Federal Reserve System
Lessons from Bill Taylor and the last financial crisis
Kansas City Federal Reserve publishes a short biography of former FDIC chairman
Washington begins writing out reliance on ratings agencies
Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Office of Thrift Supervision begin search for new measure of creditworthiness
New York Fed details how it plans to implement latest policy move
New York Federal Reserve says it will hold levels of domestic securities at $2.054 trillion by buying long-term Treasuries; plans to steer away from scarce markets
King takes firm line on QE, direct lending
Bank of England governor Mervyn King says small businesses’ problems won’t be solved by direct help from the central bank; stresses that banks will be weaned off liquidity support
FOMC pledges to maintain scale of asset purchases
Federal Reserve fails to announce additional quantitative easing but pledges to keep size of purchases at current levels; calls for more easing spurred by weak jobs data
BIS’s Hannoun flags dangers of exceptional measures
Bank for International Settlements’ Hannoun calls on central banks to shrink balance sheets
St Louis Fed: Financial innovation important for growth
St Louis Federal Reserve study says improving best financial practices can boost economic performance
FDIC’s general counsel resigns
Federal Deposit Insurance Corporation general counsel Michael Bradfield becomes second high profile figure to leave this week
Top US economic adviser Christina Romer quits
Chair of US President’s Council of Economic Advisers Christina Romer resigns, citing family reasons; thought to be interested in Janet Yellen’s post at San Francisco Fed
NY Fed: Funding liquidity explains investor hedging behaviour
New York Federal Reserve study finds funding liquidity risk plays important role in stock returns
NY Fed to start second set of reverse repo tests
New York Federal Reserve will conduct further tests of reverse repurchase operations tool in preparation for eventual exit from monetary support; tests will involve agency MBS, unlike previous trial
Dallas Fed: Oil shocks driven by supply and demand factors
Dallas Federal Reserve study links variations in oil prices and US growth patterns over past four decades to endogenous shocks
Bernanke on why states face fiscal shortfalls
Federal Reserve chairman Ben Bernanke pins shortfalls on recession, legislation and pensions
Greece’s fiscal situation far worse than US: Atlanta Fed
Atlanta Federal Reserve study says Greece’s fiscal debts more worrisome than the United States’s
Bear bailout vehicle turns first paper profit
Federal Reserve balance sheet data shows Bear Stearns’ assets held in Maiden Lane vehicle made a paper profit for first time since its inception
Boston Fed: Real rigidities dampen exchange rate shocks
Boston Federal Reserve study on price rigidities shows intense price competition leads to weak pass-through effects when there is an exchange rate shock
Fed’s Bullard calls for further QE
St Louis Federal Reserve president James Bullard says United States must commit to further stimulus if it wants to avoid a deflationary trap like Japan
Federal Reserve – Beige Book (July 2010)
Federal Reserve’s July Beige Book shows significant improvement in labour markets across five of the United States’ 12 districts
Boston Fed: poor subsidise card payment transfers of rich
Boston Federal Reserve paper shows low income households subsidise the cost of card payment transfers for high income households through higher relative prices
Fed finally set for full complement of governors
Senate Banking Committee okays Janet Yellen for Fed vice-chair; Peter Diamond and Sarah Raskin also approved for Fed board; first time six governors have served the Fed in more than four years
Fed’s response averted a depression: Blinder
A paper co-authored by former Federal Reserve governor Alan Blinder says the central bank’s extraordinary polices prevented the country from entering a second Great Depression
Quantitative easing doesn’t work: Woodford
National Bureau of Economic Research paper co-authored by Michael Woodford says quantitative easing has little impact, but credit easing does occasionally when targeting specific assets
Price stability rightly remains sole focus of monetary policy: IMF
Fund directors say macroprudential measures, rather than monetary policy tools, should deliver financial stability; propose measures including dynamic provisioning framework
Fed better prepared than us for financial crisis: ECB paper
European Central Bank study shows stronger emphasis towards output allowed the Fed to react faster than Frankfurt to financial crisis