United States
Row rattles Venezuela's economic recovery effort
VENEZUELA - A bitter row among Venezuela's top economic policy makers on Tuesday threatened to scuttle attempts to revive the nation's flagging economy just weeks before a senior minister heads to the United States to rally financial backing.
Current Issues in Economics and Finance
PUBLICATION - The Federal Reserve Bank of New York has published the July/August 2002 edition of Current Issues in Economics and Finance with an article 'Why Hasn't Electronic Bill Presentment and Payment Taken Off?'. The delivery and payment of bills…
Fed's Bernanke sees U.S. expansion continuing
US - One of the Federal Reserve board's newest governors said this weekend that while the U.S. expansion should keep going, the Fed must be on guard against acute weakness.
Chicago Fed National Activity Index, July 2002
REPORT - CFNAI Reflects Economic Softness. In July, the Chicago Fed National Activity Index (CFNAI) fell below zero after being positive the two previous months. Weakness in the employment-related data accounted for the largest negative contributions to…
Speech by Fed Chairman Alan Greenspan, 30 Aug
SPEECH - In the speech 'Economic volatility' made on Friday at a Federal Reserve Bank of Kansas City symposium Greenspan defended the Fed's decisions on interest rates in the late 1990s, saying policy makers couldn't have deflated the stock-market bubble…
Greenspan defends Fed's record over market failing
US - Alan Greenspan, the chairman of the Federal Reserve, staunchly defended himself on Friday against mounting criticism that he should have done more to prevent the stock market bubble of the 1990s.
Minutes of the Federal Open Market Committee
MINUTES - The Federal Reserve on 23 August released the minutes of its regular FOMC meetings from 20 May to 24 June.
IMF Working Paper Series
RESEARCH - 'Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001' by Kenneth Rogoff and Jeromin Zettelmeyer, August 2002. This paper describes the evolution of the literature from the late 1970s until 2001, with particular emphasis on the…
Has Russia Been on the Right Path?
RESEARCH - A Commentary by Kenneth Rogoff, Economic Counsellor and Director, Research Department, IMF, Vedomosti, 26 August. Rogoff compares the progress to market reform of Russia against that of China and quotes Joseph Stiglitz on the "enormous success…
Atlanta firm says no sir to a Greenspan knighthood
US - An Atlanta-based public interest law firm is protesting Alan Greenspan's acceptance of an honorary knighthood, reports the Associated Press, saying the Federal Reserve Chairman should seek Congress' approval first.
Survey of Professional Forecasters
SURVEY - The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Third Quarter 2002. The U.S. economy is expected to grow in each of the next five quarters, but growth rates will likely be lower than those…
Speech by William Poole, St Louis Fed Bank, 26 Aug
SPEECH - In the speech titled 'Taking Stock: the State of the Business Recovery' Poole said it was unlikely the US economy would slip back into recession, noting that a "double-dip" recession has only occurred once since WW2. He credited strategies by…
Speech by A Santomero of Philadelphia Fed, 21 Aug
SPEECH - In a speech 'Economic Outlook for the U.S. & Berks County' given on Wednesday Santomero said that the Fed's current policy stance was appropriate and that the economic recovery should move forward even though it had been more modest than…
Speech by M Moskow, President, Chicago Fed, 21 Aug
SPEECH - Moskow said in a speech titled 'Economic Outlook' that "the Fed cannot - and should not - try to smooth out every bump," and warned that the path back to the economy's potential growth rate could be rocky. Moskow, who is not a voting member of…
RBA's Edey Confidence crisis no threat to recovery
AUSTRALIA - Fears that the global economic recovery has stalled have been overplayed, with Japan, the rest of Asia, and the United States growing steadily despite the crisis of confidence in stockmarkets, the Reserve Bank said yesterday.
Paul Volcker a favourite for new accounting board
US - Paul Volcker, the former chairman of the Federal Reserve, has emerged as one of the front-runners to lead the new accounting oversight board created by the recently passed corporate reform bill, a government source confirmed with CNN on Friday.
Speech by Robert Parry, San Francisco Fed, 21 Aug
SPEECH - In a speech titled 'The Economic Outlook for the Nation and the Region: A Monetary Policymaker's View' Parry, who is a non-voting member of the Fed's policy committee, said "the Fed's monetary policy stance is quite stimulative right now, and I…
San Francisco Fed's Parry: Rate policy appropriate
US - San Francisco Federal Reserve Bank President Robert Parry said on Wednesday the current level of U.S. interest rates is "appropriate" and stimulative for the economy, which is in a modest expansion.
Philadelphia Fed survey shows factory growth slows
US - U.S. factory growth appears to have stalled, stirring speculation the Federal Reserve may cut interest rates in coming months to ward off a second recession if the weakness spreads.
Federal Reserve Board, Press Release, 20 Aug
PRESS RELEASE - The Federal Reserve Board announced on Tuesday that it will not, over the near term, incorporate two policy options into its longer-term Payments System Risk (PSR) policy plan. The Board will, however, continue to analyze the benefits and…
Speech by Anne Krueger of the IMF, 26 Jul
SPEECH - In the speech 'Preventing and Resolving Financial Crises: The Role of Sovereign Debt Restructuring' Krueger said the various elements she discussed add up to "an ambitious agenda that will help us prevent crises where we can, and manage them as…
Philadelphia Fed's Santomero says policy is right
US - Federal Reserve Bank of Philadelphia President Anthony Santomero said on Wednesday that the economic recovery, while more modest than expected, should move forward and that the Fed's current policy stance is appropriate.
Chicago Fed's Moskow sees ongoing U.S. expansion
US - Chicago Federal Reserve President Michael Moskow said Wednesday that he expected the U.S. economy to keep growing, while warning that the path back to its potential growth rate could be rocky.
Fedtalk from the Boston Fed, May 2002
PUBLICATION - Financial Services Update of the Federal Reserve Bank of Boston, May 2002. A newsletter about Boston Fed financial services, Fedtalk offers the latest information on check services and electronic delivery systems. The most recent edition,…