United States
Bullard: low unemployment does not mean high inflation
Recent research shows US unemployment could fall to 2.5%, while inflation would be 1.86%, says St Louis Fed president
People: RBNZ continues reshuffle; Fed appoints payments leader
Mills to fill Bascand’s shoes at RBNZ as assistant governor moves to financial stability; St Louis Fed vice-president to initiate faster payments project for the US central bank; and more
Draghi and Yellen issue warnings on regulatory rollback
The two central bankers used their speeches at Jackson Hole to focus on the dangers of abandoning the lessons of 2008
San Francisco Fed research explores evolution of job-matching efficiency
As people out of the labour force are included, the volatility of the job-to-job transition rate falls, economists find
Fed announces Libor alternative
Secured Overnight Financing Rate will measure overnight treasury financing transactions
Recent low US inflation figures likely to be revised – Dallas Fed vice-president
Data allows “nowcasting” of inflation, paper argues
Kansas City Fed explores sources of wage dispersion in the US
Paper explores relative importance of “lifetime differences” and “match-specific” factors
Book notes: The Myth of Independence, by Sarah Binder and Mark Spindel
Politicians would do well to heed the authors’ lessons, but their economic analysis could be stronger, writes Niels Bünemann
New NY Fed dataset shows weakening labour market
New York Fed unveils new, more granular labour market data; results so far indicate wage growth is still elusive
Oil prices feed through to core inflation – Fed paper
Research finds changes in the oil price have a small but statistically significant impact on core inflation
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
Archive – Interview: Allan Meltzer
Robert Pringle talks to Allan Meltzer, Carnegie Mellon professor and chair of the US Congress’s International Financial Institution Advisory Commission (the “Meltzer Commission”); first published in February 2003
Fed’s liquidity policies more restrictive than other central banks
NY Fed article compares the Fed’s collateral and liquidity frameworks to other major central banks, finding the US central bank is much more limited in its operations
FOMC divided on how to proceed with policy
Strong jobs growth, but below-target inflation leaves some members emphasising room to be patient, while others warn of a potential overshoot
Regulators wary of machine learning in bank models
Banks acknowledge they “cannot hide behind a complex tool” to assess interconnectedness
Wage growth may be stronger than headline figures suggest
San Francisco Fed researchers point to evidence that headline figures may overstate wage weakness; UK figures provide a positive surprise
Fed’s Fischer criticises efforts to unwind banking regulation in the US
The economist describes attempts to reduce capital standards as “extremely dangerous and extremely short-sighted”
Fed paper studies how to tackle the lower bound
Simple policy rules lead to inflation falling “systematically” short of 2% target; pursuing higher inflation may help but comes at a cost
Failed bomber planned to target Fed
FBI arrests man in Oklahoma after undercover operation; Jerry Drake Varnell allegedly planned to target Fed in Washington
IMF explores ways to reform US mortgage finance
The research questions whether the US model of homeownership through government-backed fixed rate mortgages is sustainable in an increasingly unequal society
DNB paper looks at Fed’s use of credit swap lines
Federal Reserve used currency swap lines to calm markets in worst of crisis, paper says
Fed issues guidelines for joint accounts with private banks
Initiative aims to create more efficient US payments system
New York Fed’s Dudley calls for action on rising wage inequality
William Dudley proposes changes in school financing to tackle inequality of opportunity
Fed and FDIC extend resolution plan-filing deadline for banks
Nineteen foreign banks granted more time were already given one-year extensions in 2016