Es cierto que los controles de este tipo pueden frenar el flujo de inversiones en China y su crecimiento económico, y que muchos inversionistas podrían irse también de otros mercados emergentes, como ocurrió hace 10 años, pero pienso que luego de este batacazo, Beijing sabrá la forma en que puede intervenir para no ser incongruente con su política aperturista y de privatizaciones que ha convertido a China en la cuarta mayor economía mundial. Al nerviosismo de ayer contribuyeron unas declaraciones del presidente del Banco de Reserva Federal (Fed) en Saint Louis, William Poole, quien al igual que Alan Greenspan dijo que una recesión en EU "podría ocurrir", aunque aclaró que el Fed no espera una contracción económica.
A speech addressed by William Poole, president of the Federal Reserve Bank of St Louis, is presented. The distribution of economic data by the Research Division of the Federal Reserve Bank of St Louis can be traced back at least to May 1961. Early on, the various St Louis Fed data publications incorporated "growth triangles," which tracked growth rates of monetary aggregates over varying horizons. Accompanying graphs of the aggregates included broken trend lines that illustrated rises and falls in growth rates. This information featured prominently in monetarist critiques of "stop-go" and procyclical characteristics of monetary policy during the Great Inflation period. Policymakers are assumed to have a set of goals, a conception of how the economy works, and information about the curre...
Inside Business - Federal Reserve Bank of St. Louis, William Poole - Brief Article
A speech addressed by William Poole, president of the Federal Reserve Bank of St Louis, is presented. Poole's topic is how the Fed adjusts policy when the economy departs from the central tendency outlook. The probability distribution of possible outcomes is substantially affected by policy responses to deviations from the baseline outlook if and when those deviations occur. To operate monetary policy effectively and to understand how policy actions affect the economy, the Federal Reserve relies heavily on economic theory developed over the span of many decades. The theoretical framework is complicated in its technical form and implementation but quite straightforward in its bare-bones abstract framework. The "Taylor rule" is a stylized view of the Fed's reaction to incoming information...
NEW YORK - Wall Street extended its losses Thursday, a day after an inflation scare sent the Dow Jones industrial average on its biggest one-day drop in three years and put the Nasdaq composite index in the red for 2006. Stocks drifted in a narrow range through most of the session but took a sharp turn lower in the last hour of trading, when a market already nervous about interest rates was unsettled by comments from Federal Reserve Bank of St. Louis President William Poole.
A speech given by William Poole, president of the Federal Reserve of St. Louis, is presented. Since the government-sponsored enterprises (GSE) accounting scandals emerged in mid-2003, one thing has remained rock-solid: The GSEs have continued to borrow at yields only slightly higher than those of the US government and noticeably lower than those available to any other AAA-rated private company or entity. In other words, despite the vast recent accumulation of knowledge about the significant risks rim by the GSEs, as well as their inability to manage these risks, investors in GSE debt securities appear unmoved. Three essential reforms are needed to eliminate the GSEs' threat to financial stability. First is a limit on their portfolio growth, second is an increase in their minimal require...
A speech delivered by William Poole, president of the Federal Reserve Bank of St Louis, to Junior Achievement of Arkansas Inc, on February 16, 2006, is presented. The Fed has stated for many years that a key monetary policy objective is low and stable inflation. Adding formality to that objective can clarify what the Fed does and why. Adopting and achieving a formal inflation objective should reduce risks for individuals and businesses when making long-term decisions. Adopting a formal inflation objective, and success in achieving that objective, will also enhance policymakers' ability to pursue other policy objectives, such as conducting countercyclical monetary policy. The more open and precise the Fed is about its long-run inflation objective, the more confident the public will be th...
Inflation worries extend market slump Wall Street extended its losses Thursday, a day after an inflation scare sent the Dow Jones industrial average on its biggest one-day drop in three years and put the Nasdaq composite index in the red for 2006. Stocks drifted in a narrow range through most of the session, but took a sharp turn lower in the last hour of trading, when a market already nervous about interest rates was unsettled by comments from Federal Reserve Bank of St. Louis President William Poole.
Rescuing the nation's mortgage giants, Fannie Mae and Freddie Mac, could well cost American taxpayers hundreds of billions of dollars and quite possibly more than $5 trillion. Fixing the mess is essential, but so is finding and punishing the people who got us into it. Don't worry about Monday morning quarterbacking. We need accountability as well as repairs to the system. Despite reassurances by administration officials and some leading members of Congress that the two huge mortgage organizations can survive, Wall Street has shown its concern by slaughtering their market values. Among others, former St. Louis Federal Reserve President William Poole told Bloomberg news that they were already "insolvent.
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