United States
Central Bank of Iran faces ‘crippling sanctions’ from US
US senators urge President Barack Obama to apply strict financial sanctions on Central Bank of Iran
Central bank credibility remained intact during crisis: Netherlands Bank paper
Netherlands Bank study says non-standard economic policies did not have any adverse effects on inflation expectations
US overestimates welfare costs of inflation: Bank of Italy paper
A new study says the miscalculated welfare costs of US inflation due to the exclusion of foreign dollar holdings in M1 could have significant implications
Spike in US headline inflation is temporary: San Francisco Fed paper
The San Francisco Federal Reserve review says headline inflation is likely to fall to converge with low levels of core inflation
Last-minute US debt ceiling rise leaves world reeling
Debt ceiling deal will not restore investor confidence immediately; China still looking to diversify reserves away from dollar; credit ratings agencies cautiously affirm top ratings
Banks' funding profiles can indicate future defaults: IMF study
Fund study shows banks' funding profile is a useful predictor of likelihood of bank failure
Inflation revisions could alter observed policy target: Philly Fed paper
Philadelphia Federal Reserve study says large size of inflation data revisions might reduce success rate of inflation targeting
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