Federal Reserve System

This tag is associated with 56 posts

Bernanke / There’s a long way to go before raises rates

“In particular, even after unemployment drops below 6.5 percent, and so long as inflation remains well behaved,” he continued, “the (Fed Open Markets) Committee can be patient in seeking assurance that the labor market is sufficiently strong before considering any increase in its target for the federal funds rate Continue reading

US / Efforts to boost hiring an “imperative” says Yellen at a hearing

Fed Vice Chair Janet Yellen on Thursday robustly defended the Federal Reserve’s bold steps to spur economic growth, calling efforts to boost hiring an “imperative” at a hearing into her nomination to become the first woman to lead the U.S. central bank Continue reading

US Monetary Policy / Fed’s Bullard sees substantial progress in labor markets

There’s been “substantial progress” in the U.S. labor market, St. Louis Fed President James Bullard told CNBC on Monday. But inflation is low, he added—saying, “What’s the hurry” to taper the Federal Reserve’s massive bond-buying program. “The unemployment rate is down almost a full point from when we start this program in September 2012. We’ve … Continue reading

US / Sen. Paul threatens to hold Yellen nomination

Sen. Rand Paul is threatening to put a hold on the nomination of Janet Yellen to chair the Federal Reserve, a source close to the Kentucky Republican said Friday Continue reading

US / Fiscal ‘mess’ undermines Fed on jobs says Dallas Fed President Richard Fisher

“As long as inflationary expectations are held at bay, we can fully open the monetary throttle in an effort to deliver on the mandate Congress gave us to help achieve full employment,” said Fisher. “But it is for naught as long as the fiscal authorities are slamming on the brakes and leaving everyone in the dark as to how they will cure the fiscal mess they have wrought.” Continue reading

UI in the US / Extending unemployment benefits increases unemployment research finds

Extending unemployment benefits puts an upward pressure on equilibrium wages, which induces lower vacancy posting by firms and consequently an increase in unemployment research finds. Unemployment in the U.S. rose dramatically during the Great Recession and has remained at an unusually high level for a long time. The policy response involved an unprecedented extension of … Continue reading

Fed Nomination / Obama Praises Yellen

President Obama on Wednesday announced what he called perhaps his most important economic decision, nominating Janet L. Yellen to lead the Federal Reserve system and be his independent co-steward of the economy, calling her “one of the nation’s foremost economists and policy makers.” Ms. Yellen, 67, would be elevated from the Fed’s vice chairwoman to … Continue reading

US Labor Market / IMF’s chief endorses Fed the Federal Reserve’s decision

International Monetary Fund chief Christine Lagarde on Thursday praised the Federal Reserve’s decision this week not to tap the brakes on its bond-buying program to stimulate the U.S. economy, saying it was still too soon to start the widely expected “tapering” operation on the Fed program. “The IMF has always said that it should be … Continue reading

US / Full employment is not an impossible dream says Blinder

In his keynote address, Blinder, a former vice chairman of the Federal Reserve, reminded listeners, “We know what full employment looks like, feels like. It is not an impossible dream… The way to create jobs without spending a budgetary nickel is monetary policy.” Continue reading

Fed / Need to let inflation rise to bring down unemployment faster

The Federal Reserve may need to let inflation run a little higher than its 2-percent target in order to bring down unemployment faster, a top Fed official said on Saturday. Strictly capping inflation at 2 percent while allowing high unemployment to linger would be an “inappropriate” approach to monetary policy, Minneapolis Federal Reserve Bank President … Continue reading

Bernanke / Fighting Unemployment Is A Better Cure Than Austerity

The Federal Reserve chairman, in testimony before the Joint Economic Committee of Congress on Wednesday, suggested that ending the nation’s long-term unemployment crisis would be a more effective way of shrinking government deficits and debt than the austerity cocktail funneled down our throats by Congress and the White House in recent years. “The loss of … Continue reading

Rising inequality jeopardizes economic recovery says Federal Reserve’s Sarah Bloom Raskin

A top ranking member of the United States Federal Reserve cautioned economists this week that growing inequality within the US was worsening the odds of a quick return to the conditions of the pre-recession days. Fed Board of Governors member Sarah Bloom Raskin was in Washington, DC on Thursday, and during an address before the … Continue reading

US / The unemployment rate is understating the “true” amount of under-employment

The Fed/IMF/GS economists argue that the unemployment rate is now substantially understating the “true” amount of under-employment in the economy because the labour force participation rate has fallen as a direct consequence of the depth and longevity of the recession. They show that, while this effect does not apply during a normal recession, workers have … Continue reading

US / Students “deserve the same break that big banks get” says Elizabeth Warren

“The U.S. government invests in big banks by giving them a great deal on their interest rates,” freshman Sen. Elizabeth Warren said in an interview with Salon on Wednesday afternoon (the transcript of which is below). “We should make at least the same investment in our students.” Warren was discussing the first bill she has introduced … Continue reading

The Federal Reserve Act calls for ‘maximum employment’, not ‘minimum unemployment’

the Federal Reserve Act calls for ‘maximum employment’, not ‘minimum unemployment’. This distinction did not matter much in the past, but it is becoming increasingly important. The ‘participation gap’ remains as big a drag on growth as ‘unemployment’ and we, like Goldman, would expect the Fed to ‘change’ its target for their outcome-based guidance (to … Continue reading

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