Research
RBNZ Monetary Policy Statement, June 2005
The Reserve Bank of New Zealand published its June 2005 Monetary Policy Statement on 9 June. RBNZ Governor Alan Bollard said the current review confirms what we said in the March Statement and again at the April OCR review.
BIS on Globalisation and mon. policy independence
The BIS Paper "Has globalisation reduced monetary policy independence?" published 6 June says growing global financial integration has influenced monetary policy in important ways. Recent developments have shown, however, that, while many countries have…
St Louis Fed's Central Banker, Summer 2005
The St. Louis Fed's Central Banker magazine for Summer 2005 has been published. The latest edition includes an article by Julie Stackhouse, senior vice president of Banking Supervision and Regulation, who shares her thoughts about how community bankers…
'The Region' from the Minneapolis Fed, Jun 2005
The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for June 2005. It includes the article by Gary Stern "Formalizing the success of past policy" on the promise of an inflation targeting framework for achieving long…
Richmond Fed's Economic Quarterly, Spring 2005
The Federal Reserve Bank of Richmond has published its Economic Quarterly for Spring 2005. The latest issue includes the article 'What difference would an inflation target make?'
Norges Bank Financial Stability Report No.1, 2005
The central bank of Norway, Norges Bank, has published its twice yearly Financial Stability Report 1/2005. "The short-term outlook for financial stability is regarded as satisfactory and is approximately unchanged since the previous Financial Stability…
Are emerging market countries learning to float?
The IMF Working Paper "Are emerging market countries learning to float?" published 1 June finds that exchange rate flexibility in emerging market countries has increased over the past decade.
New York Fed's Foreign Exchange Operations Report
The U.S. monetary authorities did not intervene in the foreign exchange markets during the January - March quarter, the Federal Reserve Bank of New York said in its Treasury and Federal Reserve Foreign Exchange Operations quarterly report to the U.S…
ECB's Financial Stability Review, June 2005
The European Central Bank published its June 2005 Financial Stability Review on 31 May. In the report the ECB said the outlook for financial stability is more mixed than six months ago.
ECB book on 3rd Central Banking Conference
The European Central Bank on Monday 30 May published a book entitled "The New EU Member States: Convergence and Stability", containing the proceedings of the Third ECB Central Banking Conference, held in Frankfurt am Main on 21 and 22 October 2004.
Sveriges Riksbank, Financial Stability Report 1:05
Sweden's central bank, the Sveriges Riksbank, has published its first Financial Stability Report for 2005. The risks of disruptions in the Swedish financial system appear to be limited at present, the report says.
Deutsche Bundesbank Monthly Report, April 2005
The Deutsche Bundesbank has published the English version of its April 2005 Monthly Report. Germany's economy returned to growth in the first quarter of this year with exports continuing to underpin expansion as domestic demand remained weak.
BoE's Nickell says spare capacity in UK lower
Bank of England Monetary Policy Committee member Stephen Nickell said on Tuesday 31 May that the UK Treasury is probably overestimating the amount of spare capacity in the economy.
Phil Fed's Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia has published its Second Quarter 2005 Survey of Professional Forecasters. Growth in the economy looks slower in the first six months of this year, according to 46 forecasters surveyed.
IMF Paper: Inflation targeting and output growth
This IMF Working Paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data.
Bank of Japan Monthly Report, May 2005
The Bank of Japan published the English version of its May 2005 monthly report on 24 May. In the report the BOJ repeated that the domestic economy remains on a recovery track despite continuing weakness in the information technology sector.
ECB paper on central bank communication
The ECB Working Paper "Communication and decision-making by central bank committees: different strategies, same effectiveness?" published 23 May assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central…
Philadelphia Fed Business Outlook Survey, May 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, May 2005, activity in the region's manufacturing sector continues to expand; however, indicators are down from last month's numbers.
OECD says US rates to rise, ECB must cut
U.S. interest rates will need to rise further to keep inflation pressures in check but the growth outlook for other major world economies is precarious and the euro zone needs a rapid rate cut, the OECD said on Tuesday 24 May in its semi-annual Economic…
International Journal of Central Banking launched
The first issue of the International Journal of Central Banking (IJCB) was published on Thursday 19 May.
New book covers history of the BIS
A new book, covering the history of the Bank for International Settlements (BIS) from 1930 to 1973, was published on Tuesday 17 May.
Dutch Paper on ECB support for the euro
The De Nederlandsche Bank Working Paper "Were verbal efforts to support the euro effective? A high-frequency analysis of ECB statements" published in April 2005 studies the effects of verbal interventions by European central bankers on high-frequency…
Netherlands paper on central bank transparency
The De Nederlandsche Bank Working Paper "The impact of central bank transparency on inflation expectations" published in March 2005, investigates how the link between inflation and inflation expectations alters with increasing central bank transparency.
RBNZ Financial Stability Report, May 2005
The Reserve Bank of New Zealand published its May 2005 Financial Stability Report on 17 May. Reserve Bank governor Alan Bollard commented: "The New Zealand financial system, overall, is well placed to weather a possible slowdown in the economy."