Federal Reserve Bank of St Louis
Bullard offers alternatives to cutting reserve bank dividend
St Louis Fed president takes issue with congressional proposal to cut dividend paid to largest banks; suggests tying amount paid to benchmark rate instead or eliminating it completely
Economics needs a ‘replication journal’, paper argues
Natural and life scientists spend considerable time attempting to replicate the results of earlier research; economics could benefit from a similar approach, St Louis Fed paper argues
St. Louis Fed’s Bullard makes case for NGDP target
Working paper questions appropriate monetary policy response at zero lower bound and explores the mechanics of a ‘special upward adjustment’ in the price level on credit market
St. Louis Fed paper considers impact of trade shocks on labour market
Working paper examines effects of trade shocks on labour markets, finding the increase in import competition from China after 2000 actually boosted aggregate US welfare
Curbs on rehypothecation may boost welfare, St Louis Fed paper finds
Researchers find rehypothecation boosts welfare, particularly as inflation rises, but it generally goes too far, implying there are benefits to regulatory intervention
St. Louis Fed’s Bullard doubts zero lower bound
James Bullard says low inflation in the US may justify a ‘somewhat lower-than-normal’ policy rate, but not remaining at the zero lower bound
Poll: Central bankers favour clampdown on bitcoin
Latest Central Banking poll shows most central bankers favour regulating or banning virtual currencies, despite most institutions so far just issuing warnings or advice
Massive stimulus saved China from ‘great recession'
The rest of the world could have avoided recession too, had other governments dared implement such a ‘bold and powerful' stimulus package, St. Louis Fed paper suggests
Rosengren calls on FOMC to update forward guidance
Boston Fed president Eric Rosengren – who is not on the FOMC this year – calls for guidance to be increasingly linked to achieving the dual mandate
St Louis Fed research chief calls Bitcoin ‘stroke of genius'
St Louis Fed vice president and head of research has raised some central bankers' eyebrows by encouraging them to ‘welcome the competition' from the virtual currency
Dudley calls for global insurance mechanism to smooth taper tantrums
Dudley sides with Bullard over global monetary policy co-ordination - but says more work should be done to devise an insurance system against international capital flow volatility
Fed's Bullard wants more research into what drives labour market participation
St Louis Fed president concludes the existing literature suggests demographics are behind most of the decline in participation, but calls for more detailed work on household participation decisions
Bullard warns weak inflation may put brakes on QE tapering
Inflation may be pushed even lower by a decision to taper, raising risks of deflation, the St Louis Fed president notes; calls for press conference after each FOMC meeting
Bullard says US government should scrap CPI inflation targeting
The St Louis Fed president believes switching to the Fed's PCE measure would provide clarity to the public about which measure more accurately reflects consumer price inflation
Fed's monetary policy deviates from best practice, says Bullard
Fed monetary policy has deviated from central bank best practice and should be used ‘to meet policy objectives, not calendar objectives', says St Louis Fed president
St Louis Fed president launches new household financial stability research centre
James Bullard unveils new research centre that will focus on understanding links between household balance sheets, the overall performance of the US economy, and stability and upward mobility
Bullard says inflation must pick up before asset purchases can be slowed
St Louis Fed president says future of QE should depend on inflation developments; suggests FOMC is more likely to taper than increase asset purchases
Fed’s Bullard recommends QE for ECB's next move
St Louis Fed president and FOMC voter says quantitative easing has worked in the US and Japan, and could be made to work in Europe on a GDP-weighted basis
Central bank independence: more myth than reality?
Crisis responses are placing a heavy burden on many central banks. But there is no evidence showing that legally independent central banks have a better track record in monetary policy
Bullard slams Fed’s 2012 policy
St Louis Fed president criticises ‘relatively weak’ Federal Reserve policy in 2012, but says new measures have now stepped easing up a gear
Bullard revels in greater global certainty
St Louis Fed president says uncertainty is falling around the globe; should benefit growth in euro area, emerging markets and US
Fed’s Bullard blasts ‘fiscalisation’ of ECB
James Bullard defends central bank independence while criticising the European Central Bank for mixing monetary and fiscal policy in its outright monetary transactions
St Louis Fed research stresses importance of money
Working paper argues that money is essential in determining prices, despite monetary aggregates being largely ignored by central banks; says central banks have limited power over interest rates
St Louis Fed paper finds cause of slope changes in rates term structures
Federal Reserve Bank of St Louis working paper explores the links between total factor productivity news shocks and the slope of the term structure of interest rates, finding the two are closely related