United States
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
Fed’s Fischer criticises efforts to unwind banking regulation in the US
The economist describes attempts to reduce capital standards as “extremely dangerous and extremely short-sighted”
Fed paper studies how to tackle the lower bound
Simple policy rules lead to inflation falling “systematically” short of 2% target; pursuing higher inflation may help but comes at a cost
Failed bomber planned to target Fed
FBI arrests man in Oklahoma after undercover operation; Jerry Drake Varnell allegedly planned to target Fed in Washington
IMF explores ways to reform US mortgage finance
The research questions whether the US model of homeownership through government-backed fixed rate mortgages is sustainable in an increasingly unequal society
DNB paper looks at Fed’s use of credit swap lines
Federal Reserve used currency swap lines to calm markets in worst of crisis, paper says
Fed issues guidelines for joint accounts with private banks
Initiative aims to create more efficient US payments system
New York Fed’s Dudley calls for action on rising wage inequality
William Dudley proposes changes in school financing to tackle inequality of opportunity
Fed and FDIC extend resolution plan-filing deadline for banks
Nineteen foreign banks granted more time were already given one-year extensions in 2016
Kansas Fed paper looks at impact of recessions on US workers
Participation rate of “prime-age” workers most likely to vary with business cycle, paper says
Shadow banks ‘interfere’ with macro-pru – paper
Institutional function should determine whether institutions are regulated, say researchers
San Francisco’s Williams: monetary policy has reached ‘limit’
Monetary policy has done all that it can to foster growth, says San Fran president, calling on fiscal policy to now “step up”
Lower immigration slows growth, warns Minneapolis Fed president
US population growth has slowed down over the last decade due to a lower fertility rate. Productivity is also underperforming and contributing to the lower rates of GDP expansion in the US
Paper’s forecasting technique using Markov-switching models
Results outperform Fed’s survey of professional forecasters, says Bank of Spain paper
IMF research explores effects of lighter rule on US banks
Republicans in Congress claim Dodd-Frank increases complexity and hampers small banks’ lending
BoE working paper examines ‘exorbitant privilege’ benefits
Economist analyses whether the UK enjoyed the same benefits as the US when it was the pre-eminent issuer of a global reserve currency; findings show fundamental differences between the two in terms of investment patterns
Fed paper: corporate bond buying can misallocate capital
Capital misallocation effects can mean corporate bond purchase schemes underperform QE based on sovereign bonds, say economists
San Francisco Fed economist explores methods to forecast interest rates
Michael Bauer aims to forecast interest rates based on the current level and long-run trend, and a narrative linking both