Monetary Policy
Alan Greenspan defends worries about deflation
Opening a two-day conference on monetary policy sponsored by the Federal Reserve Bank of Kansas City, Alan Greenspan said on Friday 29 August that the Fed was right to worry about deflation even though the threat was remote as uncertainty remained "the…
Eurozone inflation up to 2.1 per cent in August
The estimate of eurozone inflation for August rose to 2.1 per cent Eurostat said on Friday 29 August, according to Associated Press.. The increase from 1.9 per cent in July was larger than expected.
Greenspan on monetary policy under uncertainty
In a speech on 'Monetary Policy under Uncertainty' given on 29 August Alan Greenspan of the Federal Reserve said he preferred to set economic policy by managing possible risks rather than obeying formal rules. "That any approach along these [formal…
Economy in Brazil contracts 1.4% in 2Q
Brazil suffered the largest contraction in its economy for five years in the second quarter of this year, according to Bloomberg News, as the largest government spending cuts on record and rising interest rates choked off demand.
Poole on Fed Transparency: How, Not Whether
In the speech 'Fed Transparency: How, Not Whether' given on 21 August William Poole of the Federal Reserve Bank of St. Louis said transparency is a worthy goal, but improving transparency is hard work. "My thinking is still evolving, but one thing I know…
Parry on prospects for the national, local economy
In the speech 'Prospects for the National and Local Economies: A Monetary Policymaker's View' given on 21 August Robert Parry of the Federal Reserve Bank of San Francisco said downside surprises that could push the inflation rate even lower are a concern…
Interest rates, inflation, exchange rate in Norway
Article by Deputy Governor of Norges Bank, Jarle Bergo, published in Dagsavisen 24 August. Bergo says in "Interest rates, inflation and the exchange rate" that the underlying rise in prices has slowed markedly. In July, the year-on-year rise in consumer…
Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Third Quarter 2003. The U.S.economy will likely expand at a slower pace in 2003 than predicted just three months ago, according to the survey. The pace…
Horst Kohler to visit China, Malaysia, Thailand
IMF Managing Director Horst Kohler will visit China, Malaysia, and Thailand in early September to discuss challenges confronting the region; and reinforce the IMF's continued engagement with Asia.
IMF team reviewing Afghanistan's economy
An IMF team is visiting Afghanistan for the first time in more than ten years, a Reuters report said. The IMF review is aimed at assessing the performance of Afghanistan's economy rather than preparing the ground for new loans.
W African leaders to meet on currency union
A summit of the 15-nation Economic Community of West African States (ECOWAS) will meet Friday in Nigeria to discuss plans to create a single currency for the region, AFP said.
Argentine congress approves central bank law
Argentina's Congress approved a law Wednesday night to increase central bank autonomy. Under the law, approved by a vote of 112-41 Bloomberg reported, the central bank will be allowed to temporarily advance the government funds in order to make debt…
France urges eurozone shake up
Speaking Thursday French Foreign Minister Dominique de Villepin called for a shake-up of EU economic supervision saying the European Union should establish a formal eurozone council with responsibility for coordinating budget policy, Reuters said.
Kennedy on monetary policy during economic shocks
In the speech 'Monetary Policy during Economic Shocks: Lessons Learned' given on 26 August Sheryl Kennedy of the Bank of Canada discussed three periods over the past decade when Canada's economy was hit by major shocks. From her perspective she examines…
Philadelphia Fed Business Outlook Survey, Aug 2003
Activity in the region's manufacturing sector improved in August, according to firms surveyed for the Philadelphia Fed's Business Outlook Survey, August 2003 . Most indicators increased, but the employment index declined.
E-barter V fiat money: will central banks survive?
Bank of England Working Paper by F H Capie, Dimitrios P Tsomocos and Geoffrey E Wood titled "E-barter versus fiat money: will central banks survive?". In the paper the authors argue that the information-economising properties that allowed money to…
HKMA's Yam at the HKIMR Summer Workshop 2003
In his Opening Remarks to the HKIMR Summer Workshop 2003 given on 27 August Joseph Yam of the Hong Kong Monetary Authority said the organisers have put together an interesting programme with three papers dealing with issues that are of current or…
Poland appoints Czekaj to Monetary Policy Council
Poland's Deputy Finance Minister Jan Czekaj was voted onto the National Bank of Poland's Monetary Policy Council on Tuesday. Czekaj, a taxation guru at the ministry, was reported as saying after the Tuesday vote that he would likely take part in the…
Tension growing over Israel central bank policy
The Bank of Israel cut interest rates this week to 6.5 percent but Benjamin Netanyahu, the finance minister, has called Israel's high interest rate policy a "cement shoe" preventing growth. He proposed appointing an advisory panel composed of banking…
Viktor Gerashchenko nominated to the Russian Duma
Former chairman of the central bank of Russia Viktor Gerashchenko has been nominated to the Duma from the pro-communist "patriotic" bloc. On August 25, he officially announced that he'd join the patriotic coalition of Duma deputies Sergei Glaziev and…
Global central bankers to meet at weekend
Alan Greenspan will start the "Monetary Policy and Uncertainty" meeting of top central bankers on Friday with a keynote speech. The Jackson Hole, Wyoming gathering will bring together an audience of about 100 presidents or senior officials from the 12…
CBR to limit ruble strength
The Central Bank of Russia will move to limit the ruble's strength next year to help local producers compete with imports, despite IMF calls for a more flexible exchange rate policy reports the Moscow Times.
Peru inflation on target - new governor
The new governor of Peru's central bank, Javier Silva Ruete, expects inflation of 1.5 to 1.7% for the year, comfortably below the government's target of 2.5%, reports Reuters
Speech by BOJ dep gov Toshiro Muto
Toshiro Muto, Deputy Governor of the Bank of Japan, asks "What Have We Learned from "Unconventional" Market Operations?" and assures that the BOJ will "continue to exert every effort to enhance the transmission mechanism of monetary policy, while…