Monetary Policy
Speech by Svein Gjedrem of Norges Bank, 21 Aug
SPEECH - On Wednesday Gjedrem said in a speech titled 'Monetary policy in an oil economy' that lower wage growth would boost earnings and employment. In addition, interest rates could be reduced. He added that activity in the Norwegian economy as a whole…
Monetary Authority of Macau - Annual Report 2001
ANNUAL REPORT - The Monetary Authority of Macau has published its Annual Report for the year ended 2001.
Wage restraint could bring rate cuts for Norway
NORWAY - Norway's central bank governor said on Wednesday that demand and activity in Norway's oil-backed economy was still high but that lower wage growth could provide a basis for lower interest rates.
Philadelphia Fed's Santomero says policy is right
US - Federal Reserve Bank of Philadelphia President Anthony Santomero said on Wednesday that the economic recovery, while more modest than expected, should move forward and that the Fed's current policy stance is appropriate.
SARB inflation target seen as out of reach
SOUTH AFRICA - Consumer inflation surprised on the upside last month, fuelling expectations that the Reserve Bank's targets for next year are getting out of reach, though Business Day reports economists said they did not expect interest rates to rise…
RBA's Macfarlane signals rates may head higher
AUSTRALIA - Reserve Bank Governor Ian Macfarlane on Wednesday delivered an upbeat view of the Australian economy, warned of a looming shakeout in property and signalled that the bank remains on course to raise interest rates once global uncertainties…
Young blood for MAS' senior ranks
SINGAPORE - Nine officers at the Monetary Authority of Singapore, whose average age is 40, will move into key positions as part of organisational revamp, the Singapore Straits Times reported on Tuesday.
Philippines central bank tightens rules on credit
PHILIPPINES - The Bangko Sentral ng Pilipinas is set to issue this week a circular restraining banks and credit card companies from issuing pre-approved "plastic money" and requiring them to adopt a stricter system of screening credit card applications.
Chicago Fed's Moskow sees ongoing U.S. expansion
US - Chicago Federal Reserve President Michael Moskow said Wednesday that he expected the U.S. economy to keep growing, while warning that the path back to its potential growth rate could be rocky.
Dollar falls as Saudi investors withdraw billions
SAUDI ARABIA - The dollar today fell from recent highs against the euro and yen following a report that Saudi investors were pulling billions of dollars out of the US.
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…
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…
Danmarks Nationalbank Press Release
PRESS RELEASE - "Kun rlige penge tak!" - new folder on discoloured banknotes, 12 August.
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…
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…
Speech by C Popa, National Bank of Romania, 16 May
SPEECH - In the speech titled 'Romania - Closer to the Euro' Cristian Popa, Vice-Governor of the National Bank of Romania, concluded that progress had been made in nominal and real convergence.
Romania c bank says inflation targeting off course
ROMANIA - Romania's National Bank (BNR) does not have all the necessary means to assume responsibility for attaining a clear inflation target, read the conclusion of a BNR study drafted by the bank's specialists, and coordinated by vice-governor Cristian…
Brazil banks to gain with new central bank rule
BRAZIL - A new regulation that requires banks to increase their deposit reserves with the central bank is expected to cause a gain of nearly 900mn reals (US$291mn) a year for the financial system as a whole, Brazilian daily Folha de Sao Paulo reported.
Belarusia gets currency union proposal from Russia
BELARUSIAN - The National Bank of Belarus has received proposals from the Russian government and the Central Bank of Russia for an accelerated introduction of the Russian rouble as the single currency of the Belarusian-Russian union state, the National…
Federal Reserve Board Press Release
PRESS RELEASE - Governor Gramlich to begin treatment for leukemia, 16 August.
ECB Working Paper Series
RESEARCH - 'The Industry Effects of Monetary Policy in the Euro Area' by Gert Peersman and Frank Smets, August 2002.
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.
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.
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.