Federal Reserve System
2017: The year in review
Over the past year, the global economy regained some strength, and some central banks began to return their policy to normal; but it was not all smooth sailing
Some banks’ living wills have ‘shortcomings’ – US agencies
The latest assessment finds previous “deficiencies” have been corrected, but four banks show less serious “shortcomings”
Fed paper sets out model of financial panics
Mark Gertler, Nobuhiro Kiyotaki and Andrea Prestipino examine banking panics in a DSGE model
Macro-pru tools helped offset taper tantrum – paper
Macro-prudential measures helped reduce the impact on cross-border lending growth, say authors
Fed backtracks on CCAR cleared swaps exposure
Regulator had also postponed plan to feed cleared client exposure into G-Sib rankings
People: Fed appoints new payments security strategy chief
Boston Fed vice-president to lead payments security; director of prudential regulation of UK banks to stand down; Kuwaiti governor to chair Council of the Islamic International Board in 2018; and more
Fed hikes as Yellen hails strong job growth
Janet Yellen gives her last press conference as Federal Reserve chair
Fed finalises new market benchmarks
Three transaction-based alternatives to US dollar Libor will launch in 2018
Fed proposes sharing more information about stress tests
Proposal includes insights about how the regulator estimates hypothetical losses
Richmond Fed appoints McKinsey executive its next president
Tom Barkin will serve as a full FOMC member as of 2018
Small open economies benefit from QE spillovers – IMF paper
Fed’s QE had a similar net positive effect in Canada to that in the US
Goodfriend nominated to Fed board
Central bank veteran to fill one of the four vacant spots on the board of governors
Strong growth and lower unemployment allows Fed to normalise policy, Yellen says
Outgoing chairwoman adds policy is not preset and will depend on economic data
Slower health care price rises limiting US inflation, San Francisco Fed paper says
Medicare prices rise by 1.1% annually since 2012, compared with 3.5% in mid-2000s
Powell to explain policy outlook before US Senate
Nominee set to defend loose policy stance and independence of central bank as new chair
Ultra-low rates hampered productivity in US, researchers find
A slower pace of policy normalisation can help boost productivity and growth
December hike in focus despite FOMC inflation worries
Some Fed policymakers fret that inflation expectations are too low to bring inflation back to target, but broad view is of an economy gathering pace
Do not assume history will repeat itself – Yellen
In conversation with Mervyn King, Janet Yellen reflects on her four years in office as Fed chair, saying there was not time for champagne on her first day
People: Yellen to leave Fed in February; Curaçao names temporary governor
Janet Yellen to step down from Fed board; retirement crisis sees flurry of appointments at Curaçao and Sint Maarten; Carstens hands in chairmanship at IMFC; and more
TCH launches real-time payment platform in US
Firm launches US’s first real-time payment system, cutting transaction times from days to seconds
Communication key to convey policies and objectives to public, central bankers say
Yellen, Draghi, Kuroda and Carney reflect on reaction of markets and public to policy communication
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
Fed’s Harker ‘pencils in’ rate hike for December
Philadelphia Fed governor expects rates to rise 25bps before 2018, adding balance sheet normalisation is likely to “take some time”
Bernanke, Geithner and Paulson to conduct forensic analysis of 2008 crisis
Protagonists of US crisis response to lead research into detailed design choices behind the main measures taken