Federal Reserve System

New York Fed's Economic Policy Review, Dec 2004

The Federal Reserve Bank of New York's December 2004 edition of its Economic Policy Review includes the article, Are home prices the next "bubble"? It assesses two measures frequently cited to support a bubble - the rising price-to-income ratio and the…

Fed's Kohn on central bank communication

In a speech on 'Central bank communication' given on 9 January, Donald Kohn of the Federal Reserve said the Federal Reserve is moving toward giving the public a better understanding of the central bank's behaviour, but these steps are likely to take…

Fed's Ferguson on labor market statistics

In a speech on 'Interpreting labor market statistics in the context of monetary policy' given on 7 January, Roger Ferguson of the Federal Reserve said it is possible there is less slack in the U.S. job market than thought, and this could lead to a pickup…

Bernanke: Transition from academic to policymaker

In the speech 'The transition from academic to policymaker' given on 7 January, Ben Bernanke of the Federal Reserve reflects on his two and a half years as an academic turned policymaker. Since moving to Washington Bernanke said he noticed that people…

Fed's Kohn on crisis management

In a speech on 'Crisis management: The known, the unknown, and the unknowable' given on 6 January, Donald Kohn of the Federal Reserve said although some critics have argued that the FOMC's policy adjustments in response to financial instability encourage…

Fed Reserve Bank of St Louis Review, Jan/Feb 2005

The latest edition of the St Louis Fed's Review for January-February 2005 includes a re-publication of William Poole's speech "FOMC Transparency". Also included is an article on "The diffusion of electronic business in the United States" which provides a…

Chicago Fed National Activity Index, Nov 2004

The Chicago Fed National Activity Index (CFNAI) for November 2004 was +0.12, down markedly from +0.49 in October. Three of the four broad categories of indicators that comprise the index made small positive contributions, while the employment-related…

St Louis Fed's Central Banker, Winter 2004

The Winter 2004 edition of the St. Louis Fed's Central Banker magazine has been published. In the Feditorial, St. Louis Fed President Bill Poole announces several interactive features that facilitate debates and discussions on issues important to its…

Phil Fed's Survey of Professional Forecasters

The Federal Reserve Bank of Philadelphia has published its Fourth Quarter 2004 Survey of Professional Forecasters. Growth over the next five quarters looks slower now than it did three months ago, according to 34 forecasters surveyed by the Federal…

Fed's Bies on factors in risk management

In the speech 'It's not just about the models: Recognizing the importance of qualitative factors in an effective risk-management process' given on 7 December, Susan Bies of the Federal Reserve said mathematical investment models are not enough on their…

Fed's Bernanke on the logic of monetary policy

In a speech on 'The logic of monetary policy' given on 2 December, Ben Bernanke of the Federal Reserve said that official short-term interest rates are not an accurate gauge of how much stimulus or restraint policy-makers intend because most decisions…

Biern on The Bank Secrecy Act & USA Patriot Act

In testimony 'The Bank Secrecy Act and the USA Patriot Act' given on 17 November Herbert Biern of the Division of Banking Supervision and Regulation said regulators believe that banking organizations have to take reasonable and prudent steps to combat…

Richmond Fed's Economic Quarterly, Fall 2004

The Federal Reserve Bank of Richmond has published its Economic Quarterly for Fall 2004. The paper "Ricardo versus Wicksell on job losses and technological change" looks at Knut Wicksell's revisions of Ricardo's classical model with modern concepts and…

Chicago Fed National Activity Index, Oct 2004

The Chicago Fed National Activity Index (CFNAI) for October 2004 was published on 23 November. The CFNAI was +0.52 in October, up sharply from -0.04 in September. For the first time since March, all four of the broad categories of indicators that…

Fed's Bies on fair value accounting

In a speech on 'Fair value accounting' given on 18 November, Susan Bies of the Federal Reserve said the Financial Accounting Standards Board's fair value measurement standard is a good first step toward developing enhanced guidance for the estimation of…

Philadelphia Fed Business Outlook Survey, Nov 2004

According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, November 2004, activity in the region's manufacturing sector continues to expand. Manufacturing executives are more optimistic than they were last month about future…

Fed's Greenspan on the euro in wider circles

In a speech on 'Euro in wider circles' given on 19 November to the European Banking Congress, Alan Greenspan of the Federal Reserve said the persistence of huge U.S. trade deficits can pose a risk to the U.S. economy, which thus far has proven resilient.

Fed's Bies on financial supervision issues

In a speech on 'Financial supervision issues' given on 5 November, Susan Schmidt Bies of the Federal Reserve said the US government budget has become a "cookie jar" for lawmakers over the past four years, with taxpayer funds spent in some cases for …

Fed Reserve Bank of St Louis Review, Nov/Dec 2004

The latest edition of the St Louis Fed's Review for November-December 2004 includes the article "Monetary policy and asset prices: A look back at past U.S. stock market booms" which examines the economic environments in which past U.S. stock market booms…

Fed's Ferguson on business investment

In a speech on 'Factors influencing business investment' given on 26 October, Roger Ferguson of the Federal Reserve said US businesses are discarding their earlier caution and investing more in capital goods and structures.