Research
Richmond Fed's Economic Quarterly, Winter 2005
The Federal Reserve Bank of Richmond has published its Economic Quarterly for Winter 2005. The paper "Inflation and changing expenditure shares" measures the contribution of changing expenditure shares to inflation behavior by constructing alternative…
Bank of England Quarterly Bulletin, Spring 2005
The Bank of England released its Quarterly Bulletin Spring 2005, on 14 March. The Bulletin includes the article "Inside the MPC" in which Richard Lambert explains what life is like as a member of the MPC.
NY Fed's Economic Policy Review prize article
The Editorial Board of the New York Fed's Economic Policy Review has announced the first winner of the Frederic S. Mishkin Prize for Outstanding Paper: "Treasury inflation-indexed debt: A review of the U.S. experience," by Brian Sack and Robert Elsasser.
ECB Monthly Bulletin, March 2005
The European Central Bank published its March 2005 Monthly Bulletin on Thursday 10 March, saying that recent weakness in euro zone economic growth is likely to prove short-lived.
Federal Reserve Board - Beige Book, March 2005
The Federal Reserve published its March 2005 Beige Book survey on Wednesday 9 March. The report said steady consumer spending and continued factory output boosted the US economy in February.
RBNZ Monetary Policy Statement, March 2005
The Reserve Bank of New Zealand increased interest rates by 25 basis points to 6.75 per cent on Thursday 10 March. Speaking at the release of the March 2005 Monetary Policy Statement, RBNZ Governor Alan Bollard said with the economy remaining very strong…
Basel Accord and credit slowdown in Latin America
The IMF Working Paper 'Did the Basel Accord cause a credit slowdown in Latin America?' tests whether the adoption of the Basel Accord by Latin American and Caribbean countries was responsible for the serious slowdowns in credit growth experienced by…
Exits from heavily managed exchange rate regimes
This IMF Working Paper finds that in the past 25 years or so, almost all exits to more flexible exchange rate regimes were followed by a depreciation of the exchange rate, and that exits were about evenly divided between disorderly and orderly cases.
It's open season on the Reserve
This article published on Monday 7 March looks at the Reserve Bank of Australia's decision to raise interest rates last week for the first time since December 2003. It is perhaps the most significant breakdown in trust and harmony between Canberra and…
Federal Reserve Bulletin, Winter 2005
The Federal Reserve's Bulletin for Winter 2005 includes the article 'Indexes of the foreign exchange value of the dollar' which discusses several practical aspects of the design and implementation of the Federal Reserve Board's exchange rate indexes -…
BIS Quarterly Review, March 2005
The Bank for International Settlements published its March 2005 Quarterly Review on Monday 7 March. In the report the BIS said that Asian banks have reduced the share of deposits held in US dollars in favour of other currencies like the euro.
RTGS & hybrid payment systems: a comparison
This Bank of England Working Paper published on Tuesday 1 March contrasts Real-Time Gross Settlement and hybrid payment systems that are based on payment offset, using a two-period, multi-bank model. It finds that hybrid payment systems outperform RTGS…
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 the article "Communication, transparency, accountability: Monetary policy in the twenty-first century" by Otmar Issing. The issue also includes a paper by Ellen Meade titled …
Government leadership and central bank design
This Working Paper published by Vanderbilt University investigates the impact on economic performance of the timing of moves in a policy game between the government and the central bank for a government with both distributional and stabilization…
Report on payment systems in accession countries
The European Central Bank published the latest addendum to the report entitled "Payment and securities settlement systems in the accession countries" (second edition) on Monday 28 February.
Bank of Japan Monthly Report, February 2005
The Bank of Japan published the English version of its January 2005 monthly report on 21 February. In the report the BoJ said the economy continues to recover, leaving its view unchanged for a third consecutive month.
ECB's new version of 'General Documentation'
The European Central Bank (ECB) published on Monday 21 February a revised version of the document entitled "The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures" (generally…
Bank of Canada Review, Winter 2004
The Bank of Canada published its Review for Winter 2004 on 17 February. The Review contains four articles including "The Bank of Canada as Lender of Last Resort". The authors review the policy framework that guides the Bank's lender-of-last-resort…
Deutsche Bundesbank Monthly Report, January 2005
The Deutsche Bundesbank published the English version of its January 2005 Monthly Report on 14 February. "The available indicators continue to suggest only weak overall production growth in the final months of last year," the bank said in the report.
BIS: Inflation targeting, asset prices, imbalances
This BIS Working Paper published on 10 February attempts to conceptualize the debate regarding the role of asset prices and perceived financial imbalances in the formation of monetary policy from the perspective of theoretically optimal policy responses.
Federal Reserve's Monetary Policy Report, Feb 2005
Presenting the Federal Reserve's Monetary Policy Report to the Congress on Wednesday 16 February, Alan Greenspan said in the seven months since he last testified before the Committee, the US economic expansion has firmed, overall inflation has subsided,…
Reforming the Stability and Growth Pact
The IMF published a Discussion Paper "Reforming the Stability and Growth Pact" on Tuesday 15 February. The paper says that few changes to the rules seem necessary, but the Excessive Deficit Procedure needs a stronger focus on policies rather than…
ECB Monthly Bulletin, February 2005
The European Central Bank published its February 2005 Monthly Bulletin on Thursday saying recent data on economic activity suggest ongoing moderate growth in the fourth quarter of 2004 and a broadly unchanged situation around the new year.
Treasury papers reveal Black Wednesday losses
UK Treasury papers released on Wednesday showed that the cost of intervention in the currency market during the period before Britain's "Black Wednesday" exit from the Exchange Rate Mechanism in 1992 were £3.3bn, according to the Treasury's estimates in…