United States
MBS offer portfolio benefits for some central banks, say CBP panellists
Mortgage-backed securities may offer reserve managers a higher yield and diversification benefits for their foreign currency holdings, according to panellists in a new Central Banking On Air debate
St Louis Fed president launches new household financial stability research centre
James Bullard unveils new research centre that will focus on understanding links between household balance sheets, the overall performance of the US economy, and stability and upward mobility
IMF paper dissects 'remarkably stable’ US inflation
Working paper examines factors behind favourable inflation performance in the US following the Great Recession, identifying three main causes
Bernanke remains dovish in face of stability threats
Fed chairman says low interest rates are providing significant benefits to growth and heading off ‘incipient’ deflationary pressures; hints QE could be reduced soon, but only if data allow
Fed’s Raskin says fiscal policy is holding economy back
Member of board of governors expects fiscal policy to ‘significantly hinder’ growth this year and remain restrictive going forward, but predicts continued moderate recovery
Fed paper says macro-prudential policy is not a new idea
Research studies various macro-prudential policies employed in the past, seeking insights for contemporary policy-makers
Fed director says rest of world lagging behind on cross-border resolution
Michael Gibson says US has had its resolution authority in place for years, but slow progress in other jurisdictions is causing delays; FDIC chair says talks with G-Sib host countries are ongoing
Fed paper investigates decline in US labour market mobility
Study identifies drop in interstate migration since 1980s; attributes fall to stronger internal labour markets rather than demographic or sociological factors
Booknotes: The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It
The title of Peter Temin and David Vines’ book, especially its subtitle, promises the reader a lot
IMF's Blanchard warns Europe could drag world economy down
IMF chief economist says ‘three-speed’ global economy could be dangerous; World Economic Outlook urges central banks to keep policy loose but be ready with an exit strategy
Bernanke says Fed stress tests were a ‘critical turning point’ in crisis
Fed chair says stress tests offer macro-prudential dimension to supervision; US banks have more tier 1 common equity under a severe stress scenario than they did in reality in 2008
US agencies clamp down on leveraged lending
Fed, FDIC and OCC issue updated standards for leveraged lenders amid concerns standards are again slipping and many institutions have ‘proven less than satisfactory’ in risk management practices
CFTC's O'Malia: No progress on Sef rules in past two weeks
Mid-April next window for vote, but no reason for optimism, says CFTC commissioner
Fed’s Beige Book optimistic on labour market
Economic expansion still ‘modest or moderate’ in most Federal Reserve districts; labour market conditions improving but hiring is restrained
De Larosière slams US protectionism and EU Solvency II rules
Former IMF and Banque de France chief Jacques de Larosière says the introduction of a swathe of new regulations in Europe – by contrast to the US – may jeopardise the continent’s growth
NY Fed paper says monitoring is essential to fix Dodd-Frank’s ‘significant limitations’
A growth in shadow banking is one risk from the Dodd-Frank Act that must be addressed by broad and forward-looking monitoring, a staff report says
IMF staff present mixed economic outlook following G-20 meeting
Report sounds note of cautious optimism as financial markets recover, but downside risks remain around the implementation of important policies in the US, Japan and Europe
NY Fed paper highlights money market fund ‘stampede’ risk
Staff report finds intermediation by money market funds can turn unexpected withdrawals into runs, meaning a small shock can bring down the whole banking system
FDIC director backs Haldane on leverage ratio
Jeremiah Norton follows Bank of England’s Andrew Haldane in criticising Basel III’s risk-weighted assets, and says a higher leverage ratio would be a simple, effective solution
San Francisco Fed dissects long-term unemployment
Long-term unemployment has ‘persisted remarkably’ since outset of recession; should disappear over time as economic activity increases
‘Crisis in the eurozone is not over’, says MAS chief
MAS's Ravi Menon offers a roadmap to central banks and governments to help ‘normalise’ the global financial system; hits out at loose monetary policies and says fiscal policy debate is misinformed
Rating agency warns of knock-on effect of Fed’s foreign bank rules
Fitch says tighter rules for foreign banks operating in the US are likely to make other countries raise standards as well, putting a squeeze on the growth of global banks
Calomiris unveils ‘Sword of Damocles’ CoCo to hold over CEOs
Columbia academic and ESRB committee member Charles Calomiris believes CoCos designed to force top bank executives to issue equity well before they are triggered would reduce systemic risk
Robert Pringle’s Viewpoint: Cameron’s high-risk European gamble
British Prime Minister David Cameron's high-stakes bid to renegotiate the UK’s role within the EU has rankled some officials in Europe. But both sides would lose from a UK withdrawal