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“The Office of the Comptroller of the Currency’s (OCC) Comptroller’s Handbook booklet, Mortgage Banking, provides guidance for bank examiners and bankers on various mortgage banking activities, such as the purchase or sale of mortgages in the secondary mortgage market. Throughout this booklet, national banks and federal savings associations (FSA) are referred to collectively as banks, except when it is …
Monetary Policy Report – February 11, 2014: “The labor market improved further during the second half of 2013 and into early 2014 as the economic recovery strengthened: Employment has increased at an average monthly pace of about 175,000 since June, and the unemployment rate fell from 7.5 percent in June to 6.6 percent in January. With these gains, payrolls have risen a cumulative 3¼ million …
“On February 10, Better Markets filed a lawsuit in Federal Court in DC challenging the Department of Justice’s (DOJ) unilateral, historic and unprecedented $13 billion settlement with JP Morgan Chase. It is the largest settlement with a single entity in the history of the country and involved the biggest, richest and most politically well-connected bank …
Joint Economic Committee, U.S. Congress, January 2014: “Innovation is a primary driver of American prosperity. A significant portion of economic growth in the United States has been attributed to improved productivity resulting in part from innovation. To ensure that innovation and productivity growth continue, more Americans than ever will need to be equipped with science, technology, engineering and …
“The New York Fed’s Survey of Consumer Expectations (SCE) provides timely and comprehensive information about consumer expectations through three broad categories: inflation, labor market and household finance. The SCE contains monthly insight about how consumers expect overall inflation and prices for food, gas, housing, education and medical care to change over time. It also provides Americans’ views …
“The Federal Reserve Bank of New York [on February 7, 2014] released a series of research reports on “funding models,” or arrangements for financial intermediation. The three-part Economic Policy Review series aims to provide a comprehensive overview of the structure and stability of different funding models, as well as an in-depth examination of factors affecting the fragility …
Wilmarth, Arthur E., Citigroup: A Case Study in Managerial and Regulatory Failures (2013). Indiana Law Review, Vol. 47, 2013, Forthcoming; GWU Legal Studies Research Paper No. 2013-139; GWU Law School Public Law Research Paper No. 2013-139. Available at SSRN: http://ssrn.com/abstract=2370131 “Citigroup has served as the poster child for the elusive promises and manifold pitfalls of …
Alexander Denev – Royal Bank of Scotland (RBS). Financial Networks as Directed Cyclic Graphs (February 8, 2014). Available at SSRN: http://ssrn.com/abstract=2392756 “Financial networks’ study and understanding has become extremely important since the global financial meltdown in 2007 – 2009 when the inter-connectedness of institutions has surfaced as one of the major culprits for the magnitude of …
“A popular strategy for estimating output gaps is to anchor them to structural economic relationships. The resulting output gaps, however, are often highly sensitive to numerous auxiliary assumptions inherent in the approach. This complicates their use in policymaking. We illustrate the point using the Phillips curve, arguably the most popular structural relationship in this context. …
“Central banks in Africa are changing as the continent becomes increasingly integrated with the global financial system. In this context, governors from major central banks met in Basel on 11-12 May 2013 to compare notes on their experiences in dealing with the challenges of increased financial integration. Four important challenges were analysed at this meeting. First, …
“The global long-term interest rate now matters much more for the monetary policy choices facing emerging market economies than a decade ago. The low or negative term premium in the yield curve in the advanced economies from mid-2010 has pushed international investors into EM local bond markets: by lowering local long rates, this has considerably …
Dante Chinni: “This week, the issue of labor-force participation became a hot topic in Washington. On Tuesday, a report from the Congressional Budget Office forecast that the Affordable Care Act would drive a reduction in labor-force participation. And Friday’s release of the latest unemployment figures was accompanied by analyses emphasizing improvements in the unemployment picture have been strongly …
