Central Banking staff
Follow Central Banking
Articles by Central Banking staff
ECB Working Paper Series
RESEARCH - "An estimated stochastic dynamic general equilibrium model of the euro area", by Frank Smet and Raf Wouters, August 2002. The paper concludes that there is a considerable degree of price and wage stickiness in the euro area. The paper also…
Financial sectors in EU Accession Countries
REPORT - The European Central Bank (ECB) on Monday 19 August released a publication entitled "Financial sectors in EU accession countries". This publication describes the structure and functioning of the financial sectors of the 12 countries that are…
Danmarks Nationalbank Press Release
PRESS RELEASE - "Kun rlige penge tak!" - new folder on discoloured banknotes, 12 August.
New England Economic Review, Second Quarter 2002
PUBLICATION - Published quarterly by the Federal Reserve Bank of Boston, the journal examines economic and public policy issues, as researched by the Bank's economists and others. In the most recent edition of the New England Economic Review the journal…
Fedtalk from the Boston Fed, May 2002
PUBLICATION - Financial Services Update of the Federal Reserve Bank of Boston, May 2002. A newsletter about Boston Fed financial services, Fedtalk offers the latest information on check services and electronic delivery systems. The most recent edition,…
Deutsche Bundesbank Monthly Report, July 2002
REPORT - Germany's central bank, on Tuesday published its Monthly Report for July 2002. The Bundesbank report reveals that the German economy grew slightly in the second quarter by 0.25 percent in April to June compared with the previous three months…
Russia plans jewellery sale to pay debts
RUSSIA - Some of Russia's most valuable jewellery is to be sold as part of the country's desperate search for funds to repay its debts.
Iran's c bank governor says economic growth steady
IRAN - The governor of the Central Bank of Iran has said the country's economy enjoys a steady growth and that the positive trend will continue.
Hungary president blocks probe on secret services
HUNGARY - Hungary's state president and the head of the central bank have become embroiled in growing controversy over Communist-era links with the secret services.
Hong Kong's credit card problems surge
HONG KONG - Credit card write-offs in Hong Kong surged to a record annualised rate of 13.63 per cent in the second quarter of this year, reflecting the slowdown in the local economy and a rise in personal bankruptcies.
Kazakhstan's foreign currency, gold reserves up
KAZAKHSTAN - Kazakhstan's foreign currency and gold reserves, including the National Fund's finances and the National Bank's gross foreign currency and gold reserves, have gone up by 1 per cent since the beginning of August, amounting to 4.58bn dollars.
South African fake central bank web site shut down
SOUTH AFRICA - A Nigerian syndicate has set up an elaborate fake South African Reserve Bank web site to pull off a so-called "419" advance-fee scam in which victims are promised millions in return for their assistance in moving vast amounts of money out…
Fears over delay to naming Clementi successor
UK - The UK government may delay the announcement of a new deputy governor at the Bank of England.
Asia central banks could be gold buyers
SINGAPORE - Asia's reserve-rich central banks are potential buyers of gold to diversify their reserve assets, even as European central banks cut their holdings, a senior official of the World Gold Council said on Monday.
Fed's Gramlich starts treatment for cancer
US - Federal Reserve Governor Edward Gramlich will begin out-patient treatment for a form of leukemia next week and medical experts believe his prognosis is good, the Federal Reserve said on Friday in a press release.
Central Bank of Brazil Working Paper Series
RESEARCH - Optimal Monetary Policy, Gains from Commitment, and inflation persistence by Andre Minella, Central Bank of Brazil, August 2002.
Financial Stability Review, 2002, from the NBB
ANNUAL REVIEW - Financial Stability Review, 2002 Issue 1, from the National Bank of Belgium. The review says that the diversity of topics covered in this first FSR illustrates that financial stability issues have to be studied from a wide variety of…
Economic Review from the Atlanta Fed Bank
PUBLICATION - Global Banks, Local Crises: Bad News from Argentina by Marco Del Negro and Stephen Kay, published in the Economic Review, Federal Reserve Bank of Atlanta, Third Quarter 2002, Vol 87, No 3.
Minneapolis Fed Conferences and Events
CONFERENCES - The 17th Annual Electronic Payments Conference: "The e-Payments Revolution" will be held 17-18 September, 2002, at the Minneapolis Airport Marriott, Bloomington, Minn.
ECB Working Paper Series
RESEARCH - 'The Industry Effects of Monetary Policy in the Euro Area' by Gert Peersman and Frank Smets, August 2002.
Federal Reserve Board Press Release
PRESS RELEASE - Governor Gramlich to begin treatment for leukemia, 16 August.
O'Neill sees growth, zero inflation
US - U.S. Treasury Secretary Paul O'Neill has said that the U.S. economy was set to exit 2002 in good shape with inflation benign, but exhorted corporate executives to help revitalize the economy by setting an example of honesty and integrity.
Fed revises estimate on number and value of checks
US - Newly released numbers from the Federal Reserve System suggest that US check usage may have peaked in the 1990's and if so, that check writing in the U.S. may be steadily giving way to electronic forms of payment.
Some Fed members saw policy as too easy in June
US - In late June, some members of the Federal Reserve's interest-rate panel thought monetary policy was too easy for the central bank's long-term inflation-fighting and growth goals FOMC minutes show.