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Monetary Policy

Central Bankers Need to Take Note of Transition to Clean Energy

Sean Howard and Martin Stuermer

The path from traditional energy sources to alternative sources with lower greenhouse gas emissions—including renewable energy, and carbon capture and storage—is long and paved with abundant uncertainty.

June 01, 2021

The Labor Market May Be Tighter than the Level of Employment Suggests

Robert S. Kaplan, Tyler Atkinson, Jim Dolmas, Marc P. Giannoni and Karel Mertens

With payroll employment remaining well below its prior peak, slow job growth would typically suggest weak demand for labor from firms and limited employment opportunities for job seekers. Current conditions in the labor market, however, may be far from typical.

May 27, 2021

Fed’s New Inflation Targeting Policy Seeks to Maintain Well-Anchored Expectations

Enrique Martínez-García, Jarod Coulter and Valerie Grossman

The Fed’s evolving understanding of the economy and its reassessment of the natural rate of interest have led to arguably the most significant policy change since 2012.

April 06, 2021

COVID-19 Exposes Mortgage Market Vulnerabilities that Led to Volatility, Fed Intervention

W. Scott Frame, Brendan McCartney and Eva Steiner

The COVID-19-induced financial market shock in March 2020 significantly disrupted the market for agency mortgage-backed securities.

February 02, 2021

Global Perspectives: Mark Carney on Leading the Bank of England, Climate Change, COVID-19 and Community Involvement

Mark A. Wynne

Mark Carney, special envoy for climate action and finance at the United Nations, discussed climate change and central banks, COVID-19 and central banking, the complementary roles of monetary and fiscal policy, and community engagement with Dallas Fed President Robert S. Kaplan.

December 01, 2020

Global Perspectives: John B. Taylor on the Taylor Rule, Accommodative Policy, Low Interest Rates and Expanded Central Bank Mandates

Mark A. Wynne

Taylor and Dallas Fed President Robert S. Kaplan discussed the origins of the Taylor Rule, the dangers of holding monetary policy too accommodative for too long, the distributional effects of low interest rates and expanded central bank mandates.

November 24, 2020

Global Perspectives: Banco de México’s Alejandro Díaz de León on COVID-19, Trade and Inflation Targeting

Mark A. Wynne

Díaz de León and Dallas Fed President Robert S. Kaplan discussed COVID-19, the United States–Mexico–Canada Agreement (USMCA) and inflation targeting.

October 27, 2020

Global Perspectives: Richard W. Fisher on the COVID-19 Recovery, the Fed’s Response and the Future of Globalization

Mark A. Wynne

The Federal Reserve Bank of Dallas recently hosted Fisher, who served as president of the Federal Reserve Bank of Dallas from 2005 to 2015, as part of the Bank’s Global Perspectives speaker series.

October 20, 2020

Policymakers’ Response to COVID-19 Can Draw on Great Recession Lessons

Enrique Martínez-García and Jarod Coulter

Central banks’ experience before and during the 2007–09 Great Recession suggests that they have ample tools to support the economy.

July 07, 2020

Global Perspectives: Donald Kohn on Greenspan and Bernanke, the Global Financial Crisis and the COVID-19 Challenge

Mark A. Wynne

Kohn and Dallas Fed President Rob Kaplan discussed Kohn’s career at the Fed, his experience during the Global Financial Crisis and his thoughts on the Fed’s reaction to the current crisis.

June 02, 2020

Private Forecasters’ COVID-19 Global Growth Outlook Takes Shape

Enrique Martínez-García

Private forecasters have anticipated since April 2 that the economy would contract for two consecutive quarters, marking a global recession unlike any seen in peacetime.

May 05, 2020

Global Perspectives: Tom Hoenig on the Costs of COVID-19, Modern Monetary Theory and Fed Leadership

Mark A. Wynne

Hoenig and Dallas Fed President Rob Kaplan discussed Hoenig’s views on the costs of the current crisis, potential solutions and the elements of effective leadership at the Fed.

April 28, 2020

Monetary Policy in Time of Pandemic

Evan F. Koenig

Some monetary policy strategies have greater potential than others to mitigate pandemic-related financial strains.

April 16, 2020

Global Perspectives: William Dudley on the Financial Crisis, the New York Fed and Misconceptions about the Fed

Mark A. Wynne

Dudley and Dallas Fed President Robert S. Kaplan discussed Dudley’s role during the financial crisis, his leadership of the New York Fed and popular misconceptions about the Fed.

March 10, 2020

An Assessment of Economic Conditions and the Stance of Monetary Policy

Robert S. Kaplan

In his latest essay, posted on Dallas Fed Economics, President Rob Kaplan provides his assessment of current economic conditions, the outlook for the energy industry, and the current stance of monetary policy.

February 18, 2020

In Uncertain Times, Fed Sometimes Turns to ‘Insurance’

Christoffer Koch and Jackson Crawford

In June 2019, a concept appeared in the Federal Open Market Committee (FOMC) minutes that had not shown up in FOMC minutes for 11 years—the idea of monetary policy “insurance.”

August 13, 2019

A Brief Discussion Regarding the Impact of Climate Change on Economic Conditions in the Eleventh District

Robert S. Kaplan

One factor being increasingly discussed at the Dallas Fed is the impact of climate change on the Eleventh District, says Dallas Fed President Rob Kaplan. In particular, severe weather events can have a substantial human and economic cost to the district.

June 27, 2019

Consumers’ and Economists’ Differing Inflation Views Can Complicate Policymaking

Tyler Atkinson

Economists and consumers likely think of different concepts when they consider inflation. Economists typically focus on the underlying trend that monetary policy can steer. U.S. consumers appear to think instead about unpredictable changes in prices most relevant to their regular decision-making.

June 25, 2019

Has U.S. Monetary Policy Gone Off Track?

Evan F. Koenig

The actions of the Federal Open Market Committee (FOMC) can be explained by the committee’s pursuit of full employment and price stability.

June 06, 2019

Remarks for Hoover Institution Monetary Policy Conference

Robert S. Kaplan

In his remarks given on May 3, 2019, at “Strategies for Monetary Policy: A Policy Conference” hosted by the Hoover Institution, President Rob Kaplan discusses some of the potential issues raised by recent weakness in headline and core inflation measures.

May 07, 2019

Risks Abound If China Uses Debt to Stimulate Economy from Current Downturn

Scott Davis

The Chinese economy is losing steam. As China considers how to work through its difficulties, its chances of success may depend on how it finances the debt it incurs while attempting to boost economic activity.

April 02, 2019

Global Perspectives: Richard Clarida on U.S. Monetary Policy

Mark Wynne

Federal Reserve Vice Chairman Richard Clarida discusses a range of topics, including the challenges facing monetary policymakers, the U.S. fiscal situation and the global role of the dollar.

March 07, 2019

Inverted Yield Curve (Nearly Always) Signals Tight Monetary Policy, Rising Unemployment

Evan F. Koenig and Keith R. Phillips

With long-term interest rates falling and short-term rates rising, there has been increasing talk of a possible yield-curve inversion and speculation about what an inversion might mean for the U.S. economy.

February 12, 2019

The Value of Patience

Robert S. Kaplan

In his latest essay, posted on Dallas Fed Economics, President Rob Kaplan provides his assessment of current economic conditions and implications for monetary policy.

February 05, 2019

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