United States
US inflation measures compared
Keeping a close eye on changes in consumer prices is a key aspect of central banks' task to keep inflation low and stable. But measuring the changes and agreeing on the measure is not straightforward. A recent Economic Letter from the San Francisco Fed…
Fed's Bies on effective corporate governance
In a speech on 'Effective Corporate Governance and the Role of Counsel' given on 10 August Susan Schmidt Bies of the Federal Reserve said in today's environment, regulators, lawmakers and shareholders are looking for providers of legal services to be…
Federal Reserve keeps interest rate at 1 percent
Holding the federal funds rates at 1 percent Tuesday 12 August, the FOMC said the risk of inflation becoming undesirably low is likely to be the predominant concern for the foreseeable future. In these circumstances it said that policy accommodation can…
Fed's Bies on strengthening corporate governance
In a speech on 'The Role of Community Bank Directors in Strengthening Corporate Governance' given on 7 August Susan Schmidt Bies of the Federal Reserve said corporate governance and audit failures over recent months demonstrate how quickly trust can be…
Applying efficiency measurement to central banks
The working paper "Applying Efficiency Measurement Techniques to Central Banks" from the Philadelphia Fed released on 6 August reviews the standard techniques of efficiency measurement and reviews some of the literature that has attempted to apply these…
IMF urges US action on deficit as economy improves
In an annual review of the United States the IMF said the lacklustre US economy looks set to pick up speed but the record budget deficit must be tackled, according to Reuters.However, the report said the recovery has thus far been uneven and that…
Greenspan holds his own
In his recent testimony to Congress, Alan Greenspan has "reached a new low" according to a certain Congressman Sanders. By apparently suggesting that manufacturing doesn't matter, Greenspan had "insulted tens of millions of American workers".
Atlanta Fed's Guynn on the economic outlook
In a speech on 'The Economic Outlook: Building Momentum on the Road to Stronger Growth', given on 31 July, Jack Guynn of the Federal Reserve Bank of Atlanta said that as far as he can see, it looks like the road to stronger growth is opening up, and it's…
'Wrong, Mister' - Greenspan under fire at Congress
Transcript of Rep. Sanders' question-and-answer period with Federal Reserve Chairman Alan Greenspan during the Financial Services hearing on 15 July. Congressman Sanders said in his statement "I think you just don't know what's going on in the real world…
Atlanta Fed's Guynn sees economic momentum growing
Atlanta Fed President Jack Guynn said on Thursday 31 July that business investment spending and job growth were key uncertainties that will have a strong influence on business investment spending and job growth, according to Reuters. Guynn cited a number…
Chicago Fed Economic Perspectives 3rd Quarter 2003
The Federal Reserve Bank of Chicago has published its regular quarterly journal, Economic Perspectives, for the Third Quarter 2003. The latest edition includes articles titled 'Banking relationships during financial distress:The evidence from Japan' and …
Testimony on National credit reporting system
In testimony on the 'National credit reporting system' given on 29 July, Dolores Smith, Director of the Division of Consumer and Community Affairs, said the Committee is to be commended for undertaking an examination of the Fair Credit Reporting Act and…
Fed McTeer: Econ helped by monetary, fiscal policy
Dallas Fed chief Bob McTeer said Tuesday "we would do whatever is necessary" to stimulate growth but he didn't think there was any likely scenario in which the Fed would be forced to adopt extraordinary measures such as heavily increasing purchases of…
Meltzer magic
Allan Meltzer and the dear old Bretton Woods twins haven't always been on the best of terms. As he told Central Banking journal barely a year and a half a go: the world bank's inefficiencies were a "scandal"; in many of its activities it "contributes…
Quote of the week from Hormats
"Had there been an IMF in the 1850s to insist that the United States create a strong central bank, its advice would have been bitterly resisted by many Americans".
Chicago Fed's Moskow on U.S. Economic Forecast
In a speech on 'U.S. Economic Forecast' given on 28 July Michael Moskow of the Federal Reserve Bank of Chicago said the road to recovery has been bumpier than expected. But we believe that the monetary policy we have put in place will support demand and…
Broaddus - Update on the Economy, Monetary Policy
In the speech 'Update on the Economy and Monetary Policy' given on 25 July Alfred Broaddus of the Federal Reserve Bank of Richmond said to sum up on the current state of the economy, there are a few signs in the recently released data that the recovery…
Fed's Broaddus says US economy may be on the mend
Speaking on Friday 25 July, Richmond Fed President Alfred Broaddus said that forecasts for a 3.5 percent pace of growth over the second half of this year appeared on the mark, according to Reuters, but warned that "there is not much hard evidence that…
US economy on track for strong comeback - ECRI
The Economic Cycle Research Institute's managing director has said "The index is on fire", according to Reuters. He was referring to the ECRI's leading US growth rate index which rose to a 16-year high of 10.7 percent from 9.7 percent the previous week.
Chicago Fed - US economy should regain drive
Michael Moskow of the Chicago Fed said on Monday 28 July that on the upside, business sentiment could rebound more dramatically, while on the downside, the risk is that consumer spending could lose momentum, according to a Reuters report. He said the…
Interview with Chicago Fed chief Michael Moskow
The U.S. economy is poised to pick up speed in the second half of the year and into 2004, Federal Reserve Bank of Chicago President Michael Moskow said late Friday 25 July in an interview with YSA Today. Moskow says the threat of deflation is 'very…
Paul Krugman on Greenspan 'Dropping the Bonds'
Paul Krugman used to be a great admirer of Mr. Greenspan, he writes in his New York Times column. "But something has gone very wrong with the maestro", he suggests. He notes Greenspan's optimism in recent testimony that tax cuts and low interest rates…
Former BIS head Crockett joins JP Morgan
Sir Andrew Crockett is to join JP Morgan Chase International as an international ambassador, The Times reports. Crockett was one of the favourites to take over at the Bank of England after leaving the BIS earlier this year. The post, based in New York,…
Fed can keep rates low as growth quickens - McTeer
In a speech to the Dallas Rotary Club, Reuters reports that Dallas Fed President Bob McTeer expressed optimism the economy would soon revive, even as he admitted a lack of "hard evidence" of a pickup.