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Journal Article
Monetary policy in a changing world
In a speech given to the Money Marketeers in New York in September, bank president Thomas M. Hoenig offered a long-term perspective on some current and future challenges facing monetary policy due to ongoing changes in the structure of the economy and financial markets. These changes can affect monetary policy in several ways. Some complicate the process of deciding when a policy action should be taken--that is, when the FOMC should change the federal funds rate target. Others may affect the implementation of monetary policy by requiring changes in operating procedures or the institutional ...
Journal Article
'The balance of power' rhymes: President's message
Journal Article
Practical productivity growth: President's message
Journal Article
Is your bank account safe? : President's message
Journal Article
Bank regulation: asking the right questions
If we are to modernize our regulatory system and allow banks the flexibility to adapt to financial change, it is essential that we ask the right questions about the purposes of bank regulation. Currently, much of the regulatory debate focuses on the age-old question: Where do we draw the line between banks and other financial and nonfinancial institutions? As important as this question is, however, it begs a more fundamental question: Why do we regulate banks differently than other institutions? Unless we can answer this basic question, it is possible that we may never achieve consensus on ...
Journal Article
Challenges for the banking industry in the 1990s
In the 1990s, banks will face a variety of challenges. These include meeting new loan competition, managing market risks, maintaining a funding base, and developing successful strategies in banking consolidation. ; This speech takes a careful look at these challenges. It also examines how the trends in banking may affect financial stability and what steps may be necessary for banks to survive and prosper in a more complex marketplace. Among the steps discussed are creating an effective and efficient supervisory approach and reforming the banking system to provide a better way of protecting ...
Journal Article
The international community's response to the Asian financial crisis
The U.S. economy just completed another stellar year, marked by strong growth and declining inflation. Indeed, the low inflation of recent years has been instrumental in reinvigorating the U.S. economy, helping unleash a new vibrancy and confidence across the country. However, the shock wave working its way toward us from the Western Pacific will likely be a countervailing force in our economy.> > Financial turmoil in a handful of Asian countries should slow the growth of spending by foreigners on U.S. goods and services. On balance, most economists are currently guessing that reduced demand ...
Journal Article
Community banks and the Federal Reserve
In a speech given at the Federal Reserve Bank of Chicago?s conference, "Whither the Community Bank?" Federal Reserve Bank of Kansas City President Thomas Hoenig gave his perspective on the role community banks play in key sectors of the economy and in the Federal Reserve?s mission.> Mr. Hoenig?s central theme was that while community banks hold only a small share of the nation?s banking assets, they provide important financial services to some key sectors of the economy. Their importance in the economy, in turn, supports the Federal Reserve?s interest in and oversight of community banks. ...
