Federal Reserve System
Fischer upbeat on US inflation outlook at Jackson Hole
Fed vice-chair Stanley Fischer says there is ‘good reason’ to believe inflation will move higher as impact of rise in dollar and fall in oil prices dissipates
Case for higher inflation targets takes a knock at Jackson Hole
Thomas Jordan warns higher inflation ‘likely to be associated with considerable costs’ in longer run; academics see little benefit in the Federal Reserve targeting 4%
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
Fischer watched for rate views as Jackson Hole concludes
Symposium at Kansas City Fed closes with panel discussion featuring Carney, Constâncio, Fischer and Rajan on Saturday; one early session considers ‘international price system’
Lockhart still expects rate hike this year
Atlanta Fed president still expects Fed to start tightening ‘sometime’ this year but market expectations of a September hike have fallen
FOMC inching towards rate hike, minutes hint
Minutes of July meeting show some members are still concerned that labour market and inflation data are not strong enough for a hike, but several think the economy is nearly ready
FOMC forecasts perform better in short- than long-term, Fed paper finds
Forecasts prepared ahead of FOMC meetings from 1997-2008 considerably outperform benchmarks at short horizons, but the results are much more mixed in the longer term
Dallas Fed picks former Goldman banker to replace Fisher
Robert Kaplan to take over as president of the Federal Reserve Bank of Dallas, bringing experience in academia and as a senior executive at Goldman Sachs
People: Wilson follows Harker to Philadelphia Fed; ESM promotes two
Patricia Wilson follows Joseph Harker to the Philadelphia Fed to take over as chief of staff; ESM promotes risk and economic analysis deputies to top jobs; and more
Fed comes under renewed fire as governance structure challenged
An under-staffed board, embarrassing leaks and outspoken regional presidents pose challenges to the Fed as it seeks to exit loose monetary policies. Is it a good time to review its governance structure?
Nobel economist Sims on fiscal stimulus, Eurozone loss sharing and role of central banks
The Nobel laureate speaks with Christopher Jeffery about his scepticism regarding secular stagnation, the eurozone’s failings and the need for inflationary fiscal stimulus at the zero lower bound
The Fed’s impact on emerging market sovereign wealth investors
With central bank reserves seeing their biggest drop in more than a decade during the second quarter of 2015, Arvid Ahlund asks if tighter US policy will make matters better or worse
Lockhart says Fed liftoff is ‘close’
Atlanta Fed president highlights ‘cumulative evidence’ of economic recovery and says he is willing to sanction the first rate increase in the face of ‘mixed data’
US rate hike still a possibility after ‘solid’ jobs data
Federal Reserve still on track to hike rates later this year, possibly as soon as September, after latest jobs data shows 215,000 increase in nonfarm payrolls
Fed’s Powell weighs factors behind market-making evolution
Governor notes regulation is a contributing factor but not a dominant one, explaining the evolution of market-making; technology and participant behaviour both important
BIS paper captures financial shock using five DSGE models
Authors from the Federal Reserve find even models with a common core produce very different estimates of the spillovers of a financial shock to the real economy
Fed communication driving Trinidad and Tobago policy
Trinidad and Tobago MPC cites Fed guidance on interest rates as the ‘most influential factor’ in its decision to tighten monetary policy
People: Board changes at PRA; Rodriguez to lead Fed’s ‘faster payments’
Four new board directors to start at PRA, Fed gives Sean Rodriguez lead role for ‘faster payments’, CNB names new head of communications and more.
BoJ paper finds emerging markets struggled to protect themselves from QE
Foreign exchange interventions and capital flow policies did little to shield emerging markets from the spillovers caused by quantitative easing in the US
Fed leaves door open for rate hike
FOMC statement offers hints that the US labour market is reaching a position where a hike could be possible, indicating interest rates are still expected to rise this year
Williams sheds light on Yellen's managerial style at San Francisco Fed
John Williams says Fed chair Janet Yellen taught him ‘many, many things’ during her time at the Federal Reserve Bank of San Francisco, highlighting her focus on the process of making decisions
Fed mistakenly releases confidential staff forecasts
Economic projections show staff expect a more gradual pace of rate increases than most Fed officials; supposed to be released to public with a five-year lag
South Africa hikes rate as inflation outlook deteriorates
South African Reserve Bank lifts key rate by 25bp to 6% on a 4-2 vote; Kganyago outlines concerns over potential for a exchange rate-inflation spiral in wake of Fed hike
Obama nominates Michigan professor to Fed board of governors
Obama picks Kathryn Dominguez, a top academic from the University of Michigan, to fill the second of two vacancies on the board of governors