Federal Reserve Bank of New York
Fed heavyweights warn new bank resolution laws won't end ‘too big to fail'
Dudley, Lacker and Tarullo say 'single point of entry' framework under 'Title II' provision is important but inadequate; FOMC members call for long-term debt requirement for Sifis
Fiscal profligacy biggest threat to central bank independence, says Dudley
Netherlands Bank president Knot is concerned by the possibility of negative capital in central banks, but New York Fed's Dudley says the sustainability of national budgets is a bigger problem
NY Fed paper compares tools for managing short-term market rates
Researchers at the Federal Reserve Bank of New York evaluate the benefits and drawbacks of paying interest on excess reserves, offering term deposits and engaging in reverse repos
Global banks reduce frictions in international capital flows, say NY Fed staff
NY Fed staff report findings are consistent with research on reduced incidence of crises in local markets where banks have branches or subsidiaries; effects appear to be heterogeneous
FOMC members unpick Fed's ‘no taper' decision
Jeremy Stein suggests clear-cut forward guidance for QE wind-down as several members highlight Fed's ‘communication challenge'; Esther George says decision poses a risk to future credibility
Crisis prompted both ‘re-discovery' and overhaul of CBs' emergency liquidity
Walter Bagehot's dictum to lend freely at high interest rates and against good collateral during a financial panic was revived, then altered during the crisis, according to Thomas Baxter of the NY Fed
NY Fed trials new reverse repo facility
Federal Reserve Bank of New York tests new overnight reverse repo facility; William Dudley believes it will bolster the Fed’s control over short-term money market rates
Fedwire data can give accurate picture of interbank fed funds market, paper shows
NY Fed researchers find Fedwire-derived data on fed funds borrowing are strongly correlated with the figures subsequently reported by banks
OTC derivatives reform could ‘fall short’, says Fed’s Dudley
NY Fed president William Dudley says reforms in OTC derivatives market are lagging work on bank regulation; calls for greater global coordination to push reforms as far as they will go
NY Fed staff say effect of policy changes depend on risk environment
New staff report argues that macro policy announcements affect asset prices to different extents depending on the existing economic outlook; when risk is elevated, the impact is reduced
New York Fed paper wary of higher inflation targets
Staff report finds that pursuing a higher trend rate of inflation would likely create a ‘more volatile and unstable’ economy and unseat inflation expectations
NY Fed research constructs composite model for core inflation
Paper finds that price changes in core goods and services are driven by different forces; capturing this distinction enables researches to map core inflation more accurately
Robert Pringle’s Viewpoint: Managing without safe assets – tricky but not impossible
Unless sovereigns provide a credible backstop to the banking system the private sector will have to do the best it can, writes Robert Pringle
NY Fed blog post points to fiscal implications of Fed policies
NY Fed blog post notes Fed policy impact on government fiscal position is much broader than the direct influence remittances from Fed earnings have on government finances
Fed researchers find effects of QE ‘minimal' without guidance on rates
Paper by senior economists from the New York and San Francisco Feds argues that signalling a rate rise will be far more meaningful than communication on when asset purchases might come to an end
International banks pose risk to global financial system, NY Fed paper finds
Evidence from 2007 suggests banks can more easily deal with a credit crunch in their home jurisdiction than they can overseas, which could be a weak point in the global system, paper finds
NY Fed researchers explore long-term rate rise
Ten-year Treasury yields rose ‘sharply’ between April and July; researchers attribute this to an increase in the compensation investors were demanding to hold them
NY Fed study says shadow banks are here to stay
Study says shadow banks will play a significant part in the future of the United States’ financial system; higher capital standards on banks will lead to increase in shadow activity
People: NY Fed communications head resigns; Riksbank names acting financial stability chief
NY Fed's Krishna Guha leaves his position with immediate effect but will stay on as senior adviser until September; Martin Johansson will lead the Riksbank's financial stability department; and more
People: Fed governor resigns; Bank of England HR chief finds herself new role
Elizabeth ‘Betsy' Duke to quit the Fed, 19 months after her term officially expired; BoE's executive director for human resources to take new job in the private sector
New York Fed's Dudley says ‘much more' to be done to ensure financial stability
Central bankers and regulators must remain vigilant for ‘symptoms of instability', says Dudley, who admits the task of ‘securing financial stability will never be truly complete'
Top Fed officials speak out to calm markets
Two Federal Reserve governors and the New York Fed president emphasise a change in monetary policy will be driven by data, not the date; further easing remains a possibility
New York Fed forecasts support continued easing
Staff forecasts predict inflation and unemployment are unlikely to make significant progress toward their target levels in 2013
Dudley calls for new plan to avoid market overreaction when Fed heads for the exit
New York Fed president pours cold water on suggestions of an imminent exit from QE, but says the FOMC needs to rethink its ‘stale’ plan on how an exit will ultimately be accomplished