Central Banks
Resolving large financial intermediaries: Update
In this updated article, the authors examine issues surrounding the possible failure of Fannie Mae or Freddie Mac. Finding parallels between resolving insolvent large banks and insolvent housing enterprises, the authors suggest improvements to the…
What's missing at Asian central banks? Credibility
This article argues that Asia lacks a central banker with the clout enjoyed by the Federal Reserve chairman or the ECB president. This lack of credibility exists because of their aggressive manipulation of currency rates, their spotty histories of…
Sri Lanka's Mendis on financial IT
In the speech 'A brief look at financial information technology' given on 8 September Sunil Mendis of the Central Bank of Sri Lanka said that in a market driven financial system, for information to be effective, there should be two vital ingredients,…
Philadelphia Fed Business Review, 3rd Quarter 2004
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Third Quarter 2004. In this issue President Santomero talks about 'Banking in the 21st Century'. There is also an article 'Managing the Recovery in Uncertain Times…
Fed's Ferguson on the personal saving rate
In a speech on 'Questions and reflections on the personal saving rate' given on 6 October, Roger Ferguson of the Federal Reserve said the large US current account deficit brings with it risks that a sharp adjustment in overseas demand for US assets could…
ECB press conference with questions and answers
At the ECB's press conference on Thursday 7 October, following its decision to leave eurozone interest rates unchanged, Jean-Claude Trichet said the ECB's Governing Council is convinced that substantial improvements in the implementation of the Stability…
Fed's 'measured pace' may be faster or slower
Federal Reserve Bank of St. Louis President William Poole said on Wednesday 6 October that statements from the central bank were not "ironclad" undertakings of future action and objectives change as the economy evolves.
RBI chief Reddy sees oil price as concern
The Reserve Bank of India Governor YV Reddy said on Thursday 7 October that the sharp rise in global oil prices was a matter of concern but India was well equipped to handle the situation due to sufficient forex reserves.
BOK governor warns on asset price bubble
Bank of Korea (BOK) Governor Park Seung said on Thursday 7 October that further interest rate reductions could lead to an asset price bubble and that current rates were sufficient to support investment and production activities of businesses.
Cleveland Fed chief sees sustainable expansion
Cleveland Federal Reserve President Sandra Pianalto told a business conference on Thursday 7 October that the U.S. economy appears to be in a self-sustaining expansion, with both inflation and inflation expectations low.
Canada's Jenkins on communication
In a speech on 'Communication: A Vital Tool in the Implementation of Monetary Policy' given on 30 September, Paul Jenkins of the Bank of Canada discusses the importance of public communication as a vital tool in the effective conduct of monetary policy.
The rise and fall of American inflation
In this Atlanta Fed Working Paper the authors estimate a model that allows temporary gaps between a true expectational Phillips curve and the monetary authority's approximating nonexpectational Phillips curve. Their estimates indicate that policy makers…
New York Fed's Central Banking Seminar
The Federal Reserve Bank of New York will hold its annual Central Banking Seminar from 18-29 October. Speakers at the seminar include prominent commercial and investment bankers, experts from the financial community, distinguished faculty from major…
Reserve Bank of New Zealand Bulletin, Sep 2004
The Reserve Bank of New Zealand released the September 2004 issue of its Bulletin on 6 October. The September issue includes two speeches recently given by the Governor - one on the banking supervision framework and the other on the New Zealand property…
Bernanke says US economy can absorb oil prices
Federal Reserve Board Governor Ben Bernanke said on Monday 4 October that despite the sharp rise in world oil prices the US economy should be able to withstand the impact as long as they don't rise much further.
US economy back on track says Fed's McTeer
Dallas Federal Reserve Bank President Robert McTeer said on Tuesday 5 October that the inflation scare is over with and the US economy is back on track from its soft patch.
Brazil's upswing due to rate policy says Meirelles
Brazil's central bank President Henrique Meirelles told a press conference in New York that the recovery from last year's recession is a result of budget and interest rate policies rather than the increase in exports.
Suda says Japan's economy to exceed potential
Japan's economy will expand faster than its potential and inflation will probably not rise for the time being, said Miyako Suda, a Bank of Japan policy board member.
ECB's Issing on European economic outlook
In a speech on 'Outlook for the European Economy' given on 3 October, Otmar Issing of the ECB said he sees no indication of lasting inflation even after rising oil costs pushed the inflation rate above the bank's 2 percent limit in the past five months.
Fed's Santomero on inflation targeting
In a speech on 'Monetary policy and inflation targeting in the United States' given on 4 October, Anthony Santomero of the Federal Reserve Bank of Philadelphia said the U.S. economic recovery is on a self-sustaining track with little signs of undue…
Fed's Bernanke on the implementation of Basel II
In a speech on 'The implementation of Basel II: Some issues for cross-border banking' given on 4 October, Ben Bernanke of the Federal Reserve said obviously oil prices are a drag at the current time, but we think the economy can accommodate them at their…
ECB's Trichet on key issues for monetary policy
In a speech on 'Key issues for monetary policy: an ECB view' given on 5 October, Jean-Claude Trichet of the ECB said his understanding is that the European Central Bank and Federal Reserve are much closer than is sometimes underlined. But he noted…
IMF says BOJ should continue easing policy
The Bank of Japan should maintain its current easy monetary policy until deflation is reined in, a senior official of the International Monetary Fund said on Monday 4 October.
Fukui supports China involvement at G7 talks
Bank of Japan Governor Toshihiko Fukui said on Sunday 3 October that he supports China's future participation at the financial meetings of the G7 leading industrialised countries.