United States
QE crowds out bank loans – NBER paper
Asset purchases generate “counterproductive” cut in lending to firms, authors find
US ‘bitcoin ATM’ industry growing despite risks, research finds
Remittances are big driver of bitcoin-to-cash ATMs, but industry is predatory, paper warns
Tight monetary policy can scar economy, SF Fed research finds
Central banks may not be able to undo effects on productivity and potential output, paper says
Book notes: The Continental dollar, by Farley Grubb
Grubb’s book brings an important new interpretation to this founding moment in US financial history
US official outlines expanded role for poorer nations at IMF
Shambaugh discusses quota reform and new officials for developing countries
Barr says Fed will not issue CBDC without legislation
Supervision chief warns of danger of unregulated issuance of stablecoins
G20 promises greater funding for World Bank
US-led effort could unlock $200 billion of funding capacity, if countries follow through on pledges
US Senate confirms Kugler to Fed board
Colombian-American economist becomes first Latinx governor
US Senate confirms Jefferson and Cook for Fed posts
Upper house agrees to vote soon on Biden’s third nominee, Adriana Kugler
Fed officials signal slowing tightening cycle
Bostic and Harker indicate policy is restrictive enough to bring inflation to 2%
BIS paper highlights powerful information effects during SVB run
Hearing about SVB made people more likely to run, but good communications helped stem the tide
Jackson Hole in the wake of policy rules
Symposium heralds a shift to relying on incoming data and judgement, rather than rules or even formal models, to hit inflation targets, writes Barry Eichengreen
Surprising the market can reverse standard effects of policy, paper finds
Part of the impact of Fed decisions comes from revealing economic thinking, authors say
Supply shocks drive greater dissent on FOMC – BIS paper
Tougher trade-offs appear to reveal differences in policy-maker preferences, authors say
People: July to September 2023
A round-up of central bankers in the news and on the move during the past three months
Fed proposes long-term debt requirement for large banks
Governors Waller and Bowman express concern the rule doesn’t appropriately tailor regulation
Monetary policy impacts innovation, says research
Paper presented at Jackson Hole conference finds tightening can decrease R&D spending, cutting long-term growth
Policy rate is Fed’s most powerful monetary tool, says paper
Researcher tests impact of changes in short-term rate, forward guidance and asset purchases
Powell gives hawkish speech at Jackson Hole
Fed chair warns monetary policy could do too little or too much
US inflation hurting poorer citizens – St Louis Fed research
Nearly 90% of low-income households report significant stress from inflation
Fed throws curveball with agency clearing surcharge proposal
Revived plan could see capital for G-Sibs’ client clearing jump 40 times, says industry body
Custodia opens for business without Fed master account
Wyoming digital assets bank is continuing legal action against the US central bank
Trump says no to third Powell term
Former president says he is “not a fan” of Fed chair he picked in 2017
Some FOMC members sought pause in July, minutes show
Participants pointed to signs of loosening labour market and slowing consumption