Federal Reserve System
Cecchetti calls on Fed to become international lender of last resort
Stephen Cecchetti says Fed should extend swap lines internationally if the dollar is to continue in its privileged position as reserve currency; Paul Tucker outlines ideal lender of last resort
Kocherlakota suggests two-year timetable on 2% target
Minneapolis Fed President says lack of a time frame suggests 'appropriate monetary policy might engender inflation that is far from the 2% target for years at a time'
EM East Asian bond success could be undermined by ‘tighter liquidity’
ADB says US interest rates, geopolitical tensions and a ‘slowing property market’ in China could undermine the performance of East Asian bonds
Philadelphia Fed president Charles Plosser to retire
Vocal critic of unconventional monetary policies to leave FOMC in March 2015; Yellen says she will miss ‘keen insights, deep analysis and good humour'
Yellen: Unexpected $400 expense would put majority of US households in financial bind
Federal Reserve chair notes many of 25 million poorest US households have no wealth or negative net worth
Debit card fraud losses rise 13.1% in two years in the US, report shows
Fraud losses associated with debit card transactions in the US rose to $1.57 billion in 2013, according to a Fed report, but the amount lost per transaction was relatively stable
FOMC's Lacker denounces committee's new normalisation principles
Richmond Fed president says FOMC expectation not to sell MBS as part of balance sheet reduction flies in the face of half-a-century's worth of Fed practice
FOMC to raise rates before shrinking balance sheet
Federal Reserve unveils principles for policy ‘normalisation' as members' calls for rate hike grow louder; normalisation not necessarily expected to 'begin soon'
Peru governor says Fed ‘normalisation’ will help reverse domestic slowdown
Central Bank of Peru governor Jose Velarde says Fed has ‘probably not’ done enough to limit international spill-over, but growth in the US will partially offset a slowdown in China
Perceptions of monetary policy determine long-term bond yields, IMF paper finds
Rise in yields following Federal Reserve ‘taper talk' in 2013 is due to monetary policy shock; communications should place less focus on explaining adjustment triggers
Robert Pringle’s Viewpoint: A qualified case for Scottish independence
If the Scots vote for independence they will run many risks including a perilous path to create a Scottish currency; but they have the human resources to make a go of it
The viability of a commercial approach to central bank communication
Will the prevailing trend for central bank communications to mimic those of commercial entities and political parties stand the test of time?
Philadelphia Fed's Plosser fears ‘risky' FOMC strategy on interest rates
Regional Fed president does not want to wait to increase rates until job market has ‘completely healed'; calls for overhaul of forward guidance
Final liquidity rules issued for biggest US banks
‘More stringent' liquidity coverage ratio will come into effect in January 2017; Fed adopts final rule on supplementary leverage ratio, asks for input on swap margin rules
ECB paper finds the Fed ‘well-served’ by its stress index
Researchers from ECB and Fed examine whether the economy behaves differently during periods of high stress, and the implications this has for policy-makers' models
Powell: Fed will ‘make sure’ swap market can ditch Libor
Central banks want to break the swap market's reliance on Libor, but the planned risk-free alternatives will have to be liquid, and the Fed expects to play a coordinating role
Yellen says rate hike ‘could come sooner than currently expected'
Fed chair acknowledges ‘considerable uncertainty' about level of US slack on FOMC, prompted by labour market changes that 'have yet to be understood'
FOMC members ‘increasingly uncomfortable' with Fed's forward guidance
Members are interpreting recent economic upturn very differently, new minutes show; views differ on how to communicate labour market improvements to the public
Fed orders banks to break open black boxes
Vendor models need to be properly validated for 2015 stress tests, Fed insists – but banks say they are finding it hard to get the required information
Central banks need significant discretion to make swap lines work, says ECB
The pricing, size and maturity of standing currency swap lines when activated need to be left to central bank discretion, ECB says in latest Monthly Bulletin; language is 'intentionally unspecific’
Stanley Fischer upbeat on US productivity potential
Fed vice-chair says productivity cycles are ‘extremely difficult to predict'; emphasises possibility that productivity will continue to rise in line with historical average
Twenty-five defining moments
Central Banking identifies 25 of the most significant events to have shaped the official sector during the past 25 years.
Can central bankers live up to their role as the guardians of finance?
Central bankers need to be the risk managers of the financial system to help mitigate the fallout from future crises. Those that engaged in the latest bouts of QE have not made a good start
Book notes: The Dollar Trap, by Eswar S Prasad
A lively and compelling analysis on currency wars in the wake of the financial crisis – and the likely persistence of the US dollar as the world’s pre-eminent currency