United States
Low-income families suffer higher inflation rates, paper finds
The differences in prices occur in the same categories of goods
Falling import prices and lower expectations hamper Fed, Brainard says
Long period of low inflation may affect households’ inflation expectations, Fed board member says
Stanley Fischer announces October resignation from Fed
Vice-chair to step down in October “for personal reasons”, eight months before scheduled
Fed rate hikes may be damaging the economy – Kashkari
Neel Kashkari says low inflation may be the result of tighter policy
The Treasury could make QE exit faster and smoother
Swapping longer-term bonds for Treasury bills or floating-rate bonds would expedite the process of reducing bloated central bank balance sheets
St Louis Fed explains Fed’s plans to unwind balance sheet
Fed expected to stop replacing maturing securities to reduce $4.5 trillion balance sheet
New board oversight will not “lower the bar” – Fed’s Powell
The proposed new regulation will not lower the bar for boards or lighten the load of directors, says the Fed governor
Fed paper explores balance sheet effects of liquidity rules
Study of how banks allocate portfolios of liquid assets highlights implications for monetary policy
Bullard: low unemployment does not mean high inflation
Recent research shows US unemployment could fall to 2.5%, while inflation would be 1.86%, says St Louis Fed president
People: RBNZ continues reshuffle; Fed appoints payments leader
Mills to fill Bascand’s shoes at RBNZ as assistant governor moves to financial stability; St Louis Fed vice-president to initiate faster payments project for the US central bank; and more
Draghi and Yellen issue warnings on regulatory rollback
The two central bankers used their speeches at Jackson Hole to focus on the dangers of abandoning the lessons of 2008
San Francisco Fed research explores evolution of job-matching efficiency
As people out of the labour force are included, the volatility of the job-to-job transition rate falls, economists find
Fed announces Libor alternative
Secured Overnight Financing Rate will measure overnight treasury financing transactions
Recent low US inflation figures likely to be revised – Dallas Fed vice-president
Data allows “nowcasting” of inflation, paper argues
Kansas City Fed explores sources of wage dispersion in the US
Paper explores relative importance of “lifetime differences” and “match-specific” factors
Book notes: The Myth of Independence, by Sarah Binder and Mark Spindel
Politicians would do well to heed the authors’ lessons, but their economic analysis could be stronger, writes Niels Bünemann
New NY Fed dataset shows weakening labour market
New York Fed unveils new, more granular labour market data; results so far indicate wage growth is still elusive
Oil prices feed through to core inflation – Fed paper
Research finds changes in the oil price have a small but statistically significant impact on core inflation
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
Archive – Interview: Allan Meltzer
Robert Pringle talks to Allan Meltzer, Carnegie Mellon professor and chair of the US Congress’s International Financial Institution Advisory Commission (the “Meltzer Commission”); first published in February 2003
Fed’s liquidity policies more restrictive than other central banks
NY Fed article compares the Fed’s collateral and liquidity frameworks to other major central banks, finding the US central bank is much more limited in its operations
FOMC divided on how to proceed with policy
Strong jobs growth, but below-target inflation leaves some members emphasising room to be patient, while others warn of a potential overshoot
Regulators wary of machine learning in bank models
Banks acknowledge they “cannot hide behind a complex tool” to assess interconnectedness
Wage growth may be stronger than headline figures suggest
San Francisco Fed researchers point to evidence that headline figures may overstate wage weakness; UK figures provide a positive surprise