United States
Canada deputy warns lower oil prices likely 'to be bad' for the country
Timothy Lane says gains from recent price drop ‘will be more than reversed' as hit to local producers ‘spill over to the rest of the economy'
Government spend no more effective at ZLB – NBER paper
US government spending did not become more powerful when monetary policy hit a zero lower bound, according to a working paper published by the National Bureau of Economic Research
People: Philadelphia Fed gets new directors; Paraguay central banker named finance minister
Jon Evans and Carol Johnson are appointed to the Philadelphia Fed board of directors; Central Bank of Paraguay loses member of the board of directors to the government; and more
Obama to nominate community banker to Fed board of governors
Move follows bipartisan criticism against the prevalence of academics in the US central bank's top ranks; Fed announces new head of monetary affairs
Pent-up wage cuts an 'important force' during recovery, San Francisco Fed researchers find
Many firms were unable to reduce wages during the recession, and the 'pent-up' reductions have influenced the recovery, argue authors
Kocherlakota announces Fed departure
Minneapolis Fed president and FOMC dove to step down when his term draws to a close in February 2016
Fed proposes tougher capital surcharges on biggest banks
US central bank aims to go beyond Basel framework on loss-absorbing requirements for GSIBs; Failure to comply would lead to restrictions on dividends and bonuses
Basel Committee: US and EU capital rules still falling short
Basel Committee’s second assessment of compliance with Basel framework finds both EU and US are not complying in all areas, but both argue deviations are justified
Brainard says Federal Reserve monetary policy can ‘lean against the wind’
FOMC member says limited range of macro-prudential tools means Fed is more likely than some other central banks to use monetary policy for financial stability purposes – but there are risks
Richmond Fed economist sees obstacles to Islamic finance in the US
Islamic finance in the US suffers from poor liquidity and problems meshing with the regulatory environment, researcher says
Oil price forecast errors impact wider inflation estimates, Banque de France study finds
When there is ‘large’ volatility in oil prices, the pass-through of forecast errors to inflation estimates increases, research finds
No evidence US prices were ‘more stable or less uncertain' before or after WWII
Experience shows ‘well-managed fiat regime' can achieve same level of moderation in price swings as gold standard, according to Bank of Korea working paper
BoJ paper finds US crisis policy more impactful on markets than European measures
Authors test policy responses to the global financial crisis including monetary, liquidity and financial sector policies, finding US announcements led to higher abnormal returns
Yellen: Economics profession can benefit from more diversity
Janet Yellen argues economies ‘develop and become more stable through diversification’, noting the failure of economists brought a public debate about the health of the profession
Kocherlakota explains dissent from FOMC decision to end asset purchases
Minneapolis Fed president says downside risks to inflation outlook ‘arguably worse' than a year ago; says evidence from Japan and Europe shows need to act on 'an ongoing basis'
Fed wraps up asset purchase programme
US central bank brings era-defining policy to an end in unceremonious manner; Minneapolis Fed's Kocherlakota votes against decision
Singular spectrum analysis helpful when assessing output gaps, study finds
Bank of Portugal paper analyses the ‘added value of singular spectrum analysis-based nowcasts in a real-life, policy-making scenario’
Bank of Mexico’s Sánchez considers EM response to tighter Fed policy
Deputy governor says emerging markets will need to contend with the end of the ‘financial bonanza’ that surfaced in the wake of the crisis, and must consolidate
Dollar and renminbi can coexist as global currencies, Eichengreen says
Bank of Korea paper finds that ‘networks are open and several international currencies can coexist’, suggesting the dollar and the renminbi will share the role in the future
Fed minutes reveal growing rifts over forward guidance
Minutes show increased debate over whether forward guidance is being used correctly; two dissenters object to phrasing of policy statement
Lagarde sees black clouds over monetary policy normalisation
IMF managing director underlines risk of spillover effects as Fed winds down monetary easing; says ‘asynchronous’ normalisation could come back to bite advanced economies
US senator calls for hearings into NY Fed supervision
Elizabeth Warren says ‘disturbing issues' raised by former employee's secret recordings of colleagues; New York Fed ‘categorically rejects allegations'
Bank rules and their impact on inequality
Banking regulation has a profound effect on levels of long-term financial inclusion around the world; US engaged in a failed ‘lottery ticket’ effort by the US to offer housing to the poor.
Yellen: Unexpected $400 expense would put majority of US households in financial bind
Federal Reserve chair notes many of 25 million poorest US households have no wealth or negative net worth