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Norges Bank Inflation Report, November 2005
Norway's central bank, Norges Bank, has published its latest Inflation Report for November 2005. After a period of very low consumer price inflation, there are prospects that inflation will again rise at a faster pace, the report says.
Fed's Ferguson on monetary credibility & inflation
In the speech 'Monetary credibility, inflation, and economic growth' given on 3 November Roger Ferguson of the Federal Reserve said that central bankers must use "all our tools" to stop inflationary expectations from taking hold in the economy.
New York Fed's Foreign Exchange Operations Report
According to the Federal Reserve Bank of New York's Treasury and Federal Reserve Foreign Exchange Operations quarterly report for July-September 2005, the U.S. monetary authorities did not intervene in the foreign exchange markets during the quarter.
Comment: Greenspan's parting shot
Alan Greenspan yesterday delivered his final Congressional testimony. Apart from an unsurprising, cautiously optimistic message on the short-run prospects for the U.S. economy, his parting shot came in the form of a stern warning to Congress that it…
Russia's gold, fx reserves exceed foreign debt
The Central Bank of Russia's gold and foreign currency reserves considerably exceed the state foreign debt and total more than $150 billion, President Vladimir Putin has said.
RBNZ chief may raise rates until it 'hurts'
Reserve Bank of New Zealand governor Alan Bollard said in a radio interview he is willing to raise interest rates ``in a way that really hurts,'' to stop people thinking they can keep borrowing money to spend.
China's current growth rate 'reasonable'
China's economy has already achieved its long-awaited landing and current growth rates around 9 percent are reasonable, the central bank's chief economist said on Wednesday 2 November.
PBOC adviser calls for more yuan flexibility
China should allow greater flexibility in the yuan's exchange rate, an influential economist and adviser to China's central bank said in comments published on Wednesday 2 November.
Trichet says ECB ready to raise rates when needed
European Central Bank president Jean-Claude Trichet said Thursday 3 November that the ECB stands ready to raise interest rates whenever this becomes necessary.
BCCI v Bank of England - Court transcript
A transcript of the Court Session held on 2 November has been released following the collapse of the court case brought against the Bank of England by Deloitte as liquidators for BCCI. Nicholas Stadlen, the bank's lawyer, said the decision to drop the…
King seeks vengeance for 12-year siege
The governor of the Bank of England, Mervyn King, left no one in any doubt that he wanted vengeance against those who had pursued the Bank and 22 of its staff for 12 years, this article published Thursday 3 November notes.
Fed's Greenspan on the economic outlook
In testimony 'Economic outlook' given on 3 November Alan Greenspan of the Federal Reserve said the U.S. economy has good momentum, but cautioned that the prospects for keeping inflation under control were more problematic.
Fed Reserve Bank of St Louis Review, Nov/Dec 2005
The latest edition of the St Louis Fed's Review for Nov/Dec 2005 includes the article "An analysis of recent studies of the effect of foreign exchange intervention" which surveys recent empirical studies of the effect of foreign exchange intervention and…
Fed may be on road to neutral monetary policy
The Federal Open Market Committee will make the 13th consecutive rate increase at its next meeting on 13 December, as it continues on its way to the so-called neutral level, according to this article published on Wednesday 2 November.
Estimating China's 'equilibrium' real ex rate
This IMF Working Paper looks at a sample of studies that have attempted to estimate the "equilibrium" real value of China's currency. It suggests the wide variation in such estimates can be explained by various factors including the different…
Comment: The Old Lady prevails
Deloitte, the liquidators of the Bank of Credit and Commerce International (BCCI), yesterday unconditionally withdrew all allegations of malfeasance on the part of the Bank of England and 22 of its present and former staff members related to the BCCI's…
SNB maintains policy of 'correcting' rates
Switzerland's central bank will stick to its goal of "correcting" the country's main interest rate to keep inflation from accelerating, Swiss National Bank President Jean-Pierre Roth said Wednesday 2 November.
IMF wants more accountable Bank of Italy
The International Monetary Fund said on Wednesday 2 November that the Italian government should toughen up a draft reform of the Bank of Italy to make the central bank more transparent and accountable.
Norges Bank increases interest rates by 0.25%
Norges Bank's Executive Board decided on Wednesday 2 November to raise the sight deposit rate by 0.25 percentage point to 2.25 per cent with effect from 3 November. Output growth is high and may in isolation suggest a more rapid increase in the interest…
BCCI liquidators drop 'hopeless' court case
The case brought by the liquidators of the Bank of Credit and Commerce International against the Bank of England and 22 of its present and former staff collapsed on Wednesday 2 November when all the allegations were unconditionally withdrawn at the High…
Fed raises rates, maintains 'measured' pace
The Federal Open Market Committee decided on Tuesday 1 November to raise its target for the federal funds rate by 25 basis points to 4 percent. In its statement the FOMC kept its 'measured' stance for removing policy accommodation and warned that energy…
The myth of the all-powerful Fed
Despite the outsized attention that any utterance from the Fed chair typically gets, the economic world isn't controlled by one person, or even one institution, this article published on Tuesday 1 November notes.
RBNZ's Bollard on inflation and the exchange rate
In the speech 'Housing debt, inflation and the exchange rate' given on 2 November Alan Bollard of the RBNZ said higher interest rates needed to dampen demand and inflation had had the side-effect of bolstering the currency.
CB of Ireland's Financial Stability Report 2005
The Central Bank of Ireland published its annual Financial Stability Report on Tuesday 1 November. The Report concludes that the Irish banking system is in a good state of health and is reasonably well placed to cope with adverse developments in the…