Research
IMF Working Paper on international reserves
The IMF Working Paper "A fiscal price tag for international reserves" examines the (quasi-)fiscal impact of the (opportunity) cost of international reserves. The paper suggests that while most countries made money on their reserves during 1990-2001, most…
Danmarks Nationalbank, Monetary Review 1st Q 2005
The Danmarks Nationalbank's Monetary Review for the First Quarter 2005 includes the articles: Risks on settlement of large payments, The 10-year yield spread between Denmark and Germany, Relations between stock prices and bond yields and Hedge funds in…
Norges Bank, Economic Bulletin, April 2005
Norges Bank, the central bank of Norway, has published its April 2005 Economic Bulletin. The Bulletin includes the address "Economic perspectives" by Governor Svein Gjedrem, and the articles "Evaluation of Norges Bank's projections for 2004", "What…
New book challenges role of the Bank of Japan
A new controversial theory that could transform the world of economics has been drawn up by a University of Southampton academic in a book described by Professor Charles Goodhart as "both a powerful and important book".
IMF paper on central bank transparency
The IMF Working Paper "Transparency in central bank financial statement disclosures" looks at the disclosure requirements for central banks under International Financial Reporting Standards and provides practical guidance for those responsible for…
Deutsche Bundesbank Monthly Report, March 2005
The Deutsche Bundesbank has published the English version of its March 2005 Monthly Report. Real GDP in the fourth quarter of 2004 was down 0.2% on the figure for the preceding three-months.
Sveriges Riksbank Economic Review 1st Quarter 2005
The Sveriges Riksbank has published its Economic Review for the 1st Quarter 2005. This year's first issue contains four articles: on the relationship between monetary policy and employment, on the inflation target, on the upswing in productivity growth…
Philadelphia Fed Business Outlook Survey, Apr 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, April 2005, activity in the region's manufacturing sector continues to expand.
Fed Reserve Bank of St Louis Review, Mar/Apr 2005
The latest edition of the St Louis Fed's Review for March-April 2005 includes an article by Allan Meltzer "Origins of the Great Inflation". The Great Inflation from 1965 to 1984 is the climactic monetary event of the last part of the 20th century. The…
A post-reflation monetary framework for Japan
Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current monetary regime and operations are tailored to ending deflation, this IMF Working Paper says.
Does excess liquidity pose a threat in Japan?
This IMF Discussion Paper examines the effects of quantitative easing implemented by the Bank of Japan since early 2001, looking specifically at the impact on inflation expectations and real asset prices.
IMF paper on cb losses in selected countries
The IMF Working Paper "Central bank losses and experiences in selected countries" April 2005 says that under normal circumstances, a central bank should be able to operate at a profit with a core level of earnings derived from seigniorage. However,…
SARB Financial Stability Review, March 2005
The South African Reserve Bank has published the March 2005 edition of its Financial Stability Review. In its latest report the SARB says the resilience of the global financial system improved further during the second half of 2004, mainly as a result of…
Chicago Fed National Activity Index, Mar 2005
The Chicago Fed National Activity Index for March 2005 was +0.11, down from +0.22 in February. Three of the four broad categories of indicators that comprise the index made positive contributions last month, according to the CFNAI.
Link between central bank independence & inflation
This IMF Working Paper published on 21 April reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, the authors find a negative relationship between legal central bank independence …
The econometrics of macroeconomic modelling
Four researchers who are affiliated with the Research Department in Norges Bank have published a book on empirical macroeconomic modelling. The book has its origin in empirical research on inflation which has been carried out in Norges Bank over the past…
ECB Monthly Bulletin, April 2005
The European Central Bank published its April 2005 Monthly Bulletin on Thursday 14 April, saying there are "no clear signs" that economic growth in the twelve nation euro zone is set to accelerate as record oil prices weigh on business conditions.
St Louis Fed's Regional Economist, April 2005
The Regional Economist, April 2005 edition from the St Louis Fed includes the article "The trickle-down effect of Basel II" which says the new banking accord could make survival for some regional and community banks more difficult. Also included is "So…
IMF Global Financial Stability Report, Apr 2005
The International Monetary Fund's Global Financial Stability Report for April 2005 says bigger than expected rises in long-term interest rates, or a sharp fall in the dollar, pose risks to a financial system that is at its most resilient in a long time.
FOMC Minutes, 22 March
Minutes from the Federal Reserve's 22 March meeting published on Tuesday 13 April revealed FOMC members saw higher inflation risks and debated whether to dump language about sticking to a "measured" pace of rate increases.
Norges Bank's conference on monetary policy 2005
On Thursday 7 April Norges Bank held a conference on economic models at central banks. Approximately 70 individuals participated in the conference.
Bank of Japan Monthly Report, April 2005
The Bank of Japan published the English version of its April 2005 monthly report on 8 April. In the report the BOJ left its monthly assessment of the nation's economy unchanged from the previous month but said exports are starting to pick up, and…
Switzerland's growth deficit: A real problem
A recent paper by Ulrich Kohli of the Swiss National Bank "Switzerland's growth deficit: A real problem - but only half as bad as it looks" says the anaemic growth performance of Switzerland over the past quarter of a century is a cause for concern.
Bank of Canada, Business Outlook Survey, Spring 05
The Bank of Canada's Spring 2005 Business Outlook Survey reports that businesses are more optimistic about the economic outlook than in the winter survey.