Research
Philadelphia Fed Business Outlook Survey, Jun 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, June 2005, activity in the region's manufacturing sector weakened. This represents a decline from the moderate performance in May.
Bank of England Inflation Attitudes Survey, May 05
The Bank of England published its May 2005 Inflation Attitudes Survey on 20 June. 62% of respondents thought the inflation target was 'about right', the highest response rate for this question since the survey began.
Sveriges Riksbank Inflation Report, No. 2, 2005
Sweden's central bank, the Sveriges Riksbank, published its Second Inflation Report for 2005 on 21 June. The bank also announced it had decided to lower the repo rate from 2 per cent to 1.50 per cent. It said over the coming years UND1X inflation is…
BIS Papers on foreign exchange market intervention
On 2 and 3 December 2004, the BIS hosted a meeting of Deputy Governors of central banks from major emerging market economies to discuss foreign exchange market intervention. The BIS published various papers from the meeting on Monday.
Bank of England Quarterly Bulletin, Summer 2005
The Bank of England released its Quarterly Bulletin Summer 2005, on 20 June. The Bulletin includes the article "The inflation-targeting framework from an historical perspective" which provides an historical perspective on the post-1992 inflation…
IMF Paper: Latin American central bank reform
The IMF Working Paper "Latin American central bank reform: Progress and challenges" published June 2005 takes stock of the institutional reform of monetary policy in Latin America since the early 1990s.
Deutsche Bundesbank Monthly Report, May 2005
The Deutsche Bundesbank published the English version of its May 2005 Monthly Report on 16 June. The report said the ECB's monetary policy does not pose an obstacle to economic growth in Germany, where the pace of recovery is slowing down in the second…
Bank of Japan Monthly Report, June 2005
The Bank of Japan published the English version of its June 2005 monthly report on Friday 17 June. In the report the BOJ said the economy continues to recover because of higher capital investment and consumer spending.
Federal Reserve Board - Beige Book, June 2005
The Federal Reserve published its June 2005 Beige Book survey on 15 June. According to the report business activity continued to expand from mid-April through May, and overall price pressures were moderate.
Riksbank's workshop on inflation targeting
The Sveriges Riksbank held a workshop titled "Inflation targeting: implementation, communication and effectiveness" between 10-12 June. Papers presented at the workshop included "Central-bank communication and the publication of interest rate projections…
BIS Quarterly Review, June 2005
The Bank for International Settlements published its June 2005 Quarterly Review on Monday 13 June. Corporate bond markets have suffered their worst sell-off since 2002, but overall financing conditions remain favourable, according to the survey.
Bank of Canada Financial System Review, Jun 2005
The Bank of Canada published its semi-annual June 2005 Financial System Review on 9 June. If China's economy were to stall its way into a "hard landing," the biggest hit for Canada would come indirectly through a decline in global commodity prices, the…
Philadelphia's Santomero on the economic outlook
In the speech 'Economic outlook and the role of bank directors' given on 11 June, Anthony Santomero of the Federal Reserve Bank of Philadelphia said he expected US inflation to be well-contained in 2005, allowing the Fed to raise interest rates to a…
Origins of modern central bank policy
The latest issue of the Dallas Fed's Economic Insights magazine profiles Irving Fisher. He was one of America's most celebrated economists during the first quarter of the 20th century and a pioneer in many theoretical and technical areas of economics…
ECB Monthly Bulletin, June 2005
The European Central Bank published its June 2005 Monthly Bulletin on Thursday 9 June. The report says economic growth in the Eurozone will remain 'relatively subdued' in the second quarter of the year, but will pick up later.
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.