Federal Reserve System
Fed’s Duke is optimistic for 2010
Elizabeth Duke, a governor of the Federal Reserve Board, says she is optimistic that the volume of bank loans will increase this year
Rethinking risk aversion in asset-price models
San Francisco Fed shows measuring household risk aversion correctly is crucial for understanding asset prices
Accurate inflation forecast crucial for exit plan
St Louis Fed looks at challenges in designing effective exit policy
Bernanke appeals to keep Fed’s oversight powers
Federal Reserve chairman makes the case for the central bank to retain banking supervision in letter to lawmakers; Volcker supports systemic role
Federal Reserve -- Beige Book
US central bank’s first report for 2010 shows the economy continuing to improve
Atlanta’s Lockhart: don’t politicise the Fed
Atlanta Federal Reserve’s Dennis Lockhart says Fed must have the capacity to make unpopular decisions
Congress forces NY Fed to reveal AIG record
Federal Reserve Bank of New York subpoenaed for records of communication with AIG
Fed posts record $46 billion profit
The Federal Reserve says it made a record profit in 2009; NY Fed is pressed to publish AIG records in spiralling political row
Fed appeals to withhold bailout names
Federal Reserve goes to a US appeals court to overturn ruling forcing it to reveal the institutions rescued to the tune of $2 trillion at the height of the financial crisis
Inflation costs: Philadephia Fed working paper
Philadelphia Fed paper examines cost of inflation in a DSGE model
Optimal monetary policy with some pricing power
Boston Fed paper looks at optimal policy in an environment where firms can set some prices
Fed should hike to 3.5% soon: FOMC’s Hoenig
Thomas Hoenig, president of the Kansas Fed, says the central bank cannot afford to wait for recovery to firm before tightening
Philadelphia Fed Business Review
Review features articles on monetary policy implementation, banking design and the best way for central banks to transmit information
FOMC minutes flag inflation uncertainty
Minutes for December meeting of the Federal Open Market Committee underline divergence of views over price pressures
Fed’s Duke sees modest recovery ahead
Federal Reserve’s Elizabeth Duke expects credit conditions to thaw throughout the course of 2009
Taylor-rule author blasts Bernanke’s argument
Economist John Taylor says Bernanke was wrong to argue that low interest rates were not a factor in the housing bubble that led to the financial crisis
Senator who proposed Fed overhaul to retire
Senate Banking Committee chairman Chris Dodd, who produced a sweeping bill that seeks to limit Fed power, announces that he will not seek re-election
Inflation targeting insufficient: China’s Zhou
People’s Bank of China’s Zhou Xiaochuan says targeting low inflation alone is inadequate, particularly in light of the financial crisis
Fed’s Kohn on the links between macro and financial stability
Federal Reserve’s vice chairman notes crisis has illustrated two key lessons on the relationship between macroeconomic and financial stability
World’s biggest bond fund cuts back on gilts and treasuries
Pimco says it will reduce its holdings of US and UK government debt on concerns over rising debt and the withdrawal of asset purchase programmes
Bernanke: low rates didn’t spur housing bubble
Federal Reserve’s Ben Bernanke says direct linkages between low federal funds rate and rise in house prices weak; fix regulation not monetary policy
East Asia will take its cue from Fed: Indonesia deputy
Budi Mulya, the deputy governor of Bank Indonesia, says it is crucial the Fed err on the side of caution in withdrawing accommodative measures; East Asia-Pacific region will watch it closely
Crisis down to global imbalances: Obstfeld, Rogoff
Maurice Obstfeld and Kenneth Rogoff say global imbalances key source of crisis
Fed does not respond to oil price shocks: CEPR paper
CEPR paper argues against the standard view that Fed’s policy responses to oil-price-led inflation caused economic instability