United States
Brazil ‘prepared’ for international challenges: Tombini
Governor of the Central Bank of Brazil says country is ‘prepared’ to face the challenges in the international arena; expects inflation downward trend to continue
Volcker rule spillover effects benefited Europe and Asia: IMF paper
Fund study shows Volcker rule caused positive spillover effects to some European and Asian banks
Towards a global monetary policy
US monetary policy must change as the dollar’s dominance wanes, writes Allan H. Meltzer.
Obama acknowledges AAA credit rating at risk
Obama says result of downgrade would be “like a tax on everyone” with higher interest rates; remains hopeful that there are “plenty of ways out of this mess”
Evolving UK and US macroeconomic dynamics investigated: Bank paper
Bank of England working paper uses model of deterministic structural change to chart the changing UK and US macroeconomic dynamics
Fed warns of Dodd-Frank clash with Basel III
Proposal to remove references to credit rating agencies conflicts with Basel III wording; Fed faces tough process to find alternative standards of creditworthiness
Federal Reserve – Beige Book (July 2011)
Federal Reserve July Beige Book shows United States experienced slowdown in economic activity on east coast
College drop-out rate is strongly correlated to income: Boston Fed
Boston Federal Reserve study shows poor students are 27% more likely to drop out of college than wealthier students
Afghanistan denies oversight failures
Afghanistan’s government defends itself against claims it failed to co-operate with auditors to safeguard US funds; says relationship with US watchdog is “strained”
Political impasse raises US default concerns
As the August 2 deadline to raise the US debt ceiling looms, Blair Baker looks at what the prospect of a default in the US means for the world and whether the Fed can play a pivotal role in Washington
Australia’s economic performance not all down to luck: RBA’s Edey
Reserve Bank of Australia assistant governor Malcolm Edey says good luck and good management played a role in Australia’s strong economic performance in recent years
Banks have most to lose from a US default: Standard & Poor's report
Standard and Poor’s says financial institutions reliant on short-term funding from the US Treasury would be hit hardest if the US were to default on its debt
QE2 reduced deflation threat: NY Fed’s Sack
New York Federal Reserve executive vice-president Brian Sack says the risk of deflation in the US diminished significantly following the Fed’s second quantitative easing programme
Afghan ban on US officials: reports
Media reports claim Afghan president, Hamid Karzai, has banned US officials from the country’s central bank; conditions 'too hostile' for them to return
Exogenous financial shocks should factor into monetary policy: Dallas Fed paper
Dallas Federal Reserve study says exogenous financial shocks should be incorporated into monetary policy decisions
Frequency of cyclical unemployment is rising: Fed paper
Federal Reserve study shows cyclical movements in unemployment have become more persistent in recent decades
Greece inches closer to default status
Fitch downgrades Greece’s long-term credit rating to CCC, one notch above default, in an active week for ratings agencies
Policymakers can mitigate post-crises unemployment effects: Turkey’s Başçı
Central Bank of Turkey governor Erdem Başçı says declines in employment during crises can be reduced by introducing policies to ease firms’ borrowing costs
Foreign banks get temporary respite from China’s new ‘Volcker rule’
Foreign banks in China greet decision by China Banking Regulatory Commission to postpone new rules on onshore non-hedging business with relief
Markets respond positively as Bernanke says US is ready to act
Federal Reserve chairman Ben Bernanke says US has a “number of ways” it could ease financial conditions if necessary; markets respond postitively
St Louis Fed paper on US monetary policy and global output gaps
St Louis Federal Reserve study says there is not sufficient empirical evidence to suggest US monetary policy should focus on global output gaps
Basel and Dodd-Frank create arbitrage potential, say analysts
Removal of credit ratings under Dodd-Frank will create arbitrage opportunities – and is already being exploited by some US banks, research claims
US will resolve debt crisis by August 2: Obama
President Barack Obama says failure to raise the US debt ceiling would be “not acceptable”
Fed extends temporary dollar swap lines again
Canada, UK, Switzerland and ECB prolong arrangements; Japan to decide soon