Federal Reserve Bank of San Francisco
Yellen says central banks should consider moving inflation targets
But former Fed chair says changing targets would be “a tricky business”
Fed should review monetary policy framework – Mester
Several FOMC members raised policy review at January meeting, Cleveland Fed president says
UK firm chosen for Fed cash management overhaul
CPS will take part in “competitive development” to replace high-speed cash-processing machines; firm’s software already used by Norges Bank
Lacklustre recovery down to pre-crisis factors – research
San Francisco Fed article says weak recovery in the US due to long-running factors, and not the immediate impact of the global crisis
Phillips curve ‘alive and will soon be kicking’ – Fed’s Williams
John Williams expects US inflation to reassert itself soon
Banks expand some lending following crises, research shows
While portfolio lending is restricted, banks expand some other forms of lending
San Francisco Fed study: cash is not dead yet
Demand for notes and coins is “strong”, says the study, with cash in circulation growing in the majority of nations
Fed’s Williams proposes new tools to deal with future crisis
Structural factors beyond central banks’ control keep natural rate of interest lower
Productivity puzzles and the neutral rate of interest
Monetary policy frameworks should be subjected to internal and external reviews to ensure they remain fit for purpose
Low-paid jobs may explain flat Phillips curve – research
As recovery continues, this phenomenon should dissipate, authors say
Williams: weak productivity, population growth keep rates low
The “new normal” implies a federal funds rate at 2.5%, says San Francisco’s John Williams
John Williams on the neutral rate of interest and mandate change
The president of the Federal Reserve Bank of San Francisco speaks about the plunge in the natural rate of interest, and why it means central banks should work together to review their price stability targets
Fed’s Williams floats co-ordinated shift from 2% targets
San Francisco Fed president is concerned that extraordinary, ‘beggar-thy-neighbour’ monetary policies will be more frequent in a lower-growth world
Racial wage gaps in US caused by ‘harder-to-measure’ factors
Lack of opportunity plays bigger role than education and profession in racial inequality, paper finds
San Francisco Fed research explores evolution of job-matching efficiency
As people out of the labour force are included, the volatility of the job-to-job transition rate falls, economists find
Wage growth may be stronger than headline figures suggest
San Francisco Fed researchers point to evidence that headline figures may overstate wage weakness; UK figures provide a positive surprise
San Francisco’s Williams: monetary policy has reached ‘limit’
Monetary policy has done all that it can to foster growth, says San Fran president, calling on fiscal policy to now “step up”
San Francisco Fed economist explores methods to forecast interest rates
Michael Bauer aims to forecast interest rates based on the current level and long-run trend, and a narrative linking both
Fed can no longer ‘wait and see’, says Williams
Waiting to unwind the balance sheet could “overheat the economy”, says San Fran president, who believes the US has “fully recovered” from the recession
John Williams backs move to price-level targeting
San Francisco Fed chief says inflation targeting is losing its effectiveness in the face of a very low natural rate
Fed presidents lay ground for extra rate hike
Evans, Rosengren and Williams all signal the possibility of a fourth rate hike in 2017 if economy runs hot
Tech-related mismeasurement not to blame for 2004 slowdown
Fast growth between 1995 and 2004 is the “anomaly”, the authors suggest; further productivity growth is expected when the potential of latest advancements is realised
Fed’s Williams says labour market figures are accurate
Current unemployment rate “accurately” reflects the state of the labour market; San Francisco Fed researches a broader measure of the market
People: Fed appoints head of financial stability; Russian deputy to gain new adviser
Lehnert gains financial stability role after proving influential in the department’s creation; former head of financial stability appointed to advisory role at Bank of Russia