Search Results
Journal Article
The complexities of monetary policy.
What happens when an academic researcher becomes a policymaker? Recently, President Anthony Santomero shared some thoughts on this topic with members for the Downtown Economists Club in New York City. In particular, he talked about several conundrums he's encountered since moving from the academy to the central bank. We've reprinted his speech "The Complexities of Monetary Policy" in this issue of the Business Review so that we can share President Santomero's insights with our readers as well.
Journal Article
A farewell from President Santomero
President Anthony M. Santomero reflects on the economic challenges and changes during his tenure as president over the past six years and summarizes some of the Bank?s accomplishments.
Working Paper
An overall perspective on banking regulation
Recently, the theory of banking regulation has undergone important changes. This has been the consequence of a number of compounding effects that have been occurring in the financial sector. First among these is on-going financial innovation, which has caused a virtual revolution in both financial instruments and markets. As a result, the markets and institutions that must be regulated have changed substantially over time. At the same time, regulation has evolved, as the regulators have learned the lessons from the recent spat of banking crises. As a consequence of these experiences, ...
Journal Article
Monetary policy: stability through change.
The recent business cycle has been driven by two forces: a series of extraordinary events and some longer term secular trends. In "Monetary Policy: Stability Through Change," President Anthony Santomero discusses how these extraordinary events, including the bursting of the tech bubble, the aftermath of 9/11, the wars in Afghanistan and Iraq, and the corporate accounting and governance scandals, have affected the U.S. economy. He then turns his focus to the longer term trends, including rapidly changing technology and the increasingly integrated global marketplace, which he expects to be ...
Journal Article
Great expectations: the role of beliefs in economics and monetary policy
Whether one looks at consumers or businesses, expectations - people's beliefs - are driving forces of every economy. The economic outcomes one can expect from public policy are affected by the way beliefs are formed and how they vary over time. In "Great Expectations: The Role of Beliefs in Economics and Monetary Policy," President Anthony Santomero presents his perspective on the important role beliefs play in economic decisions and policymaking. He also offers some observations on the important role the policymaker's credibility plays in determining the outcome of any monetary policy ...
Journal Article
The U.S. experience with a federal central bank system.
How does a decentralized central bank work? The events of September 11 put the Federal Reserve System, the central bank of the United States, to the test and highlighted the benefits of its geographic diversification. In "The U.S. Experience with a Federal Central Bank System," President Anthony Santomero presents an overview of the Federal Reserve's design and explains how its structure helps the Fed carry out its various roles.
Conference Paper
Payment risk, network risk, and the role of the Fed
Journal Article
Banking in the 21st century.
U.S. consumers are catching up with their counterparts in the rest of the world in their use of electronic payment methods, but paper checks remain a popular way to make payments here. How is the Federal Reserve supporting an orderly evolution of the payment system as consumers shift away from paper? One way is the Fed's advocacy of legislation such as Check 21. In "Banking in the 21st Century," President Anthony Santomero describes some of the implications of this new legislation for both the Federal Reserve System and depository institutions
Journal Article
The changing patterns of payments in the United States
President Anthony Santomero highlights the differences between U.S. and European payments infrastructure; discusses how the roots and evolution of the U.S. payments system differs from Europe?s; and outlines the likely path of the U.S. payment system and the Fed?s role in it. In the end, he observes, the two systems will look more alike, but they?ll get there from very different starting points.