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 ...
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 ...
Central Bank session comments
This time it's different [or is it?]
A retrospective look at banking and finance by Pres. Tom Hoenig. Speech delivered on October 29, 2006 at the Western States Bank Directors Education Foundation's annual symposium.
Twelve banks : the strength of the Federal Reserve
Should more supervisory information be publicly disclosed?
Within our financial system, a bank?s prospects and viability depend on its ability to attract investors and customers. This fundamental need means that banks and bank management must operate under the framework of market discipline and in a manner that meets the dictates of market participants. In other words, market discipline serves as the principal force influencing the performance of our financial markets.> In a speech given at the Federal Reserve Bank of Chicago?s Annual Conference on Bank Structure and Competition, Mr. Hoenig explored how the financial revolution we are now ...