Search Results
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.
Journal Article
Making monetary policy: what do we know and when do we know it?
President Anthony Santomero points out that conducting a successful monetary policy presents real-world challenges, such as evaluating where the economy is, where it is going, and where it should be going. But how do monetary policymakers make decisions about the economy in a world with imperfect information? Santomero discusses how policymaking is affected by both the availability and reliability of economic information. He concludes that given the information constraints policymakers face, the challenges of setting monetary policy will not go away, so we must find a way to meet them
Conference Paper
Payment risk, network risk, and the role of the Fed
Journal Article
What monetary policy can and cannot do
President Santomero reviews both the areas of agreement and those open to debate and offers his perspective on them. He concludes with some thoughts about the implications for the conduct of monetary policy.
Journal Article
Monetary policy and inflation targeting in the United States.
Should monetary policymakers in the U.S. adopt explicit inflation targeting? After all, the Fed has steadily reduced inflation over the past 25 years without resorting to an explicit inflation target. But having achieved price stability, we must now deal with the matter of maintaining it. In "Monetary Policy and Inflation Targeting in the United States," President Anthony Santomero returns to the topic of inflation targeting, which he first discussed in the spring of 2003. This time, he expands that discussion by proposing a specific inflation targeting program
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
Lessons learned from the recent business cycle
The U.S. economy enjoyed a remarkable run in the 1990s. As it moved into the new century, however, the economy underwent various fits and starts before entering its current expansion phase. In this quarter?s message, President Anthony Santomero shares his views on the U.S. economy and outlines some of the ?Lessons Learned from the Recent Business Cycle.?
Conference Paper
The market's evaluation of bank risk: a methodological approach
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.