Federal Reserve System
Fed’s Tarullo presses regulators for speedy reforms
Federal Reserve governor Tarullo urges Basel Committee to implement ‘Sifi surcharge’ within a year; Boston Fed president Rosengren says surcharge alone not enough
FOMC members 'undecided' over further asset purchases
Federal Open Market Committee displays more uncertainty over when to halt asset purchase programme; wary of buying more securities but scared of ending purchases too soon
Fed paper examines costs of trend inflation variance
Study finds an increase in the volatility of trend inflation imposes a modest welfare cost on the economy
Fed’s Tarullo lays out regulatory priorities for 2013
Federal Reserve governor highlights a number of regulatory efforts planned for the coming year; says US is ahead of its peers in introducing a bank resolution framework
Fed presidents back money market fund reform
Regional federal reserve bank presidents say money market fund reform needed to increase resilience and reduce susceptibility to runs, despite SEC objections
Philadelphia Fed president wants forward guidance in ‘normal times’
Charles Plosser says helping the public understand how the Fed sets policy in normal times will make forward guidance at the zero lower bound more effective
Yellen says forward guidance is ‘good news for workers’
Fed vice-chair says unemployment is predominantly cyclical and can be allayed by increasing aggregate demand; forward guidance will help Fed boost demand without compromising price stability
Stein says Fed could deploy monetary policy to cool credit markets
Jeremy Stein says imperfect regulatory tools may require monetary and macro-prudential policies to work in tandem if credit markets overheat, but spotting trouble is not straightforward
Taylor challenges efficacy of central bank independence
Without a rules-based framework central banks tend to stretch the bounds of their independence, and the results tend to be poor, John Taylor says
Fed research paper finds uncertainty more damaging at the zero lower bound
New paper finds the zero lower bound has exacerbated the effect of uncertainty in the ‘Great Recession'
Rating agency warns of knock-on effect of Fed’s foreign bank rules
Fitch says tighter rules for foreign banks operating in the US are likely to make other countries raise standards as well, putting a squeeze on the growth of global banks
Fed holds rates and maintains asset purchases in first vote since membership shake-up
Esther George, president of the Federal Reserve Bank of Kansas City, votes against QE in her first meeting
Stanley Fischer hints at successor as candidates emerge
Fischer says Bank of Israel deputy governor Karnit Flug was chosen on the basis she would be able to ‘function as governor’ when necessary; other potential candidates speak to CentralBanking.com
Bank of Israel governor Fischer to step down
Stanley Fischer announces he will stand down in June this year; speculation begins as to his next move
Belgian paper finds Fed policy influenced by Taylor rule
Working paper presents evidence that Federal Reserve policy-makers are influenced by the Taylor rule when making monetary policy decisions
Fed researchers plot balance sheet exit strategy
Federal Reserve economists project possible routes towards returning the balance sheet to a 'normal' size, finding that the process should only have a temporary impact on the Fed's income
Dallas Fed calls for a return to 'traditional' system of smaller banks
Special report advocates limiting the size of banks; champions a return to less public support and greater market discipline
Dallas Fed president demands end to 'too-big-to-fail'
Richard Fisher rejects Dodd-Frank provisions for too-big-to-fail institutions; urges rolling back of safety net and downsizing of banking institutions
Fed’s latest Beige Book finds post-hurricane rebound
States that bore the brunt of Hurricane Sandy report improved conditions in all but the hardest-hit areas, as ‘modest or moderate’ growth continues; unemployment remains stubborn, however
Fed presidents back unemployment offensive
Minneapolis and Boston Fed presidents call for aggressive monetary policy to tackle lethargic unemployment rate
Bernanke champions FOMC policy and Fed independence
Ben Bernanke, chairman of the Federal Reserve, gives his support to the ongoing accommodative policy of the FOMC; stresses importance of central bank independence
Further dispute among Fed presidents
Three more Federal Reserve bank presidents deliver their verdicts on the FOMC’s accommodative policy stance
Fed presidents clash over monetary policy
Presidents of the Federal Reserve banks of Kansas City and Minneapolis offer conflicting critiques of FOMC policy stance
Krugman adds lustre to $1 trillion coin plan
Proposal to mint a $1 trillion coin to avoid 'fiscal cliff' in US wins Krugman backing and Republican opposition