Federal Reserve System
Iraqi central bank bans use of dollar for internal transactions
Move comes as tension with US over money laundering and Iran causes growing dollar shortage
Policy-makers should shun ‘black box AIs’, Fed’s Cook warns
AI could displace jobs while raising productivity, Federal Reserve governor says
FOMC members’ narratives add value to projections, finds paper
Both staff and FOMC members 'projections aid forecasting, refuting Romer and Romer
Asian central banks hold rates
Philippines, Indonesia, Taiwan and Hong Kong stay put
Federal Reserve holds rates and revises projections upwards
Powell says path for soft landing has “widened apparently”
Pandemic may have altered US credit score reporting – paper
Government support and spending changes improved many individuals' ratings, researchers find
QE crowds out bank loans – NBER paper
Asset purchases generate “counterproductive” cut in lending to firms, authors find
Tight monetary policy can scar economy, SF Fed research finds
Central banks may not be able to undo effects on productivity and potential output, paper says
Inflation revisions are significant, finds NY Fed research
Understanding inflation in real time poses major difficulties, researchers say
Barr says Fed will not issue CBDC without legislation
Supervision chief warns of danger of unregulated issuance of stablecoins
US Senate confirms Kugler to Fed board
Colombian-American economist becomes first Latinx governor
US Senate confirms Jefferson and Cook for Fed posts
Upper house agrees to vote soon on Biden’s third nominee, Adriana Kugler
Fed officials signal slowing tightening cycle
Bostic and Harker indicate policy is restrictive enough to bring inflation to 2%
BIS paper highlights powerful information effects during SVB run
Hearing about SVB made people more likely to run, but good communications helped stem the tide
Jackson Hole in the wake of policy rules
Symposium heralds a shift to relying on incoming data and judgement, rather than rules or even formal models, to hit inflation targets, writes Barry Eichengreen
Surprising the market can reverse standard effects of policy, paper finds
Part of the impact of Fed decisions comes from revealing economic thinking, authors say
Supply shocks drive greater dissent on FOMC – BIS paper
Tougher trade-offs appear to reveal differences in policy-maker preferences, authors say
Banknotes: July to September 2023
A round-up of news and salient issues that have affected central bankers in the past three months
Fed proposes long-term debt requirement for large banks
Governors Waller and Bowman express concern the rule doesn’t appropriately tailor regulation
Monetary policy impacts innovation, says research
Paper presented at Jackson Hole conference finds tightening can decrease R&D spending, cutting long-term growth
Policy rate is Fed’s most powerful monetary tool, says paper
Researcher tests impact of changes in short-term rate, forward guidance and asset purchases
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review
Powell gives hawkish speech at Jackson Hole
Fed chair warns monetary policy could do too little or too much
US wage expectations rising, says NY Fed labour market survey
Both lowest acceptable transitionary wage and expected salary hit series highs