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A Fed Bank President's Idea Comes to Life
Keywords:
In 2010 Chicago Federal Reserve president Charles Evans sugggested the Fed adopt a "7-3 rule"- the Fed would keep interest rates low and credit flowing till unemployment dropped below 7%, and inflation was below 2.5% and not taking off. He modified this to keeping rates low till unemployment reaches 6.5%, as long as inflation remained below 2.5%, on Nov. 27, 2012. In Fed meetings Evans was supported by vice chairman Janet Yellen, with Minneapolis Fed president Kocherlakota and Boston Fed president Rosengren offering similiar proposals. On Dec. 12, 2012, Fed chairman Bernanke announced a position very close to what Evans has suggested. Charles Evans, worked on the staff of the Chicago Fed for 20 years before being appointed president of the Chicago Fed in 2007, at the beginning of the financial crisis.
The U.S. Federal Reserve's policy and actions in 2012-2016
06/15/2011
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A Hawkish Signal Bernanke Didn't Send
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FX HORIZONS: The Fed’s Risky Codependency with Markets
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Once Again, the Fed Shies Away From the Exit Door
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Bernanke Plays Down Link Between Jobless Rate, Fed Moves
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In Surprise, Fed Decides to Maintain Pace of Stimulus
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U.S. Federal Reserve chairman Bernanke's defense of QE III
06/15/2011
Bernanke's defense of the Federal Reserve's QE I, QE II, and QE III. focusses on keeping interest rates down because higher interest rates would increase borrowing costs of the government. In the eurozone capital markets are setting interest rates for Germany, France, Italy and Spain. The Fed is using its monetary policies to set rates low to keep borrowing costs on U.S. debt down. It also keeps economic growth from dropping to a point where it reduces government revenues and worsens the deficit. This buys time for Congress and a newly elected administration to come together on a plan for the deficit and generating growth.
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Stimulus and the Depression: The Untold Story
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India's Central Banker Lobbies Fed
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Reflections by America’s Buddha of Banking
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Janet Yellen and Fed Predecessors Find Common Ground Onstage
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Bernanke Takes On Critics of Fed Policy
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Forget the fiscal cliff: U.S. has other possible economic threats looming - The Washington Post
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U.S. Federal Reserve's 6.5% unemployment target with 2% inflation announced by Bernanke in Dec. 2012
01/27/2009
The U.S. Fed's chairman Bernanke says the Fed will keep rates low till unemployment reaches 6.5% citing "the tremendous waste in human potential" of high unemplyment rates. As long as inflation remains subdued at 2% the Fed will continue its current policy of low rates. In 2013 the Fed will continue bond buying at the rate of $85 billion a month. If unemployment drops to 6.5%, but this is because more people are dropping out of the labor market the Fed will take this into account, says Bernanke. The Fed will also keep an eye out for asset bubbles in the economy.
Grouped Articles
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Fed Officials Try to Set the Market at Ease
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Wall Street Journal 07/05/2013
Wall Street Journal 07/11/2013
FX HORIZONS: The Fed’s Risky Codependency with Markets
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Bernanke Plays Down Link Between Jobless Rate, Fed Moves
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Why high unemployment and the high percentage of the long term unemployed is determining U.S. Federal Reserve interest rate policy in 2012-2014
01/27/2009
With 40% of the unemployed in the U.S. shown as long term unemployed, mismatch in skills and other structural problems with unemployment, the U.S. Federal Reserve policies of Fed chairman Bernanke are geared to addressing this problem.
Grouped Articles
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Fed Officials Try to Set the Market at Ease
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Wall Street Journal 07/11/2013
FX HORIZONS: The Fed’s Risky Codependency with Markets
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Economy May Be Getting Its Wings Clipped
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Central bank governors Ben Bernanke, Mario Draghi, Stanley Fischer, Mervyn King and the MIT Economics Department
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Ben Bernanke and Mervyn King once shared an office as professors at MIT. Stanley Fischer was Draghi's and Bernanke's PhD. advisor. The MIT economics department fostered a view in the 1990's in which central banks played an active role when markets failed and the economy stumbled. This followed a period of post-Keynes views at the universities of Rochester, Minnesota, and Chicago, that markets operated on rational expectations and needed minimal intervention by central banks.
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A Hawkish Signal Bernanke Didn't Send
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In Shift, Bank of England Pledges Low Rates
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Negotiations for consensus and communication with markets under Fed chairman Bernanke.
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Yellen's Challenge: Corralling Fed's Many Voices
Wall Street Journal 11/12/2013
Janet Yellen and Fed Predecessors Find Common Ground Onstage
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How Bernanke Pulled the Fed His Way
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Bernanke Takes On Critics of Fed Policy
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Forget the fiscal cliff: U.S. has other possible economic threats looming - The Washington Post
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Wall Street Journal 12/13/2012
Philadelphia Federal Reserve bank president Charles Plosser and other expert criticism of Fed chairman Bernanke's monetary policy.
01/04/2010
Plosser says the Fed cannot create jobs or retrain a workforce. In the short term the Fed can act against disinflation, says Plosser, but in the long term Fed policy such as the one being pursued by Bernanke can backfire and lead to more instability in the economy. The Dallas Fed President, Richard Fisher, expresses similiar views.
Grouped Articles
Martin Feldstein: The Federal Reserve's Policy Dead End
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Once Again, the Fed Shies Away From the Exit Door
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Bhidé and Phelps: Central Banking Needs Rethinking
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Bravo for Bernanke and the QE Era
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U.S. Federal Reserve chairman Bernanke's semi-annual report to Congress in July 2012
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U.S. Fed chairman Bernanke tells Congress that unfortunately there is no quick solution to the eurozone crisis, as we are "in a muddling through kind of environment."
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Wall Street Journal 12/13/2012
A Fed Bank President's Idea Comes to Life
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Text of the Federal Reserve's Policy Statement
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U.S. Federal Reserve and policies to counteract the effects of the "fiscal cliff" on GDP and economic growth in 2013
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Grouped Articles
Bernanke Plays Down Link Between Jobless Rate, Fed Moves
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Wall Street Journal 08/01/2013
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Grouped Articles
Fed Officials Try to Set the Market at Ease
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Bernanke Plays Down Link Between Jobless Rate, Fed Moves
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Candid Criticism for Fed That Wasnât on the Agenda
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Jobs Data Justify Bernanke Concerns but Don’t Push Fed to Quick QE Move
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Next Week’s Tape: Trifecta of Inflation Data On Tap
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Fed Holds Rates Steady, but Outlooks Shift
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U.S. Federal Reserve's policy and actions in 2010-2013
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Grouped Articles
Fed Officials Try to Set the Market at Ease
Wall Street Journal 06/24/2013
Bernanke Plays Down Link Between Jobless Rate, Fed Moves
Wall Street Journal 07/18/2013
In Surprise, Fed Decides to Maintain Pace of Stimulus
New York Times 09/18/2013
Economists See Nominee as Slightly More Dovish Bernanke
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Yellenâs Path From Liberal Theorist to Fed Voice for Jobs
New York Times 10/09/2013
The Yellen Fed? Precise and Predictable
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John Taylor on U.S. Federal Reserve policies and booms and busts in the U.S. economy and no clear exit strategy
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Taylor points out that the dual mandate for maintaining unemployment and inflation goals has led to discretionary policies that have hurt the economy by leading to booms and busts. He calls for a single mandate on inflation goals. Taylor provides advice on the Romney Plan.
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Once Again, the Fed Shies Away From the Exit Door
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Bhidé and Phelps: Central Banking Needs Rethinking
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S.&P. 500 Dips After Fed Signals No New Stimulus
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How the 1937 Pullback under FDR affects current economic policy under Bernanke and Yellen
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Economic policies under FDR in the 1930's. The Fed's Bernanke is acutely aware of the 1937 pullback and its lessons. This will influence current policy.
Grouped Articles
Tomorrow's Recession Recovery Is Today's History Lesson
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Policy Makers Seek to Learn From 1937's Stalled Comeback
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How the Fed Can Avoid the Next Bubble
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Lawrence Lindsey on how Bernanke's Fed has boxed itself in with no choice but to keep interest rates low and no clear exit strategy
01/04/2010
Economist Lindsey says Fed chairman Bernanke has to keep interest rates low for the U.S. government to be able to cope with the increase in borrowing costs that normal interest rates would bring. The normalized interest rate - the rate at which the U.S. government was able to borrow for the last three decades- is about 5.7%. At that rate the U.S. government would add $800 billion to borrowing costs for 2021, says Lindsey. The U.S. now borrows at about 2.5%
Grouped Articles
Once Again, the Fed Shies Away From the Exit Door
Wall Street Journal 07/11/2013
Wanted: A Boring Leader for the Fed
New York Times 08/20/2013
Reflections by America’s Buddha of Banking
New York Times 01/16/2014
Wall Street Journal 06/15/2011
Fed Darkens Its Outlook but Plans No Changes
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The Deficit Is Worse Than We Think
Wall Street Journal 06/28/2011
Professor Bernanke, Bernanke's writings before becoming Fed chairman
01/27/2009
Bernanke's thoughts on the banking crisis in Japan after a real estate bubble like that the U.S. is experiencing.
Grouped Articles
Reflections by America’s Buddha of Banking
New York Times 01/16/2014
Tomorrow's Recession Recovery Is Today's History Lesson
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Chairman Bernanke Should Listen to Professor Bernanke
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Fed chief Bernanke urges better financial regulation to prevent crises
Washington Post 01/04/2010
Wall Street Journal 12/13/2012
A Fed Bank President's Idea Comes to Life
Wall Street Journal 12/13/2012
U.S. Fed chairman Bernanke's and Fed governor's assessment of the economy in 2011-2012
01/04/2010
Grouped Articles
Wall Street Journal 06/07/2011
Fed Darkens Its Outlook but Plans No Changes
Wall Street Journal 06/23/2011
The Federal Reserve's Toolbox is Emptying
Wall Street Journal 07/13/2011
Bernanke to Markets: Stay Tuned
Wall Street Journal 08/26/2011
Key Passages From Bernanke’s Jackson Hole Remarks
Wall Street Journal 08/26/2011
Wall Street Journal 09/28/2011
The influence of Yale Professor James Tobin on Janet Yellen as she shapes Fed policy to tackle U.S. unemployment
12/13/2012
Linked Articles
Yellenâs Path From Liberal Theorist to Fed Voice for Jobs
New York Times 10/09/2013
A Fed Bank President's Idea Comes to Life
Wall Street Journal 12/13/2012
Chicago Fed president Evan's "7-3 plan" and U.S. Fed chairman Bernanke's announcement to keep interest rates low till unemployment reaches 6.5%
12/13/2012
Linked Articles
A Fed Bank President's Idea Comes to Life
Wall Street Journal 12/13/2012
Wall Street Journal 12/13/2012
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