Monetary Policy
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes from the Bank of England's MPC meeting 5 and 6 June, released 19 June. The committee acknowledged the continuing economic recovery in the United States and the euro area's modest 0.2% growth in the first quarter.
Extreme Contagion in Equity Markets
RESEARCH - IMF Working Paper by Jorge Chan-Lau, Donald Mathieson and James Yao of the International Capital Markets Department, 18 June. Their results suggest that contagion patterns differ significantly within regions with Latin America showing an…
Federal Reserve Bulletin, June 2002
REPORT - Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 William F. Bassett and Mark Carlson, released 18 June.
Speech by J Alfred Broaddus, Richmond Fed, 5 Jun
SPEECH - In a speech titled 'An Update on the Economy and Monetary Policy' Broaddus said that the outlook for the next several quarters was 'murky' but that the recovery seemed firmly in place.
Speech by U Backstrom of Sveriges Riksbank, 7 Jun
SPEECH - Backstrom said in a speech titled 'The importance of a well-functioning stock market' that in order to reduce the risk of financial market imbalances, it is important that we have a well thought-out legislative, regulatory and supervisory…
Speech by Stephen Nickell, Bank of England, 19 Jun
SPEECH - In the paper titled 'Monetary Policy Issues: Past, Present, Future' Nickell answered questions such as Has the MPC demonstrated a bias towards deflation?, and What are the challenges for the immediate future?
Interview - Luxembourg central bank's Yves Mersch
FEATURE - Luxembourg Central Bank governor Yves Mersch said the European Central Bank is awaiting hard evidence of an upturn in the euro zone's manufacturing sector before raising interest rates. In an interview with AFX News he also said the decision of…
Fraga - Single digit real interest rates feasible
BRAZIL - Central Bank Chairman Arminio Fraga said it is feasible for the next administration to achieve single-digit real interest rates, official news agency Agencia Brasil reported.
Independent NBP will consider weaker zloty
POLAND - President Aleksander Kwasniewski, who last week agreed to become a mediator between the government and the Monetary Policy Council (RPP), after meeting the latter on Tuesday, has confirmed his dedication to the independence of Poland's central…
Iran proposes change to central bank leadership
IRAN - The future of the post of Central Bank governor is still ambiguous in Iran, reports the Kayhan News website in Tehran.
Bank of Japan Working Paper 02-4
RESEARCH - The Bank of Japan has published a paper on 'Deposit Money Creation in Search Equilibrium' by Keiichiro Kobayashi in which the endogenous creation of bank credit and deposit money is modeled. The Central Limit Theorem implies that the…
Bank of Japan Working Paper 02-E-2
RESEARCH - The Bank of Japan's Financial Markets Department has produced research on 'Market Microstructure and Spread Pattern in the JASDAQ Market'. It examines empirical analyses of spread patterns for stocks listed on JASDAQ in order to ascertain the…
Bank of England Inflation Attitudes Survey May 02
SURVEY - The Bank of England has published the results to its Inflation Attitudes Survey which is conducted quarterly. An article in the summer Quarterly Bulletin, also published today, examines the trends seen in the four surveys up to and including…
Slovak central bank's intervention successful
SLOVAKIA - The National Bank of Slovakia succeeded in propping up the koruna after intervening twice on Monday to support the beleaguered currency. Dealers say that it spent between 40-60m euros in the process.
Brazil cb to wait to sell long term debt next year
BRAZIL - The Brazilian central bank is likely to wait until 2003 until it begins selling its longer-dated public debt again. Two weeks ago the government began to swap long-dated government securities for short-term debt to counter the growing reluctance…
Eurozone inflation to end yr above 2% says Caruana
SPAIN - Jaime Caruana, governor of the Banco de Espana and member of the ECB board said that inflation in the euro zone this year has been worse than expected. Although he said that it would be difficult to assess where it would head in the medium term,…
Trichet says France wont balance budget by 2004
FRANCE - Jean-Claude Trichet, the governor of the Banque de France, suggested that it is unlikely that France will manage to clean up its budget deficit by 2004 when he agreed with finance minister Francis Mer's comments that to achieve this will take…
Eurozone inflation falls within ECB target of 2%
BELGIUM - Inflation in the euro zone slowed sharply to 2% in May, Eurostat confirmed on Tuesday. The drop put inflation within the upper limit of the European Central Bank's inflation target of 2%.
Parry said Fed can be "deliberative" over rates
USA - San Francisco Federal Reserve President Robert Parry said that doubt over how long the current "modest expansion" would last leaves the Federal Reserve room to be "deliberative" over hiking interest rates.
ECB survey on bond markets and interest rates
SURVEY - The ECB has published a survey which provides an overview of the capital market structures of the EU accession countries, in particular in relation to the bond markets and interest rates.
Federal Reserve Board - Annual Report 2001
ANNUAL REPORT - The Federal Reserve Board has published its Annual Report for the year ended 2001.
Weak demand damaged German economy says Welteke
GERMANY - Ernst Welteke, governor of the Bundesbank, believes that a recovery is on its way in the German economy, but that limp consumer demand is hindering its pace. He said demand for German exports and a stronger global economy would help "the German…
Argentina pledges not to use reserves to repay IMF
ARGENTINA - Economy minister Roberto Lavagna has assured the IMF technical mission currently visiting the country that central bank reserves will not be used to pay back loans from the IMF and the Inter-American Development Bank which are due to mature…
Bank Indonesia and govt to resolve loan dispute
INDONESIA - Bank Indonesia is close to putting an end to a dispute with the government which has continued for two years. A final agreement has yet to be reached to this problem which is rooted in the billions of dollars in liquidity support channeled to…