Central Banks
BoJ paper on deflationary traps
This Bank of Japan discussion paper provides a theoretical overview of monetary and fiscal policy with the potential to engineer an exit from a deflationary trap, which the author defines as sustained deflation in the presence of zero interest rates.
Survey shows Japanese mystified by central bank
A survey published on the Bank of Japan's website this week showed that most Japanese people find the workings of the central bank a mystery.
Bank of Canada Monetary Policy Report, Oct 2004
The Bank of Canada released its October 2004 Monetary Policy Report on 21 October. The latest report says the Canadian economy has grown faster than was projected in last April's report and the July update, largely because of a surge in exports.
Downside risks from oil increasing, IMF's Rato
Head of the International Monetary Fund Rodrigo Rato said Friday rising oil prices pose a growing risk to the world economy and will have a visible impact on global economic growth next year.
Hungary central bank sees tensions with govt
Hungary may be able to cut interest rates further if inflation comes down as expected, but tensions between the central bank and the government will limit the scope for rate reductions, central bank president Zsigmond Jarai said.
EU newcomers should not rush to join euro
European Central Bank chief economist Otmar Issing said Friday the 10 countries that joined European Union in May should not rush to join the euro or the European Exchange Rate Mechanism II until they were really ready.
Interview with ECB's Gonzalez-Paramo
In an interview published this week, ECB Executive Board member Jose Manuel Gonzalez-Paramo speaks out firmly against changing the wording of the Stability and Growth Pact, saying: "The Pact is a cornerstone of the currency union. Nobody had questioned…
ECB President visits the National Bank of Romania
Jean-Claude Trichet, President of the European Central Bank, visited the National Bank of Romania on Monday 18 October and met with Governor Mugur Isarescu and the Executive Board of the National Bank of Romania.
RBNZ Financial Stability Report, October 2004
The Reserve Bank of New Zealand on Thursday 21 October issued the first of a regular series of Financial Stability Reports which will assess the current state of New Zealand's financial system. Topics covered in the October 2004 report include: a review…
Fed's Poole on social security and demographics
In a speech on 'Social security reform and demographic reality' given on 19 October, William Poole of the Federal Reserve Bank of St. Louis told Delta State University demographic change in the United States and elsewhere in the world presents enormous…
Liikanen on the Fund for Finland
In a speech given on 3 October, Erkki Liikanen of the Bank of Finland said the overall picture for the economic outlook is quite comforting, even though higher oil prices have added to the downside risks. The main challenge now is to establish a firm…
Remsperger on FDI and the Deutsche Bundesbank
In the a on 'FDI and the Deutsche Bundesbank' given on 8 October, Hermann Remsperger of the Bundesbank said the German economy has been one of the driving forces behind the globalisation process. The diverse and ever-changing transmission mechanisms of…
CBN autonomy may be under threat
The wholesale autonomy granted to the Central Bank of Nigeria could soon be under threat after Deputy Chairman of Banking and Currency Committee said in Enugu this week that issues of economic interest to the nation should not be left in the hands of the…
Chicago Fed National Activity Index, Sep 2004
The Chicago Fed National Activity Index was -0.01 in September, off slightly from a downward-revised +0.03 in August. The small decline in the monthly index was primarily due to a slightly larger negative contribution from the employment-related…
IMF pressures China over flexible yuan
The International Monetary Fund has again pressured Beijing to revalue its currency, the Renminbi yuan, China Daily reported on Thursday 21 October.
Brazil raises rates for second month in a row
Brazil's central bank raised interest rates on Wednesday 20 October for the second consecutive month amid concerns about high oil prices and growing domestic demand.
Malaysia set to launch plastic money soon
Malaysia's central bank said on Thursday 21 October that it will launch plastic banknotes next week, joining a growing trend for the more durable 'paper' money.
Greenspan on US mortgage market and consumer debt
In a speech on 'The mortgage market and consumer debt' given on 19 October, Alan Greenspan of the Federal Reserve said conceded there were concerns about "the exceptional run-up in home prices" but said Americans were handling their debts well.
Bank of England MPC Minutes, 6&7 October
The minutes from the 6 and 7 October meeting of the Monetary Policy Committee of the Bank of England were released on 20 October. All nine MPC members voted to keep interest rates unchanged at 4.75 percent this month, while there seemed to be no…
Yuan reform feasible says PBOC adviser
Making the exchange rate of the Chinese currency more flexible was feasible, although it would result in many problems, a top central bank adviser was quoted as saying on Tuesday 19 October.
Fed's Olson sees no housing 'bubble' in US
Federal Reserve Governor Mark Olson said on Tuesday 19 October thatthe United States does not have a house price "bubble" because the national market is too large.