Estimates of the effect of Asian reserve accumulation on America's interest rates differ wildly.
Before the creation of the Federal Reserve in 1913 it in effect ran the American monetary system.
Mr. Lindsay suggested that, going forward, monetary policy and intervention by the Federal Reserve would likely have little effect.
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And yet their savings are exported, in effect, through reserve accumulation.
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Before new Federal Reserve regulations were put into effect in 2010, companies could begin dinging outstanding gift cards for a monthly fee, eroding their value rapidly and terminating them quickly.
The Fed adds Treasuries and Agency mortgage-backed securities to its assets and pays, in effect, by crediting the reserve accounts of the banking system.
This could encourage workers to pass up potential job opportunities. (It could also encourage people to register as unemployed, without affecting underlying labour supply.) Most studies suggest that the extensions can be blamed for an increase in the unemployment rate of about a percentage point, although a new report from the Federal Reserve Bank of San Francisco says the effect is much smaller, just 0.4 percentage points.
Those two dissents had the unintended and unanticipated effect of having critics of Federal Reserve policy consider me their ally inside the Fed, whether their complaint was the same as mine or not.
The longer-term effects are driven primarily by whether other countries, like China did recently, also downgrade the US. In that case, the biggest impact should be through the effect on the dollar as a reserve currency.
Before the Federal Reserve was created in 1913 it acted, in effect, as America's central bank.
Hong Kong's interest rates are in effect set by America's Federal Reserve.
On the one hand the Federal Reserve wants to boost stock prices to create a wealth effect that boosts the economy.
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The Federal Reserve, having lowered short-term interest rates in effect to zero, has intervened in bond markets to push down long-term mortgage rates as well.
Quite scarily, the slower growth that the falling dollar tautologically foretells promises a pile-on effect, or more clearly, renewed Federal Reserve activity of the quantitative easing variety.
With speculation that Bernanke may not retain his role as Chairman for another term, regardless of an Obama or Romney victory, the Federal Reserve is taking its time to see its policies take effect.
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But policymakers' reluctance to let their currencies rise faster against the dollar means that their monetary policy is, in effect, being set by America's Federal Reserve, and is therefore too lax for these perkier economies.
That's the conclusion of a report just released by the Federal Reserve Bank of Minneapolis, which studied the "Wal-Mart effect" for 89 counties in its region over the past two decades.
Federal Reserve Governor Daniel Tarullo recently proposed a system that could have the effect of breaking up, or shrinking, some of the biggest banks, and it seems the stock market has taken a dim view of the very same institutions.
The central bank has raised reserve requirements in a bid to restrain lending, but to no great effect.
As discussed above, their effect is to increase both the supply of money and the reserve cover against that supply by the full amount of the program.
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Argentina's inflexible currency-board scheme not only pegs the peso at par to the dollar but limits the money supply to the level of hard-currency reserves, in effect turning monetary policy over to the United States' Federal Reserve.
The compromise legislation includes a procedural trigger so that the provisions only go into effect if the economy continues its recovery, using the Federal Reserve Bank of New York's Coincident index, which is a measure of New York City's economic strength.
To take effect from 29 November, it will be a record high for the reserve ratio, and the ninth rise this year.
"Issues related to confidentiality have already had a significant effect on our markets, leading to greater use of dark pools and reserve orders, " warned NYSE Euronext's Chief Administrative Officer Joe Mecane.
Aligning pivot of power reserve indicator hand with the line dividing the windows of the big date display has same effect.
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