Central Banks
Hints of rate rise from the Bank of Japan
The strong performance of Japan's economy will continue despite global economic uncertainties reflecting fears such as the US subprime mortgage crisis, according to Toshihiko Fukui, the governor of the Bank of Japan.
Canadian dollar begins to slide
The Canadian dollar fell on Thursday from an all-time high as worries grew over the effect of the US subprime mortgage crisis on corporate profits and stocks slumped. Analysts said that the market was "definitely overextended".
Czech koruna may gain more than predicted
The koruna should appreciate by more than previously predicted, according to minutes from the 25 October board meeting of the Czech National Bank.
Polish cb says inflation rate will top target
Inflation will exceed its 2.5% target in 2007 and breach 3.5% by the second half of next year according to the National Bank of Poland's latest quarterly inflation outlook.
SARB - Financial Stability Report, September 2007
The South African Reserve Bank published the latest edition of its Financial Stability Report in September.
Bollard confounds his critics
Mansoor Mohi-uddin suggests the Reserve Bank of New Zealand’s controversial intervention in the foreign exchange market earlier this year has paid off
Why policy should take account of asset prices
One lesson of the current crisis is that monetary policy should respond to asset prices, whether the movement is up or down and regardless of its cause, argues Tim Young
Risky business
Avinash Persaud argues that the crisis was largely caused by the risk-transfer models championed by the investment banks, credit rating agencies and regulators
Information crunch: a 21st century crisis
Central banks have in general conducted themselves well in the current crisis, but should have acted earlier. Now they have to help overcome the prevailing “information crunch”, says Marco Annunziata
The Federal Reserve and the crisis of 2007
Stephen G. Cecchetti reviews the unfolding of the recent credit market turmoil and the Federal Reserve’s response to it. The Fed, he suggests, got it right
An American libertarian
In his recently published memoirs, Alan Greenspan presents an impassioned defence of American capitalism and outlines his fears of over-regulation of financial markets, argues David Mayes
Prospects for an inflation-targeting Fed
John H. Wood argues that legislative hurdles make a move to inflation targeting by the Fed unlikely. But, he says, the issue is a red herring
The Fed in the international central banking community
The Volcker Fed provided the lead for an international consensus in favour of low and stable inflation. But the institutional arrangement for exchange rate policy remains the Achilles heel of the current consensus, argues Marvin Goodfriend.
Interview: Michael Woodford
The Columbia University monetary economist talks to Malan Rietveld about central banking in the United States
The emerging Bernanke Fed
Central bankers earn their keep in times of crisis, and the recent credit turmoil has revealed much about how the emerging Bernanke Fed operates when it matters most, argues assistant editor Malan Rietveld
Clipping central bankers’ wings
Willem Buiter argues that central banks should “stick to their knitting” and become minimalist monetary authorities
Do we get more out of theory than we put in?
John B. Taylor assesses the impact of theoretical breakthroughs on monetary policymaking, and evaluates the results
Japan’s normalisation strategy in jeopardy
Hisashi Harui suggests that the Bank of Japan is still unable to get its message across clearly to the markets