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ECB press conference with questions and answers
At his first press conference since taking over from Wim Duisenberg, Jean-Claude Trichet said on 6 November that the stability and growth pact provided "an appropriate framework" for ensuring fiscal discipline. He said the budget deficit limit of 3 per…
Fed Reserve Bank of St Louis Review, Nov/Dec 2003
The latest edition of the St Louis Fed's Review for November-December 2003 includes an article by St Louis Fed President William Poole "Fed Transparency: How, Not Whether", "Burgernomics: A Big Mac Guide to Purchasing Power Parity", and "Banking…
Central Bank of Russia - Annual Report 2002
The Central Bank of Russia has published its Annual Report for the year ended 2002. Economic developments in Russia in 2002 were seriously affected by changes in the world economy, the Annual Report says. A quite favourable price situation on world…
The Canadian Phillips curve and regime shifting
This Bank of Canada Working Paper looks at the recent criticism of linear models of inflation for their poor forecasting performance, given that Phillips curves are usually estimated with linearity assumptions. Using two methodologies the Paper strongly…
Fed's Bernanke on the jobless recovery
In the speech 'The Jobless Recovery' given on 6 November Ben Bernanke of the Federal Reserve noted "a few encouraging signs" have appeared that a lengthy jobs slump was easing. "So far these signals of recovery remain tentative; on the basis of the…
Greenspan on the outlook for the US economy
In a speech to the Securities Industry Association annual meeting on 6 November Alan Greenspan of the Federal Reserve said soaring government budget deficits threaten the US economy in the long term and must be brought under control. But striking an…
Sacked union leaders return to BB premises
Union leaders returned to Bangladesh Bank for the first time in a week on Wednesday 5 November. Witnesses said the ruling BNP-backed former CBA leaders stayed at the CBA office at the main building of the bank for 15 minutes at midday, the Daily Star…
ECB: No forced redundancies with IT restructuring
The ECB has responded to claims by the Union of the Staff of the European Central Bank that 40 or more staff could be made redundant by restructuring measures in the IT department. The Bank said in a statement, AFX reported, "If some functions are…
Fed's Pianalto says US jobs lag unusual
Speaking Wednesday 5 November Federal Reserve Bank of Cleveland president Sandra Pianalto said normally it would be expected to take only around two years for the US to recover the number of jobs lost in recession, Reuters reported.
Trichet rings in new era at ECB with rates on hold
The ECB left its main refinancing rate steady at 2 percent at its 6 November meeting with Jean-Claude Trichet attending his first meeting as president of the euro-zone central bank, AFP reported.
Bank Negara hosts BIS meeting on monetary policy
Bank Negara Malaysia will host the sixth meeting of the Bank for International Settlements monetary policy working party beginning 5 November, the Edge Daily reported. Bank Negara said the meeting was being chaired by BIS economic adviser William White,…
Destructive Ambiguity
The Hong Kong dollar was pegged twenty years ago in October 1983. HKMA Chief Joseph Yam said he was going to "hit them where it hurts", earning himself a short-term action-man nickname of "Yambo". This article from webb-site.com takes aim at what it…
Bank of England raises interest rates by 0.25%
The Bank of England raised interest rates by 0.25 percentage points to 3.75% on 6 November saying the global economic recovery appears to be gathering momentum but with inflationary pressures likely to build a "modest" increase was required.
Statement by RBA's MacFarlane on rate increase
In a statement following the Reserve Bank of Australia's decision to increase interest rates to 5 per cent on 5 November, RBA governor Ian MacFarlane said "the Board's view is that it is no longer prudent to continue with such an expansionary policy…
RBNZ's Bollard speaks on ANZ acquisition
The Reserve Bank of New Zealand released an excerpt from a speech by Reserve Bank Governor Alan Bollard on 6 November. It outlines the policy initiatives taken by the Reserve Bank in dealing with the application by the ANZ to buy National Bank. The…
Santomero on beliefs in economics, monetary policy
In the speech 'Great Expectations: Beliefs in Economics and Monetary Policy' given on 5 November Anthony Santomero of the Federal Reserve Bank of Philadelphia said he believed the FOMC should seriously consider inflation targeting so as to consolidate…
SAMA: Saudi economy must pursue reforms
The governor of the Saudi Arabian Monetary Agency has warned that the country should develop mechanisms to reduce public debt, MENAFN said, which is estimated at more than $173 billion.
PBoC approves 4 bank representative offices
The People's Bank of China's vice-governor Liu Tinghuan has said the central bank has approved the applications of four mainland banks to set up representative offices in Taiwan, Xinhua News reported.
US Treasury's Snow denies weak-dollar policy
US Treasury Secretary John Snow has rejected speculation that Washington is pursuing a weak dollar policy, according to the Japan Times, by encouraging other countries to adopt flexible exchange rate policies.
Australia's interest rates rise 0.25%
The Reserve Bank of Australia increased interest rates to 5 percent on Wednesday. It was the first time the RBA changed the official cash rate since June 2002, The Age said.
Bangladesh Bank appoints 3 directors
Three new governors have been appointed to the board of directors of Bangladesh Bank, the New Nation reported. The appointments have been made with "immediate effect" the report said.
Gono accepts appointment as RBZ Governor
Gideon Gono has been appointed governor of the Reserve Bank of Zimbabwe with effect from 1 December, The Harare Herald reported. Gono, a prominent banker, was appointed by President Mugabe and follows last weeks announcement of a planned restructure and…
Restructuring of the ECB's IT function
The European Central Bank has provided further datails on the restructuring of its information technology function, 5 November 2003.
Chicago Fed's Moskow on U.S. Economic Outlook
In the speech 'U.S. Economic Outlook' given on 3 November Michael Moskow of the Federal Reserve Bank of Chicago said the most recent recession proved the adage that there is no such thing as a "typical recession." Despite some periods of slowing, light…