Opinion
Comment: Activism the ECB way
Yesterday, 9 November, Jean-Claude Trichet explained how the ECB's decision to leave interest rates unchanged for more than two years should not be equated to non-activist monetary policy.
Bank of Japan's course might renew deflation
This article published on Friday 4 November says that while caution may be a good trait for central bankers when it comes to inflation, in the case of Japan, it's totally misplaced.
Comment: Who's to blame for global imbalances?
The issue of the global economic imbalances has become a very political one. Does the current system of largely floating exchange rates allow for a resolution based on careful economic analysis or are we destined for a prolonged series of political…
Fed may be on road to neutral monetary policy
The Federal Open Market Committee will make the 13th consecutive rate increase at its next meeting on 13 December, as it continues on its way to the so-called neutral level, according to this article published on Wednesday 2 November.
King seeks vengeance for 12-year siege
The governor of the Bank of England, Mervyn King, left no one in any doubt that he wanted vengeance against those who had pursued the Bank and 22 of its staff for 12 years, this article published Thursday 3 November notes.
Comment: Greenspan's parting shot
Alan Greenspan yesterday delivered his final Congressional testimony. Apart from an unsurprising, cautiously optimistic message on the short-run prospects for the U.S. economy, his parting shot came in the form of a stern warning to Congress that it…
The myth of the all-powerful Fed
Despite the outsized attention that any utterance from the Fed chair typically gets, the economic world isn't controlled by one person, or even one institution, this article published on Tuesday 1 November notes.
Comment: The Old Lady prevails
Deloitte, the liquidators of the Bank of Credit and Commerce International (BCCI), yesterday unconditionally withdrew all allegations of malfeasance on the part of the Bank of England and 22 of its present and former staff members related to the BCCI's…
Chairman nominee may bring new openness to the Fed
If Ben Bernanke has his way, the Federal Reserve is likely to become more open, according to this article published on Tuesday 1 November. His approach could lead to big changes in how the Fed communicates, it says.
Comment: Inflation jitters discounted
Bond yields have been rising rapidly as a result of jitters that rising oil prices will lead to higher inflation than previously expected. Stephen Roach, chief economist at Morgan Stanley, argues that the bond market has got it wrong - the global economy…
Alan Greenspan gives Ben Bernanke some pointers
This article published on Monday 31 October carries a supposed conversation between Alan Greenspan and Ben Bernanke. It says that, according to press reports, Greenspan wanted Donald Kohn to head the Federal Reserve instead of Bernanke.
Bernanke's models, and their limits
This article published on Sunday 30 October asks what Ben Bernanke's academic work can tell us about the sort of Fed chairman he will make. He has written repeatedly about ways of using dauntingly complex mathematical models of the economy to set…
Comment: Japan sees return to normal
Japan's monetary policymakers yesterday delivered another instalment of what is becoming an increasingly confident message: after seven years of deflation, they expect prices to start rising again early next year.
Bernanke needs tips from Ian Macfarlane
According to this article published on Wednesday 26 October, President George W. Bush has passed up the chance to put a decent central banker in charge of the Federal Reserve Board. Big Mac is well known in Washington - a central banker's central banker,…
Comment: Turkey treads path towards EU
The decision by the European Union to open membership talks with Turkey earlier this month is "the end of a long beginning", according to the central bank governor, Sureyya Serdengecti. Nonetheless membership is hardly around the corner.
Comment: Talking points in October
October has been a month of change, with high-profile staff announcements at the Bank of England, the Swedish Riksbank and, of course, the U.S. Fed. Here is a check list of these and other topics that have surfaced this month and are likely to remain of…
Missing ingredient in BOK
According to this article published on Wednesday 26 October, although the Bank of Korea's interest rate policy is supposed to be as powerful as the Fed's, few still believe that the BOK operates its monetary policy independently from the government.
Comment: Braced for a bumpy ride
The Bank of England, along with central banks in several other developed countries, has enjoyed fairly benign conditions in recent years. Inflation pressures have been relatively low, avoiding the need for the Bank to make the tough choice between output…
Ben Bernanke has a lot going for him to make it
According to this article published on Tuesday 25 October, Ben Bernanke will have a lot going for him if he becomes, as expected, the next chairman of the Federal Reserve. He is among the most knowledgeable economists in the world about monetary policy…
How can Bernanke succeed Greenspan?
This article published on Tuesday 25 October asks how can Ben Bernanke succeed a man described by President Bush as the most dominant central banker in history?
Comment: 'Ideas guy' takes the reins
The nomination of Ben Bernanke to be the fourteenth Federal Reserve chairman has been met in academic and policymaking circles with warm applause. Bernanke, quite simply, was the candidate the market wanted.
Will ECB match hawkish rhetoric with rate hike?
This article published on Friday 21 October reports that the ECB's more hawkish tone has got futures markets speculating that eurozone interest rates could be about to change.
Comment: Bands or point targets?
Relatively little attention is paid to issues regarding optimal institutional arrangements for inflation-targeting central banks, as the big policy debates seem to revolve more around whether or not countries should adopt the framework in the first place…