunities exist to strengthen risk management practices
Fed liquidity helped US escape Great Recession: NY Fed paper
New York Federal Reserve study says Fed liquidity policies helped economy avert another Great Depression
Bernanke asks for help to stimulate the economy
Bernanke reiterates Fed is ready to act; calls on all policymakers to work towards lifting the economy
Short-selling ban proved ineffective: NY Fed paper
New York Federal Reserve study says ban on short-selling did not prevent slide in stock prices and increased cost of liquidity
Philly Fed paper explains low US job separation rates
Philadelphia Federal Reserve study shows low US separation rate is due to workers' reluctance to depart from their jobs
Easier access to credit can replace foreign aid: St Louis Fed paper
St Louis Federal Reserve study argues that easier access to international credit can on occasion prove more effective to developing countries than foreign aid
NY Fed paper highlights risky debt management strategies
New York Federal Reserve study says high levels and maturities of debt risk increasing macroeconomic instability
Fiscal cuts can stabilise macroeconomy: Philly Fed paper
Philadelphia Federal Reserve study shows fiscal retrenchment can, in some circumstances, reduce macroeconomic instability and stimulate economic activity
Central banks should allow governments to fail: Kocherlakota
Minneapolis Federal Reserve president Narayana Kocherlakota says central banks risk losing control of price stability if they don’t allow fiscal authorities to default
Fed's Tarullo calls for more research into systemic risk
Daniel Tarullo asks for more research into industrial organisation and systemic risk
Philly Fed paper tests accuracy of Phillips curve in forecasting inflation
Philadelphia Federal Reserve study shows accuracy of Phillips curve models in forecasting inflation is highest during economic downturns
Long-term yields plunge as Fed initiates Operation Twist
Federal Open Market Committee to buy $400 billion in long-term government bonds in exchange for shorter-dated paper as yields on 10- and 30-year Treasury bills decline
Asset Purchase Facility focus of BoE QE discussions
Bank of England minutes reveal Monetary Policy Committee considered changing maturity profile of asset purchase facility
San Francisco Fed paper identifies strong QE signalling channel
San Francisco Federal Reserve study finds strong signalling effect from Federal Reserve’s quantitative easing programme
BIS calls for greater vigilance over sovereign risks
Bank for International Settlements Quarterly Review warns weaker global growth outlook risks fuelling sovereign debt crisis
Riksbank was ‘wrong’ to raise rates: Svensson
Riksbank deputy governor Lars Svensson says Riksbank miscalculated repo rate path and should have followed Federal Reserve with accommodative stance
Kansas Fed names Hoenig successor
Esther George to take over as president and chief executive of the Federal Reserve Bank of Kansas City; Thomas Hoenig retires October 1
Dallas Fed paper identifies sizeable asymmetries in FX and bond markets
Dallas Federal Reserve paper highlights asymmetries between returns of government bond and exchange rates
Euro climbs as major central banks boost dollar liquidity
Bank of England, Bank of Japan, European Central Bank and Swiss National Bank to offer three-month loans to market; euro moves higher against the dollar but nearly breaks Swiss franc floor
Boston Fed paper reviews Argentina's economic collapse
Boston Federal Reserve study shows higher input costs exacerbated macroeconomic downturn in Argentina during the early 2000s
NY Fed paper identifies causes of US housing bubble
New York Federal Reserve study shows US housing boom was driven by lower lending standards and overly optimistic investors
US lawmaker presses for change to FOMC voting system
Congressman Barney Frank to introduce bill that calls for replacement of regional Fed presidents on FOMC with four external members; calls Fed presidents a "self-perpetuating" group
Fed policy must be state contingent: Bullard
St Louis Federal Reserve president James Bullard calls for FOMC to discard fixed dates for setting policy
Early monetary exit risks return to recession: KC fed paper
Kansas City Federal Reserve study shows an early monetary policy exit can lead to a double-dip recession