United States
Funds escape yo-yo effect as CFTC redefines US person
Scrapping of test means investor status will not tip offshore funds into Dodd-Frank regime
Philadelphia Fed paper highlights bounce-back in credit card spending
Discussion paper analyses data from Visa Payment Panel Study, finding credit card spending has recovered from a recession-related dip, while growth in debit card spending is slowing
Fischer warns developing countries may not be ready for inflation targeting
Fed vice-chair tells audience of African central bankers no framework is ‘suitable for all countries for all times’ and cautions against adopting inflation targets before financial markets are ready
Bank of Mexico moves policy decisions after Fed meetings
Mexican central bank delays remaining policy decisions so they fall a few days after FOMC announcements; wants to be able to react to rate hike ‘in a timely manner’
NY Fed’s Dudley looks to boost CCP resilience
Federal Reserve Bank of New York president praises progress in extending global regulatory regime to central counterparties but calls for more work on their ‘recovery and resilience’
Research calls on Fed to replace ‘dot plot’
Working paper published by the IMF suggests publishing a baseline forecast compiled by staff and 'endorsed' by the FOMC as a replacement for individual and anonymous projections
Canadian deputy sees scope for deeper integration with US
Lawrence Schembri suggests bilateral agreement between the neighbouring countries on the resolution of banks with cross-border operations
IMF paper weighs impact of low rates on instability
Working paper suggests the ineffective regulatory framework in the US was more to blame for the occurrence and severity of the crisis than low interest rates
Fed’s Powell lays out payments reform priorities
Jerome Powell highlights four areas in which US payments need to improve as work begins to upgrade the economy’s payment systems
US rules on foreign banks criticised by SRB’s König
Elke König, head of the eurozone's bank resolution authority, says US requirements for foreign banks to have a local holding company run counter to the single point-of-entry approach to resolution
Fischer: more research needed on stress testing
Fed vice-chair sees room for improvement in the design of stress testing; NY Fed’s McAndrews fleshes out possible research agenda
IMF paper finds foreign investor base crucial for EM sensitivity to shocks
Working paper finds emerging markets that rely more on international funds and global banks are more sensitive to ‘global push factors’ such as US monetary policy
New York Fed launches economy ‘snapshot’
New research publication uses charts and succinct summaries to capture the latest economic developments; first edition features insight from consumer survey
German inequality would fall with US-style home ownership, Bundesbank study shows
Discussion paper fits US home ownership structure to German economy, finding large changes in the distribution and median level of wealth
Yellen argues Fed is among most transparent central banks
Fed chair Janet Yellen questions why additional legislation on transparency is necessary; new bill would force Fed to report in greater detail and more frequently to US Congress
US Treasury: woman will appear on new $10 banknote
More than a century after Martha Washington was featured on a $1 note, Treasury secretary Jack Lew announces he will pick another woman to feature on the $10 note
SEC chief sees potential in UK’s senior managers regime
Mary Jo White says she is ‘very interested’ in the UK's accountability regime, as part of a panel discussing the many pitfalls in changing bank culture; Martin Wheatley warns reform could take 10 years
Fed officials still back 2015 rate hike
Median of latest projections suggests federal funds rate will reach 0.625% by the end of the year; FOMC delivers more upbeat assessment as its keeps policy unchanged
Norges Bank research reverse-engineers model of US housing crashes
Researchers test a variety of models for their fit with evidence on US housing booms and busts, finding formation of household expectations by moving average performs best
RBA minutes note mixed signals for policy
Slight slowdown globally and nervousness over Greece and US rates offset by ‘solid’ lending growth, stronger employment and improved sentiment
Philadelphia Fed survey sees brighter outlook for economy
Survey of US forecasters shows outlook of higher growth and lower unemployment than previously thought by the end of 2015; inflation expected to return to target next year
Cleveland Fed economists cautious over use of Taylor rule
Research emphasises the difficulty in measuring potential output and the natural rate of unemployment accurately and urges policy-makers to ‘take care’ when using the rule
Justin Lin on fixing the fault lines of the international monetary system
Former chief economist at the World Bank, Justin Lin, explains why US, not Asian, policies caused the financial crisis and recommends how to fix endemic global imbalances
Minneapolis Fed begins hunt for next president
Narayana Kocherlakota will join the University of Rochester on January 1; search committee is hoping to appoint a ‘strategic thought leader’ to succeed him by the end of the year