Federal Reserve System
NY Fed: consumer debt declines
New York Federal Reserve February 2011 Quarterly Report on Household Debt and Credit shows aggregate consumer debt declined in fourth quarter of 2010
Fed’s Tarullo outlines OTC derivatives reform agenda
Federal Reserve governor Daniel Tarullo stresses importance of central counterparties, close scrutiny of market participants
Kansas City Fed paper on search frictions in monetary policy
Kansas City Federal Reserve paper finds evidence of indeterminacy in monetary policy in models with labour markets search frictions
Fed’s Raskin urges lenders to put housing market before profits
Federal Reserve Board member Sarah Raskin calls on mortgage service providers to take moral “high road” and place recovery in housing market before profits
Warsh quits Fed
Federal Reserve board member Kevin Warsh plans to step down from Fed seven years before term ends
NY Fed’s Sack: rise in long-term yields not down to inflation
New York Federal Reserve executive vice president Brian Sack says rise in longer-term interest rate reflects better growth outlook rather than rising inflationary pressures
Bernanke calls for fiscal retrenchment
Federal Reserve chairman Ben Bernanke calls on government to ease debt burden from health care and ageing population
Households contributing to recovery: Richmond Fed's Lacker
Richmond Federal Reserve president Jeffrey Lacker says pick-up in consumer spending an indication economic outlook is bright
Inflation often misunderstood: Atlanta Fed’s Lockhart
Atlanta Federal Reserve president Dennis Lockhart discusses common misuse of the term “inflation” in news reports
Monetary policy not responsible for land price bubbles: Minneapolis Fed’s Kocherlakota
Minneapolis Federal Reserve president Narayana Kocherlakota disputed claims that land price bubbles are a consequence of loose monetary policy
Fed wants right to choose which nonbanks pose systemic threat
Federal Reserve rule proposes that it will have discretion to determine whether nonbank financial firms come under Financial Stability Oversight Council’s watch on case-by-case basis
Unemployment rate will take several years to normalise: Bernanke
Federal Reserve chairman Ben Bernanke expects unemployment rate to take several years to return to normal levels
Securitisation limits debt renegotiations: Chicago Fed paper
Chicago Federal Reserve study says mortgage securitisation reduces likelihood of renegotiating debt and raises probability of foreclosures
NY Fed adds two primary dealers
MF Global and Société Générale Americas Securities join New York Fed’s cadre of primary dealers
Commercial real-estate levelling off: Fed director
Federal Reserve’s director of banking supervision and regulation Patrick Parkinson strikes cautiously optimistic note on health of commercial real estate sector
Duke defends Fed’s liquidity measures
Federal Reserve board member Elizabeth Duke says Fed bail-out was necessary for welfare of entire economy, not just banks
Philly Fed reviews DSGE models
Philadelphia Federal Reserve study examines mis-specification of money-demand shocks in dynamic stochastic general equilibrium models
NY Fed’s Tracy: 'Great Recession' distinguished by severity
New York Federal Reserve executive vice-president Joseph Tracy says moniker of Great Recession attributed to severity not length of downturn
Fed, Greenspan blamed for crisis by bulk of crisis commission
Six of ten members point finger at weak regulation and lack of awareness as to the goings-on in markets as causes of the crisis; four dissent, saying under-regulation claims overstated
Global supervisors gather at NY Fed for OTC meet
Regulators and supervisors head to Liberty Street for eighth OTC derivatives gathering
Fed funds rate falls short: Kansas City Fed paper
Kansas City Federal Reserve study says interest rate for reserves may play larger role in Fed’s monetary policy exit plan than fed funds rate
Volcker steps down as economic adviser to Obama
President Obama announces departure of former Fed chair Paul Volcker from Economic Recovery Advisory Board; appoints General Electric's Jeff Immelt as head of new Council on Jobs and Competitiveness
Richmond Fed’s Lacker on economic outlook for 2011
Richmond Federal Reserve president Jeffrey Lacker says recovery has emerged from soft patch and will grow above trend in 2011
Central Banking’s advisory board adds Stern, Sheng, Heikensten
Gary Stern, Andrew Sheng and Lars Heikensten join Central Banking Publications’ editorial advisory board