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“Chairman Hensarling, Ranking Member Waters, and other members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to the Congress. I will discuss current economic conditions and the outlook and then turn to monetary policy. I’ll finish with a short summary of our ongoing work on regulatory reform. The Economic Outlook – The …
The Rising Use of Nonbank Credit among U.S. Households: 2009-2011 by Gregory B. Mills and William Monson, Urban Institute, July 17, 2013. “Between January 2009 and June 2011, through the depths of the Great Recession and the initial sluggish recovery, the percentage of U.S. households that had ever used high-cost nonbank credit rose from 11.8 to 14.2 percent. This …
Should monetary policy lean against the wind? – an analysis based on a DSGE model with banking, by Leonardo Gambacorta and Federico M Signoretti – Working Papers No 418, July 2013 “The global financial crisis has reaffirmed the importance of financial factors for macroeconomic fluctuations. Recent work has shown how the conventional pre-crisis prescription that …
Relationship and Transaction Lending in a Crisis by Patrick Bolton, Xavier Freixas, Leonardo Gambacorta and Paolo Emilio Mistrulli, Working Papers No 417 -July 2013 “We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide …
Rohit Chopra is the CFPB’s Student Loan Ombudsman. This post is excerpted from prepared remarks before a conference hosted by the Center for American Progress on July 17, 2013, in Washington, DC. “While there has been considerable attention by policymakers on federal student loan interest rates taken out for the 2013-2014 academic year, outstanding student …
Summary of Commentary on Current Economic Conditions by Federal Reserve District, July 17, 2013 “Reports from the twelve Federal Reserve Districts indicate that overall economic activity continued to increase at a modest to moderate pace since the previous survey. Manufacturing expanded in most Districts since the previous report, with many Districts reporting increases in new …
Margo Thorning, Ph.D. Senior Vice President and Chief Economist, American Council for Capital Formation: “Another macroeconomic analysis by ICF International finds that expanded LNG exports would spur significant gains in nationwide employment, GDP and federal tax receipts. The net effects on U.S. employment are anticipated to be positive with net job growth of between 73,100 …
Game changers: Five opportunities for US growth and renewal: “The US economy is struggling to find a new formula for vigorous growth. But all growth opportunities are not created equal. A new report from the McKinsey Global Institute pinpoints five catalysts—in energy, trade, technology, infrastructure, and talent development—that can quickly create jobs and deliver a …
FHFA’s Initiative to Reduce the Enterprises’ Dominant Position in the Housing Finance System by Raising Gradually Their Guarantee Fees, Evaluation Report – EVL–2013–005 – July 16, 2013 “In 2012, Fannie Mae and Freddie Mac (the Enterprises) generated $12.5 billion in revenues from the single-family guarantee fees that they charge to protect investors in their mortgage-backed securities …
The Payments Risk Committee (PRC) is a private sector group of senior managers from U.S. banks that is sponsored by the Federal Reserve Bank of New York. Continuity Planning: Lessons from a Communications Exercise, July 9, 2013 “Today banking is more globally and systemically integrated than ever before. It is very difficult to find a …
The Risk of Fire Sales in the Tri-Party Repo Market – Brian Begalle, Antoine Martin, James McAndrews, and Susan McLaughlin “This paper studies the risk of “fire sales” in the tri-party repo market, a large and important market where securities dealers find short-term funding for a substantial portion of their own and their clients’ assets. We distinguish between fire …
A Century of U.S. Central Banking: Goals, Frameworks, Accountability – Chairman Ben S. Bernanke At the “The First 100 Years of the Federal Reserve: The Policy Record, Lessons Learned, and Prospects for the Future,” a conference sponsored by the National Bureau of Economic Research, Cambridge, Massachusetts, July 2, 2013 “Today, I’ll discuss the evolution over the …
