Research
Monetary policy during Japan's lost decade
This University of Tokyo Discussion Paper published May 2005 develops a quantitative costly price adjustment model with capital formation for the Japanese Economy.
Past and future of central bank cooperation
The Bank for International Settlements published papers on Tuesday 12 July from its Conference "Past and future of central bank cooperation" celebrating 75 years of the BIS, 1930 - 2005, held in Basel, Switzerland, 27-29 June.
Reserve Bank of Australia 2005 Conference
This year's RBA conference focused on various issues related to the changing nature of the business cycle, including: the changes that have occurred over recent decades; possible explanations for those changes; international linkages; and the impact of…
Paper on bank supervision Russian style
The Working Paper "Bank supervision Russian style: Rules vs enforcement and tacit objectives" from Ghent University published May 2005 focuses on the conflict between two central bank objectives, namely individual bank stability and systemic stability.
BoE paper: Bank loans versus bond finance
This Bank of England Working Paper published on 11 July develops a model to analyse the optimal choice between bank loans and bond finance for a sovereign debtor.
Federal Reserve Bulletin, Spring 2005
The Federal Reserve's Bulletin for Spring 2005 includes the article 'Background on FOMC meeting minutes' outlines previous changes to the release schedule for the minutes and provides a brief overview of the content of the minutes and the way they are…
Philadelphia Fed Business Review, 2nd Quarter 2005
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Second Quarter 2005. In this quarter's message, President Anthony Santomero shares his views on the U.S. economy and outlines some of the "Lessons learned from the…
Integration of securities market infrastructure
This ECB paper published 7 July investigates the state and process of integration of the European securities market infrastructure. The integration of financial infrastructures is one of the basic policy goals and key responsibilities of the Eurosystem.
Norges Bank, Economic Bulletin, June 2005
Norges Bank, the central bank of Norway, has published its June 2005 Economic Bulletin. The latest Bulletin includes the article 'Norges Bank's role in the event of liquidity crises in the financial sector' by Karsten R. Gerdrup, adviser in the Financial…
The Federal Reserve System: Purposes and Functions
The book "The Federal Reserve System: Purposes and functions" was published on Tuesday 5 July. The book includes chapters titled, 'Overview of the Federal Reserve System,' 'Monetary Policy and the Economy,' 'The Implementation of Monetary Policy,' 'The…
ECB Paper on GCC regional monetary integration
The Gulf Cooperation Council (GCC) plans to introduce a single currency by 2010 in its six member states. This paper focuses on selected macroeconomic and institutional issues and key policy choices which are likely to arise during the process of…
St Louis Fed's Regional Economist, July 2005
The Regional Economist, July 2005 edition, from the St Louis Fed includes the article "Do we have a saving crisis?" Theoretically, the decline in saving jeopardizes the US economy because savings are lent to businesses for investment. In reality, the US…
Minutes from the Sveriges Riksbank Meeting, 20 Jun
The Sveriges Riksbank published the minutes from its 20 June Executive Board meeting on 5 July. In Sweden economic activity has slowed, the minutes said. In the first quarter GDP growth was much lower than estimated by the Riksbank and other forecasters.
Research on exchange rates and monetary policy
This BIS Working Paper published June 2005 reviews research carried out on exchange rates and monetary policy by central banks that participated at the Autumn Meeting of Central Bank Economists on "Exchange rates and monetary policy", which the BIS…
Bank of Canada, Business Outlook Survey, Summer 05
The Bank of Canada published its Summer 2005 Business Outlook Survey on 4 July, reporting that businesses remain optimistic about the economic outlook.
Paper: MPC inflation targeting and decision making
This paper published June 2005 considers decision making in the Bank of England's MPC. It finds there are identifiable forms of heterogeneity among members of the committee that improves the predictability of interest rate changes.
Fed Reserve Bank of St Louis Review, Jul/Aug 2005
The latest edition of the St Louis Fed's Review for Jul/Aug 2005 includes the proceedings from the 29th economic policy conference of the Federal Reserve Bank of St. Louis, "Productivity, labor, and the Business Cycle."
Sveriges Riksbank Economic Review 2nd Quarter 2005
The Sveriges Riksbank has published its Economic Review for the 2nd Quarter 2005. This year's second issue contains four articles: Thoughts on how to develop the Riksbank's monetary policy work; Basel II - the new framework for bank capital; Monetary…
Reserve Bank of New Zealand Bulletin, Jun 2005
The Reserve Bank of New Zealand has published the June 2005 issue of its Bulletin. The first article of the Bulletin discusses the outcome of the recent review of New Zealand's 'silver' coinage, which will see the move to smaller and lighter 10, 20 and…
The future of the International Monetary System
Is the international financial architecture debate over? Not according to leading experts gathered together in a new book which tries to identify the key trends that will fashion the international financial system in the years ahead.
The politics of central bank independence
This New York Fed Staff Report proposes a theory to explain why, and under what circumstances, a politician endogenously gives up rent and delegates policy tasks to an independent agency.
Norges Bank Inflation Report, June 2005
Norway's central bank, Norges Bank, published its latest Inflation Report for June 2005 on Thursday 30 June. The Bank raised the sight deposit rate to 2% from 1.75% but conceded that recent developments such as weaker economic growth prospects for Europe…
Does world need a universal financial institution?
This Working Paper asks whether the International Monetary Fund is an appropriate model for a world where macroeconomic imbalances, financial crises, and disparities in economic development must compete for attention and resources?
SARB's Quarterly Bulletin, June 2005
The South African Reserve Bank released its June 2005 Quarterly Bulletin on 23 June. In the Bulletin the SARB said firm increases in economic activity in recent quarters have improved employment prospects materially.