Monday, October 04, 2010


From Sewell Chan's article: camps within the Fed.
  • Doves: William C. Dudley, New York Fed; Eric S. Rosengren, Boston Fed, Janet L. Yellen, Fed vice chairwoman (was San Fransisco Fed); (all three have votes on the 2010 FOMC)
  • Leaning Dovish: James Bullard, St. Louis Fed; Charles L. Evans, Chicago Fed; Sandra Pianalto, Cleveland Fed; Sarah Bloom Raskin, Fed governor; Daniel K. Tarullo, Fed governor; (four have votes on the 2010 FOMC)
  • Middle: Ben S. Bernanke, Fed chairman; Elizabeth A. Duke, Fed governor; Dennis P. Lockhart, Atlanta Fed; (two have votes on the 2010 FOMC)
  • Leaning Hawkish: Narayana R. Kocherlakota, Minneapolis Fed, Kevin M. Warsh, Fed governor (Warsh has a vote on the 2010 FOMC)
  • Hawks: Thomas M. Hoenig, Kansas City Fed; Richard W. Fisher, Dallas Fed; Jeffrey M. Lacker, Richmond Fed; Charles I. Plosser, Philadelphia Fed (Hoenig has a vote on the 2010 FOMC)
Bernanke was nominated by George W. Bush. Yellen was nominatd by Clinton and Obama. Warsh was nominated by W. Bush. Duke was nominated by W. Bush. Tarullo was nominated by Obama. Raskin was nominated by Obama. So of the governors, dovish or leaning dovish members were nominated by Obama and middle or leaning hawkish were nominated by Bush.

James Hamilton discusses QE2. (via Mark Thoma) Hamilton quotes New York Fed President William Dudley:
some simple calculations based on recent experience suggest that $500 billion of purchases would provide about as much stimulus as a reduction in the federal funds rate of between half a point and three quarters of a point. But this estimate is sensitive to how long market participants expected the Fed to hold on to these assets.

No comments: