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Central banking
IMF: Central banking lessons from the crisis
The IMF’s Executive Board discussed the lessons from the crisis for central banks. Policymakers are beginning to incorporate the lessons of the crisis for policy frameworks, including those for systemic financial stability, prudential regulation and supervision, monetary policy, liquidity management, and crisis management. Central banks were thus the main institutional focus of the discussion, although [...]
Three policy challenges for the world economy
Speech delivered by Jaime , General Manager of the BIS, on the occasion of the Bank’s Annual General Meeting, Basel, 28 June 2010. Policymakers everywhere continue to steer a course across treacherous terrain. … The remaining vulnerabilities in the international banking system continue to weigh on confidence. It is true that many banks have increased [...]
The Fed’s central bank swap program and Europe
The Fed is considering whether to reopen a lending program put in place during the financial crisis in which it shipped dollars overseas through foreign central banks like the European Central Bank, Swiss National Bank and Bank of England. The central banks, in turn, lent the dollars out to banks in their home countries in [...]
Capital controls confusion at the IMF
For countries facing a big inflow of capital — with the attendant risks of asset bubbles — the use of capital controls “is justified as part of the policy toolkit to manage inflows,” a recent IMF paper wrote. Even if investors figure out ways around the controls, the restrictions still can be useful, the IMF [...]
Fed exit fraught with dangers
The Federal Reserve has not been clear enough about how it intends to unwind its unprecedented monetary easing campaign, and some of the tools it expects to use may not work, monetary experts will tell Congress. John Taylor, a Stanford University economist and author of a key central banking rule of thumb, will testify before [...]
The Crisis: Former Federal Reserve Chairman Greenspan
The desire to rescue a damaged reputation is a powerful motivator. That is one conclusion to draw from a new 48-page paper, entitled The Crisis, written for the Brookings Institution by Alan Greenspan, the 83-year-old former chairman of America’s Federal Reserve. A man once hailed as the world’s outstanding central banker is now routinely blamed [...]
Is UK quantitative easing working?
“Quantitative easing (QE)” is an important task: the need to make monetary policy effective when interest rates are close to zero. The world’s leading central banks, including the Bank of England, have taken such actions. But is UK policy working? Yes, but not quite enough. The argument about quantitative easing is polarised: some critics wail [...]
Dodd proposes consumer role for the Fed
The Federal Reserve would receive additional consumer protection responsibilities as part of a proposal circulated on Monday by Chris Dodd, the Senate banking committee chairman, in a surprising reversal of the central bank’s political fortunes. The new division, if approved, falls short of an independent Consumer Financial Protection Agency originally proposed by the Treasury. Designed [...]
Bernanke outlines a “possible sequence” to the exit strategy
Fed Chairman Bernanke yesterday provided more clarity about the Fed’s exit strategy from the current accommodative policy stance. In fact, he outlined a possible sequence: Test its tools for draining reserves, which include reverse repos and term deposits. For the former, he said the Fed is in the process of expanding its counterparties and developing [...]
Should the mandate of the Fed change?
Two sharply contrasting visions of the future of the Federal Reserve have arisen in Ben Bernanke’s confirmation hearings in the US Senate. The first is the Bernanke/Geithner model, advocated by the Fed chairman and his former colleague Tim Geithner, Treasury secretary, The Fed would: retain its supervision powers over the top banks and gain supervision [...]
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