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Fall of the Global Gold Exchange Standard and the Formation of The
European Research Studies Journal Volume XXIV, Special Issue 1, 2021 pp. 341-347 Fall of the Global Gold Exchange Standard and the Formation of the Contemporary Free Gold Market Submitted 20/01/21, 1st revision 15/02/21, 2nd revision 03/03/21, accepted 20/03/21 Dariusz Eligiusz Staszczak1 Abstract: Purpose: The purpose of this paper is an explanation of the fall of the global gold exchange standard in the beginning of XXth century. Moreover, reasons of the cancelations of the U.S. dollar convertibility into gold according to the fixed parity in 1933 and 1971 are purposes of this paper. The final cancellation of the U.S. dollar gold convertibility was related to the establishment of the free gold market in 1968-1974. A lack of the gold standard and the free gold market are characteristic features of the contemporary world market system. Design / Methodology / Approach: The design is finding the historical reasons of the fall of the global gold exchange standard and of the establishment of the free gold market in 1968- 1974. The research method is a describing political-economic analysis based on statistical data. The approach covers the most important historical time periods connected with the transformation of the global market system including the changing role of the gold. Findings: This paper analyses reasons of the fall of the gold exchange standard from the beginning of the XXth century to the establishment of the free gold market in 1968-1974. Author considers this problem including changes of the global political-economic situation in the analyzed period. -
Econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics National Bureau of Economic Research (NBER) (Ed.) Periodical Part NBER Reporter Online, Volume 2011 NBER Reporter Online Provided in Cooperation with: National Bureau of Economic Research (NBER), Cambridge, Mass. Suggested Citation: National Bureau of Economic Research (NBER) (Ed.) (2011) : NBER Reporter Online, Volume 2011, NBER Reporter Online, National Bureau of Economic Research (NBER), Cambridge, MA This Version is available at: http://hdl.handle.net/10419/61994 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), -
Cross-Border Spillovers of Balance Sheet Normalization
For release on delivery 12:30 p.m. EDT July 11, 2017 Cross-Border Spillovers of Balance Sheet Normalization Remarks by Lael Brainard Member Board of Governors of the Federal Reserve System at “Normalizing Central Banks’ Balance Sheets: What Is the New Normal?” a conference sponsored by Columbia University’s School of International and Public Affairs and the Federal Reserve Bank of New York New York, New York July 11, 2017 When the central banks in many advanced economies embarked on unconventional monetary policy, it raised concerns that there might be differences in the cross-border transmission of unconventional relative to conventional monetary policy.1 These concerns were sufficient to warrant a special Group of Seven (G-7) statement in 2013 establishing ground rules to address possible exchange rate effects of the changing composition of monetary policy.2 Today the world confronts similar questions in reverse. In the United States, in my assessment, normalization of the federal funds rate is now well under way, and the Federal Reserve is advancing plans to allow the balance sheet to run off at a gradual and predictable pace. And for the first time in many years, the global economy is experiencing synchronous growth, and authorities in the euro area and the United Kingdom are beginning to discuss the time when the need for monetary accommodation will diminish. Unlike in previous tightening cycles, many central banks currently have two tools for removing accommodation. They can therefore pursue alternative normalization strategies--first seeking to guide policy rates higher before initiating balance sheet runoff, as in the United States, or instead starting to shrink the balance sheet before initiating a 1 I am grateful to John Ammer, Bastian von Beschwitz, Christopher Erceg, Matteo Iacoviello, and John Roberts for their assistance in preparing this text. -
Is Inflation Really Transitory?
Is Inflation Really Transitory? By Eric Grover National Review August 17, 2021 Financial-market indicators point to a persistent uptick in inflation. DESPITE a few recent hints of unease, the Fed still maintains that the current surge in inflation is “transitory.” That seems optimistic: The central bank has been stoking inflation and is stubbornly blind to the danger of getting more than it bargained for, of letting loose what Nobel Prize– winning economist Friedrich Hayek described as the “tiger.” Fed chairman Paul Volcker caged inflation after it’d crested at 13.5 percent in 1980. Since then, however, the Fed, politicians, consumers, and producers have become complacent about the risk that it might escape again. The current cocktail of money-printing, massive deficit spending, pandemic- related supply-chain disruptions, and pent-up demand coming out of COVID-19 hibernation means inflation ahead — and not just for the short term. The outlook is only made worse by the hit to the supply side that will come from increased regulation and taxes, not to speak of the boost to energy costs that will flow from the administration’s hostility to fossil fuels. The Fed’s balance sheet has ballooned from $900 billion in August 2008 to a whopping $8.2 trillion in mid July 2021. However, by paying banks interest to park excess reserves held at the Fed, the central bank has managed to keep new dollars from entering the economy in the form of credit, thereby holding down inflation. Now, printed money is showing up in consumption and price data, and the longer the “transitory” surge endures, the more difficult it will be to contain. -
The Economics of Climate Change: a First Fed Conference Galina B
FRBSF Economic Letter 2019-31 | December 16, 2019 | Research from Federal Reserve Bank of San Francisco The Economics of Climate Change: A First Fed Conference Galina B. Hale, Òscar Jordà, and Glenn D. Rudebusch To better understand the implications of climate change for the financial sector and the broader economy, the Federal Reserve Bank of San Francisco recently hosted a conference on the economics of climate change to gather and debate the latest analyses from universities and policy institutions, nationally and abroad. It was the first Fed-sponsored conference devoted to investigating the economic and financial consequences and risks arising from climate change and potential policy responses. The scientific community around the world has reached a broad consensus on the ongoing climate change caused by human activities. As the Intergovernmental Panel on Climate Change (2014), stated, “Warming of the climate system is unequivocal, and since the 1950s, many of the observed changes are unprecedented over decades to millennia. The atmosphere and ocean have warmed, the amounts of snow and ice have diminished, and the sea level has risen” (p. 40). Scientists also attribute more frequent and extreme storms, floods, droughts, and heat waves to these adverse developments (U.S. Global Change Research Program 2018, hereafter USGCRP). This climate change will have sweeping effects on our economy and financial system (Network for Greening the Financial System 2018, hereafter NGFS; USGCRP 2018). Climate-related shifts in the physical environment can slow economic growth, increase volatility, and depreciate the value of business and household assets and property. Avoiding further climate change will involve a substantial transformation of the economy. -
When America Remade the World Economy
Long Reads When America Remade the World Economy Aug 13, 2021 | JEFFREY E. GARTEN NEW HAVEN – At 2:29 p.m. on Friday, August 13, 1971, US President Richard M. Nixon walked out of the White House, boarded Marine One, and traveled to Camp David, where several members of his administration were waiting for him. His chief-of-staff, H.R. Haldeman, had organized the meeting just one day before and given everyone instructions not to tell anyone – not even their families – where they were going. On arrival at Camp David, they were ordered not to phone anyone outside of the retreat. Still, on the previous day, one of Nixon’s top advisers had foreshadowed the significance of the gathering, suggesting that the weekend would bring “the biggest step in economic policy since the end of World War II.” Similarly, another adviser, on his way out of town, let it slip to a journalist that, “This could be the most important weekend in the history of economics since Saturday, March 6, 1933,” the day Franklin D. Roosevelt closed all the banks in America. They were not exaggerating. Between Friday afternoon and Sunday evening, Nixon and six top officials (backed by nine senior staff members) made a series of momentous decisions that the president would then announce in a quickly arranged prime-time televised speech. Forty-six million Americans, a quarter of the population, tuned in, while finance ministers, central bankers, and market makers from London to Tokyo huddled around their radios. What Nixon said rocked the US and global economies, sending shockwaves through America’s allies in Western Europe and Asia that were as deep and unsettling as his announcement, the previous month, of his planned trip to China. -
Bank Regulation 101
BANK REGULATION 101 PART 1: THE BASICS – HOW ARE BANKS STRUCTURED AND HOW DO AGENCIES PROVIDE OVERSIGHT? Feb. 17, 2021 11:00 a.m. – 12:15 p.m. EST Bank Regulation 101 PART 1: THE BASICS – HOW ARE BANKS STRUCTURED AND HOW DO AGENCIES PROVIDE OVERSIGHT? Feb. 17, 2021 | 11:00 a.m. – 12:15 p.m. EST Discussion Items 11:00 AM - Core Concept #1: What’s a Bank?........................................................................1 - Core Concept #2: The Structure of Bank Regulation ...........................................4 - Core Concept #3: Bank Holding Company (“BHC”) Powers & Activities .............7 - Core Concept #4: Prudential Regulation ...........................................................13 - Core Concept #5: Types of Banks & their Charters ...........................................20 - Core Concept #6: The U.S. Bank Regulators .....................................................29 - Core Concept #7: Examinations ........................................................................40 - Core Concept #8: Enforcement Actions ............................................................53 12:00 AM – 12:15 AM - Q&A Portion Core Concept #1: What is a Bank? What’s a “Bank”? • Although many definitions are possible, U.S. law and regulation generally view a “bank” as an entity that: • Takes deposits; • Makes loans; and • Pays CheCks and transaCts payments. • The U.S. bank regulatory framework takes as its primary point of foCus the first of these funCtions – deposit taking. • Generally, an entity must be Chartered and liCensed as -
Investment Insights
CHIEF INVESTMENT OFFICE Investment Insights AUGUST 2017 Matthew Diczok A Focus on the Fed Head of Fixed Income Strategy An Overview of the Federal Reserve System and a Look at Potential Personnel Changes SUMMARY After years of accommodative policy, the Federal Reserve (Fed) is on its path to policy normalization. The Fed forecasts another rate hike in late 2017, and three hikes in each of the next two years. The Fed also plans to taper reinvestments of Treasurys and mortgage-backed securities, gradually reducing its balance sheet. The market thinks differently. Emboldened by inflation persistently below target, it expects the Fed to move significantly more slowly, with only one to three rate hikes between now and early 2019. One way or another, this discrepancy will be reconciled, with important implications for asset prices and yields. Against this backdrop, changes in personnel at the Fed are very important, and have been underappreciated by markets. The Fed has three open board seats, and the Chair and Vice Chair are both up for reappointment in 2018. If the administration appoints a Fed Chair and Vice Chair who are not currently governors, then there will be five new, permanent voting members who determine rate moves—almost half of the 12-member committee. This would be unprecedented in the modern era. Similar to its potential influence on the Supreme Court, this administration has the ability to set the tone of monetary policy for many years into the future. Most rumored candidates share philosophical leanings at odds with the current board; they are generally hawkish relative to current policy, favor rules-based decision-making over discretionary, and are unconvinced that successive rounds of quantitative easing were beneficial. -
Insights from the Federal Reserve's Weekly Balance Sheet, 1942-1975
SAE./No.104/May 2018 Studies in Applied Economics INSIGHTS FROM THE FEDERAL RESERVE'S WEEKLY BALANCE SHEET, 1942-1975 Cecilia Bao and Emma Paine Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise Insights from the Federal Reserve’s Weekly Balance Sheet, 1942 -1975 By Cecilia Bao and Emma Paine Copyright 2017 by Cecilia Bao and Emma Paine. This work may be reproduced or adapted provided that no fee is charged and the original source is properly credited. About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, co-director of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise ([email protected]). The authors are mainly students at The Johns Hopkins University in Baltimore. Some performed their work as research assistants at the Institute. About the Authors Cecilia Bao ([email protected]) and Emma Paine ([email protected]) are students at The Johns Hopkins University in Baltimore, Maryland. Cecilia is a sophomore pursuing a degree in Applied Math and Statistics, while Emma is a junior studying Economics. They wrote this paper as undergraduate researchers at the Institute for Applied Economics, Global Health, and the Study of Business Enterprise during Fall 2017. Emma and Cecilia will graduate in May 2019 and May 2020, respectively. Abstract We present digitized data of the Federal Reserve System’s weekly balance sheet from 1942- 1975 for the first time. Following a brief account of the central bank during this period, we analyze the composition and trends of Federal Reserve assets and liabilities, with particular emphasis on how they were affected by significant events during the period. -
"What Can an Economic Adviser Do When the President Adopts Bad Economic Policies?"
"What Can An Economic Adviser Do When the President Adopts Bad Economic Policies?" Jeffrey Frankel, Harpel Professor, KSG, Harvard University The Pierson Lecture, Swarthmore, April 21, 2005 Summary: What would you do if you were appointed Chair of the Council of Economic Advisers under a president who was committed to one or more specific policies that you considered to be inconsistent with good economics? A look at the experiences of your predecessors over the last 40 years might help illustrate your alternative options. The lecture will review the history. It will then go on to suggest that such conflicts should be particularly acute in the current Administration. The reason is that Republican presidents have increasingly adopted policies-- with regard particularly to budget deficits, trade, the size of government, and inflation -- that deviate from the principles of good economics, and that used to be considered the weaknesses of Democratic presidents. It is a great honor to be giving the Pierson lecture.1 I must confess that I never had Frank Pierson for a course. But he was the senior eminence of the Economics Department when I attended Swarthmore in the early 1970s, having already been associated with the department more than 40 years. In that time, Frank Pierson was known as one of the last professors who still regularly held his honors seminars at his house, with an impressive series of desserts, including make-your-own sundaes, and Irish coffee. The early 1970s were a volatile time of course, with the War in Viet Nam still on.2 In 1972 the big split on campus was between those of us working for McGovern on the left, and the 1 The author wishes to acknowledge help from Peter Jaquette, Arnold Kling, Jeff Miron, Stephen O’Connell, Francis Bator, Michael Boskin, David Cutler, Jason Furman, Gilbert Heebner, William Gale, Jeff Liebman, Peter Orszag, Roger Porter, Charles Schultze, Phillip Swagel, Laura Tyson, Murray Weidenbaum, Marina Whitman, and Janet Yellen. -
Amsterdam University of Applied Sciences
Amsterdam University of Applied Sciences MoneyLab reader an intervention in digital economy Lovink, Geert; Tkacz, Nathaniel; de Vries, Patricia Publication date 2015 Document Version Final published version License CC BY-NC-SA Link to publication Citation for published version (APA): Lovink, G. (Ed.), Tkacz, N. (Ed.), & de Vries, P. (2015). MoneyLab reader: an intervention in digital economy. (INC reader). Institute of Network Cultures. General rights It is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulations If you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please contact the library: https://www.amsterdamuas.com/library/contact/questions, or send a letter to: University Library (Library of the University of Amsterdam and Amsterdam University of Applied Sciences), Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. Download date:24 Sep 2021 READER A N INTERVENTION IN DIGITAL ECONOMY FOREWORD BY SASKIA SASSEN EDITED BY GEERT LOVINK NATHANIEL TKACZ PATRICIA DE VRIES INC READER #10 MoneyLab Reader: An Intervention in Digital -
Chapter 2 Globalization: Past, Present and Future Chapter 1 Analyzed The
Chapter 2 Globalization: Past, Present and Future Chapter 1 analyzed the structure of the global economy that has been revealed by the novel coronavirus disease (COVID-19) crisis from the viewpoints of the movement of people, goods, funds, and ideas (technological know-how and data) while taking into consideration the restrictions imposed on face-to-face communication due to the COVID-19 pandemic. COVID-19 transmission through human-to-human interactions has largely spread due to the progress of globalization. However, until now, the world has achieved development thanks to globalization and the movement of people, goods and ideas (technological know-how and data). This chapter explains the conceptual framework of “unbundling” that was proposed by Baldwin (2016) to change the way of thinking about globalization, and discusses the past, present and future of globalization. In addition, the role of government, which has been changing amid globalization, is under the spotlight once again, raising expectations that government will play a role adapted to the ongoing globalization. Moreover, in the situation where the changing globalization and a network of economic partnership agreements (EPAs) showed combined effects, Japan has been transforming itself from a trading nation to an investment-oriented nation in recent years due to the development of supply chain networks, mainly in Asia, and an increase in outward foreign direct investment. On the other hand, the importance of dealing with the challenge of global sustainability has become clear. Looking toward the future of globalization, it is expected that the coming era will require more investments in digitalization and human resources.