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Growth dynamics: The myth of economic recovery
This IMF Working Paper published on Monday 8 August uses panel data for a large number of countries, and finds that economic contractions are not followed by offsetting fast recoveries.
Bank of England Inflation Report, August 2005
The Bank of England published its August 2005 Inflation Report on 10 August. In the report the Bank said the UK's growth outlook has weakened slightly in the near term, pulled down by sluggish consumer spending.
Shadow on the Euro
An article published this week notes that five months after central banks talked of increasing their euro reserves at the expense of the dollar, the speculation now is about how long the euro will last. With its credibility in danger the article asks…
Fed raises rates, maintains measured stance
The Federal Open Market Committee decided on Tuesday 9 August to raise its target for the federal funds rate by 25 basis points to 3-1/2 percent. The FOMC maintained its measured stance on monetary policy accommodation.
COMMENT BY CENTRALBANKNET
The fear that demand in many leading economies has been sustained only by a housing and real estate "bubble" is often seen as one of the biggest risks facing monetary policymakers.
Fed expected to raise rates again
It was expected that the Federal Reserve would increase US interest rates again for the tenth consecutive time at the conclusion of its FOMC meeting on Tuesday 9 August.
Bank of Italy bomb scare is false alarm
Police alerted by an anonymous phone call checked for a bomb near the Bank of Italy's headquarters in Rome on Tuesday 9 August but later called off the search when no device was found, authorities said.
ECB's Issing sees positive signals on economy
European Central Bank chief economist Otmar Issing said in an interview there have been a series of positive signals on the economy, but said high oil price could curb growth.
BOJ chief says public-sector reform vital
Bank of Japan governor Toshihiko Fukui told a press conference on Tuesday 9 August that public-sector reform is vital to domestic economic growth.
US Treasury confident of China yuan moves
The Bush administration expects China will continue to move toward greater currency flexibility even though the steps taken so far have been small, a top Treasury Department official said.
IMF Paper: The use and abuse of Taylor Rules
The IMF Working Paper "The use and abuse of Taylor Rules: How precisely can we estimate them?" published on Tuesday 9 August draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice.
Why interest rates could plunge as low as 3.5%
The 6th May 1997 is a date that is burnt into the minds of Bank of England employees, according to this article published on Monday 8 August. Since being granted its independence, the Bank has built up an eight-year track record of independent thought…
RBA Statement on Monetary Policy, August 2005
The Reserve Bank of Australia published its August 2005 Statement on Monetary Policy on 9 August. The global expansion is continuing to provide a favourable backdrop for the Australian economy, according to the report.
The Netherlands Bank - Annual Report 2004
The Netherlands Bank has published its Annual Report for the year ended 2004. The world economy performed splendidly in 2004, growing by around 5%, the annual report said.
Central Bank of Namibia - Annual Report 2004
The Central Bank of Namibia has published its Annual Report for 2004.
The future of EMU: one size fits none?
According to the forthcoming edition of Central Banking, inflation and output gap differentials have grown between European states since the inception of the EMU in 1999. If these continue to worsen, the resulting tensions would put a big strain on…
Study says euro could be top reserve by 2022
A paper published this week says the euro could replace the dollar as the world's dominant reserve currency within 20 years if Britain and other EU countries adopted the unit and the US currency continues to slide.
Kosovo's BPK unlikely to become central bank
The head of Pillar IV has said the Banking and Payment Authority of Kosovo (BPK) will not be denominated as the central bank.
Malaysia reports reserve increase
The international reserves of Bank Negara surged to RM298.7 billion (US$78.7 billion) as at 29 July. This was a RM12.89 billion increase from the 15 July figure, the BNM said.
Economist says China should resist yuan pressure
A senior Chinese economist and government advisor has said China should not give in to further US pressure to change the value of the yuan following last months shift.
IMF's Rato concludes Ukraine visit
Rodrigo de Rato, Managing Director of the International Monetary Fund, issued a statement Friday 5 August at the conclusion of his visit to Kiev. The IMF chief said he was confident on Ukraine's economic outlook.
Is Japan ready for 50-year debt?
The Japanese government bond market is the world's biggest, but also among the least international, according to this article published on Monday 8 August. Perhaps the U.S. Treasury's move to issue new 30-year debt early next year will encourage Japan to…
DNB's Wellink on Duisenberg's legacy
In a speech at Wim Duisenberg's memorial service given on 6 August Nout Wellink of the DNB said his open manner of communicating was enhanced by another quality: his ability to delegate and bestow trust, even on very young employees.
Trichet at the memorial service for Wim Duisenberg
In a speech during the memorial service for Wim Duisenberg given on 6 August Jean-Claude Trichet of the ECB called Duisenberg a great European and friend.