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Role of expectations in estimates of the NAIRU
RESEARCH - The Bank of England Working Paper, "The role of expectations in estimates of the NAIRU in the United States and the United Kingdom" examines evidence for a change in the relationship between inflation and unemployment. Inflation expectations…
Japan's Monetary Policy Meeting, 13 & 14 February
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 13 and 14 February 2003, released 10 March. The Bank's policy board discussed possible policy-easing steps, including an increase in purchases of Japanese government bonds or more…
IMF independence
An article in the Financial Times considers a speech made by Ed Balls, the UK Treasury's chief economic adviser, in Washington last week. He argued that the IMF should be independent along the same lines as an independent central bank. This would…
BIS Quarterly Review March 2003
REPORT - BIS Quarterly Review, International Banking and Financial Market Developments, March 2003. In the report the BIS paints a depressed picture of the global economy with the threat of a war in Iraq reducing investor confidence and equities in…
How much gold will the central banks sell?
MONDAY FEATURE - Until recently there was a widespread expectation that central banks would continue to unload gold from their reserves on quite a large scale for many years to come. But this assumption is now being called into question. What is the…
Vintage ECB
FEATURE - Reports that certain ECB policy makers weren't exactly seeing eye to eye inspired a question to Lucas Papademos on the subject at Thursday's press conference. The answer did not reveal much, apart from the ECB's choice of wine at the top table,…
Brazil's Palocci sees IMF loan despite inflation
Finance minister Antonio Palocci said he expects the next tranche of Brazil's record IMF loan to be approved despite an increase in inflation in the country.
Bank of Mexico in paintings mix up with government
CentralBankNet hears of an unfortunate mix up involving valuable paintings, the Bank of Mexico and an apparent infringement of copyright on the central banks fine art collection.
Fed's Gramlich: Iraq impact 'imponderable'
Ed Gramlich of the Federal Reserve said on Thursday that a conflict with Iraq would have consequences for the US and world economy but that the effects were impossible to predict.
Inflation targeting, growth move in sync - Mboweni
A low inflation environment supports economic growth and no one can oppose that, said Tito Mboweni. The South African Reserve Bank governor was speaking in his first lecture at a university he is an honorary professor of.
UK Treasury criticised over Bank appointments
UK chancellor Gordon Brown faced criticism on Thursday over the lack of transparency in the appointments process to the Bank of England's Monetary Policy Committee.
RBZ lacks autonomy, says economic analyst
An economic analyst for the Zimbabwe Economic Society has said that Zimbabwe's central bank lacks independence, with the governor appointed by the president and the government able to borrow money "willy-nilly" from the central bank.
Outgoing BoJ chief doubts market interventions use
Speaking on Friday Bank of Japan governor Masaru Hayami said he thought central banks attempts to intervene in the foreign exchange market were not vary effective.
Trichet on European Monetary Union and the euro
SPEECH - In the speech 'The European Monetary Union and the euro' Jean-Claude Trichet of the Bank of France stressed the importance of transparency for the conduct of the euro-zones single monetary policy. "Elected authorities, key economic players, as…
Norges Bank Inflation Report, March 2003
REPORT - Norway's central bank published its latest Inflation Report on 5 March. The Bank says the outlook for growth has deteriorated since the October report and there are no signs of an imminent recovery. On the domestic front, the Norwegian economy…
RBNZ Monetary Policy Statement, March 2003
REPORT - The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for March 2003. The report reflects on New Zealand's strength compared to other leading world economies. The expected slow down in NZ's economy has not occurred as…
ECB Press Conference, 6 March
PRESS CONFERENCE - At the press conference which followed the ECB's decision to reduce interest rates Thursday Wim Duisenberg intimated that the circumstances which led to the cut have only really become clear in the last month. Price stability over the…
China to again reform its econ planning ministries
A plan to reorganise China's key economic ministries calls for a new State Banking Regulatory Commission to be spun off from the central bank, according to agency reports.
Fed's beige book - growth 'subdued' in early 2003
The Federal Reserve Beige Book released Wednesday showed that growth remained subdued in January and February. The evidence contained in the report forms a major part of the Fed's decision making process on the interest rate setting FOMC.
Taiwan's forex reserve hits another record high
The Central Bank of China's monthly report showed an increase in foreign exchange reserves in February taking Taiwan's reserves to a record high.
New Zealand holds rates
PRESS RELEASE - The Reserve Bank has decided to leave the Official Cash Rate at 5.75 per cent, 6 March.
Danes lower rates
PRESS RELEASE - Interest rate reduction, 6 March. The Danish central bank lowered its key interest rate 0.25% in response to the ECB's cut.
Russia's gold and for ex reserves continue to rise
Russia's central bank has announced increased reserves of 0.8% for gold and foreign exchange. This represents a new record.
Kenya's ex-central bank chief hits back at critics
On Wednesday CentralBankNet reported the resignation, and prompt replacement, of Kenyan central bank chief Nahashon Nyagah over the Euro Bank affair. Now a report quotes Nyagah as denouncing what he called, the "orchestrated" campaign to oust him.