United States
Richmond Fed appoints McKinsey executive its next president
Tom Barkin will serve as a full FOMC member as of 2018
Small open economies benefit from QE spillovers – IMF paper
Fed’s QE had a similar net positive effect in Canada to that in the US
Fed hikes have created ‘paradoxical’ easing – BIS
Review draws parallels between current episode and “Greenspan conundrum” of mid-2000s
Goodfriend nominated to Fed board
Central bank veteran to fill one of the four vacant spots on the board of governors
Strong growth and lower unemployment allows Fed to normalise policy, Yellen says
Outgoing chairwoman adds policy is not preset and will depend on economic data
Slower health care price rises limiting US inflation, San Francisco Fed paper says
Medicare prices rise by 1.1% annually since 2012, compared with 3.5% in mid-2000s
Powell to explain policy outlook before US Senate
Nominee set to defend loose policy stance and independence of central bank as new chair
Ultra-low rates hampered productivity in US, researchers find
A slower pace of policy normalisation can help boost productivity and growth
San Francisco Fed study: cash is not dead yet
Demand for notes and coins is “strong”, says the study, with cash in circulation growing in the majority of nations
December hike in focus despite FOMC inflation worries
Some Fed policymakers fret that inflation expectations are too low to bring inflation back to target, but broad view is of an economy gathering pace
NY Fed economists reveal big-data approach to nowcasting
Paper sets out the New York Fed’s model for producing early estimates of major indicators
Do not assume history will repeat itself – Yellen
In conversation with Mervyn King, Janet Yellen reflects on her four years in office as Fed chair, saying there was not time for champagne on her first day
People: Yellen to leave Fed in February; Curaçao names temporary governor
Janet Yellen to step down from Fed board; retirement crisis sees flurry of appointments at Curaçao and Sint Maarten; Carstens hands in chairmanship at IMFC; and more
Fed’s Williams proposes new tools to deal with future crisis
Structural factors beyond central banks’ control keep natural rate of interest lower
Low productivity might not be weighing on real rates – research
Long-run correlations imply there is little reason to believe low productivity is associated with low rates, Cleveland Fed economist finds
US economy requires neutral policy – Atlanta Fed president
Although the labour market is approaching full employment, inflation remains subdued
TCH launches real-time payment platform in US
Firm launches US’s first real-time payment system, cutting transaction times from days to seconds
Central banks should combine monetary rules to achieve objectives – research
Estimates based on different models should be updated regularly, authors say
Forward guidance essential in times of stress – Fed’s Evans
Chicago Fed president says central banks should plan for inevitable future scenarios now, in order to best prepare the public and to ensure policies are understood
Fed’s Harker ‘pencils in’ rate hike for December
Philadelphia Fed governor expects rates to rise 25bps before 2018, adding balance sheet normalisation is likely to “take some time”
Bernanke, Geithner and Paulson to conduct forensic analysis of 2008 crisis
Protagonists of US crisis response to lead research into detailed design choices behind the main measures taken
Softened liquidity rule would still be misguided – US asset managers
The Treasury proposals are welcome, firms say, but a watered-down SEC rule would leave risks unaddressed
Fed’s Quarles wants more transparent and simple financial supervision
Vice-chairman stresses importance of clearly conveying objectives of regulation and supervision
NY Fed paper estimates US contagion risks
Authors design a network model incorporating non-banks to estimate how the risk of a “default cascade” has changed over time