Federal Reserve System
Book notes: Quantitative easing, by Jonathan Ashworth
Well-documented and fairly comprehensive book for anyone, including central bankers, wanting an overview of how monetary policy has evolved in recent decades
Don’t dismiss inflation risks but don’t overreact, say central bankers
Sbordone, Smets and Vlieghe weigh up challenges for central banks in the “return towards normal”
Cash infrastructure as public good – implications for the cash cycle
Efforts are under way in the Eurosystem to safeguard cash infrastructure as a ‘public good’ even as transaction volumes have fallen significantly. How can policy-makers strike the right balance?
Brainard questions Fed approval of bank merger
Fed approves PNC purchase of BBVA USA, while Brainard warns of “weakened” safeguards
Diem shifts focus to US dollar stablecoins
Move away from Switzerland sees former Libra Association distance itself from original multi-currency plans
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella. To understand current policy challenges, we must first understand money creation
Fed leaders hold dovish line as CPI surges
Board members and regional presidents say inflation and employment goals still far from met
Paycheck protection facility supported lending – Fed paper
Study finds liquidity facility helped banks lend more to small businesses during the Covid-19 crisis
Think-tank urges Fed to tackle climate risk with capital regulation
Paper calls for more urgent Fed action to address risks in bank and non-bank sectors
Fed looks to boost competition in debit card payments
New rule will support legal right to at least two payments options for merchants
Fed clarifies account access rules for fintech firms
Proposals address growing number of firms seeking access to the central bank’s balance sheet
Yellen unsettles markets with rate rise comments
Treasury secretary’s offhand comment about raising interest rates leads to stock selloff
Lights. Camera. Reverse repo: Fed to be dramatised in TV series
Warner Brothers Television developing “The Fed” drama series for IMDb TV
People: US set to name OCC chief; IMF’s Werner to retire
New deputy governor appointed in India; former Ecuadorian general manager dies; and more
Dallas Fed chief wants to talk about tapers
Comments may indicate split at Fed, though FOMC remains committed to asset purchases
Central bank ‘activism’ risks long-run costs, paper argues
Central banks acting outside their mandate is “never without cost”, law professor says
Fed plays down US economic rebound
Powell says economy still “a long way from our goals” as FOMC holds policy steady
Central banks halt longer-term dollar liquidity auctions
Major central banks will no longer offer dollar liquidity at the 84-day maturity
Navigating the hazards of inequalities
Inequality poses a serious challenge for central bank communications, says Mike Hannah
Fed must clarify future of QE, IMF says
IMF warns that rising longer-term Treasury yields could have major impact
Is the ECB implementing yield curve control?
The eurozone has adopted a hybrid system – lying somewhere between the Fed’s QE and the BoJ’s yield curve control – that targets wider financing conditions
Fed may make Fima permanent – SF president Daly
SF Fed president says policy-makers also considering creation of domestic repurchase facility
New FOMC target may be shifting expectations – research
Cleveland Fed paper says some professional forecasters driving rise in inflation expectations
Richmond Fed: is US ready for digital dollar?
Brief argues there are questions to answer before embarking on CBDC