Research
ECB Monthly Bulletin, January 2005
The European Central Bank published its January 2005 Monthly Bulletin on Thursday saying Asian central banks' build-up of currency reserves may prove costly for the economies concerned and could hinder the correction of global current account imbalances.
Federal Reserve Board - Beige Book, January 2005
The Federal Reserve published its January 2005 Beige Book survey on Wednesday 19 January. The report said U.S. economic activity continued to pick up in most of the country in late November through early January, but Cleveland, in the manufacturing…
Philadelphia Fed Business Outlook Survey, Dec 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, December 2004, activity in the region's manufacturing sector continues to grow. In this months survey the participants were asked about the impact of the weak dollar on…
Philadelphia Fed Business Review, 4th Quarter 2004
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Fourth Quarter 2004. In "Monetary Policy and Inflation Targeting in the United States," President Anthony Santomero returns to the topic of inflation targeting,…
ECB annual quality report on euro area statistics
The European Central Bank on Friday 14 January published a document entitled "Euro area balance of payments and international investment position statistics - Annual quality report". The report includes quantitative indicators developed by a joint ECB …
Danmarks Nationalbank, Monetary Review 4th Q 2004
The Danmarks Nationalbank's Monetary Review for the fourth quarter 2004 includes the articles: Recent economic and monetary trends, Volatility in the overnight money-market rate, The EU Constitutional Treaty and EMU and Transparency in capital markets.
BIS: Asset prices and banking distress
This BIS Working Paper links banking with asset prices in a monetary macroeconomic model. It finds that the effect of falling asset prices is indirect, non-linear, and involves feedback from the banking system in the form of a credit contraction. The…
NZ/Australian banking regulation
In January 2004, New Zealand's Minister of Finance and the Australian Treasurer announced a proposal for closer integration of the prudential regulation of the New Zealand and Australian banking systems. The RBNZ made public on Wednesday 10 January the…
St Louis Fed's Regional Economist, January 2005
The Quarterly Review of Business and Economic Conditions, The Regional Economist, January 2005 edition from the St Louis Fed includes the article "What is driving oil prices?" which looks at the recent rise in oil prices and asks how much has speculation…
New York Fed's Economic Policy Review, Dec 2004
The Federal Reserve Bank of New York's December 2004 edition of its Economic Policy Review includes the article, Are home prices the next "bubble"? It assesses two measures frequently cited to support a bubble - the rising price-to-income ratio and the…
The Reform of October '79: How it happened and why
This study in the Federal Reserve's Finance and Economics Discussion Series offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance.
ECB's review of the international role of the euro
The European Central Bank published its annual review of the international role of the euro on Friday 7 January. As with previous issues, the review reflects the ongoing efforts of the ECB to monitor and analyse the use of the euro by non-euro area…
The transition to inflation targeting in Romania
In the near future, Romania will introduce inflation targeting and fully liberalize its capital account. This recently published IMF Working Paper analyses how these two profound changes will affect the ability of monetary policy to pursue its objective…
Fed Reserve Bank of St Louis Review, Jan/Feb 2005
The latest edition of the St Louis Fed's Review for January-February 2005 includes a re-publication of William Poole's speech "FOMC Transparency". Also included is an article on "The diffusion of electronic business in the United States" which provides a…
Deutsche Bundesbank Monthly Report, November 2004
The Deutsche Bundesbank's November 2004 Monthly Report said the economic upswing ran into difficulties during the third quarter of 2004 after the recovery process had gained considerable momentum in the two preceding quarters.
Reserve Bank of New Zealand Bulletin, Dec 2004
The Reserve Bank of New Zealand has published the December 2004 issue of its Bulletin. An article in the latest issue reports on recent work examining foreign exchange hedging practices by New Zealand exporters and importers. A second article provides a…
How far must US dollar fall?
A new paper, entitled "How much depreciation of the US dollar for sustainability of the current accounts?" by Eiji Ogawa and Takeshi Kudo of Hitotsubashi University Research Unit considers various scenarios for the future path of the dollar.
Bank of England Quarterly Bulletin, Winter 2004
The Bank of England released its Quarterly Bulletin Winter 2004, on 17 December. In the report the bank said it has underestimated the strength of the pound in the past 18 months, while another article concludes that UK household debt "remains affordable…
IMF paper on central bank governance
This IMF Working Paper published on Friday 17 December identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are…
ECB's Financial Stability Review, December 2004
The European Central Bank published its first ever Financial Stability Review on Wednesday 15 December. In the report the ECB expressed some concern about the risks posed by the large US current account deficit, warning that a "disorderly rebalancing"…
HKMA Quarterly Bulletin, December 2004
The Hong Kong Monetary Authority has published the December 2004 issue of its Quarterly Bulletin. This issue contains the regular Half-Yearly Monetary and Financial Stability Report, which analyses recent external and domestic influences on Hong Kong's…
St Louis Fed's Central Banker, Winter 2004
The Winter 2004 edition of the St. Louis Fed's Central Banker magazine has been published. In the Feditorial, St. Louis Fed President Bill Poole announces several interactive features that facilitate debates and discussions on issues important to its…
Phil Fed's Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia has published its Fourth Quarter 2004 Survey of Professional Forecasters. Growth over the next five quarters looks slower now than it did three months ago, according to 34 forecasters surveyed by the Federal…
SARB, Quarterly Bulletin, December 2004
The South African Reserve Bank said in its latest Quarterly Bulletin for December 2004 that the South African economy appears to have adjusted to the combination of a stronger world economy, favourable terms of trade, lower interest rates and less…