Research
Six Months of the New Brazilian RTGS
REPORT - The Bank of Brazil has published a report six months after the introduction of the new Brazilian Payments System. The real-time gross settlement (RTGS) system is the ninth largest RTGS system in the world in terms of payments relative to GDP…
Survey of Professional Forecasters
SURVEY - The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Fourth Quarter 2002. The survey forecasts inflation will average 1.1 percent this year and 1.7 percent in 2003. These estimates are down just 0…
Philadelphia Fed Business Outlook Survey
REPORT - Activity in the region's manufacturing sector has improved modestly, according to firms surveyed for the November 2002 Business Outlook Survey. Indexes for general activity, new orders, and shipments improved from their negative readings in the…
Chicago Fed National Activity Index October 2002
REPORT - CFNAI Shows Economic Growth Slowed Further in October - In October, the Chicago Fed National Activity Index (CFNAI) remained below zero for a third month, coming in at -0.81 The three-month moving average index, CFNAI-MA3, moved down to -0.55.
Bank of Japan Monthly Report, November 2002
REPORT - The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, November 2002, on 21 November. In the report the Bank downgraded its assessment of the economy for the first time in a year, citing stagnant export-led…
Reserve Management in an Era of Low Returns
RESEARCH - Although central banks have traditionally conducted their reserves management in a conservative and risk-averse way, the very low interest rates we see now have caused central banks, like other fixed income investors, to search for higher…
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 20 November for the meeting of 6 and 7 November 2002. The nine MPC members voted on a proposal to maintain the repo rate at 4.0%. Seven voted in favour of this with…
Chicago Fed Letter, December 2002 Special Issue
REPORT - The latest Chicago Fed Letter is titled 'Financial market and regulatory behaviour over the business cycle'. It asks the questions, should regulation and supervision be used to smooth out the business cycle? and how do financial firms respond to…
The Inflation Targeting Framework in Norway
RESEARCH - This IMF working paper assesses the institutional and technical design of Norway's inflation targeting framework which was adopted in early 2001, as well as its potential implications for the practical implementation of monetary policy against…
Deutsche Bundesbank Monthly Report, October 2002
REPORT - Germany's central bank, on 14 November published its Monthly Report for October 2002. The Bundesbank said in its monthly report that gross domestic product grew by just 0.25 percent between July and September, compared to 0.3 percent expansion…
The Inflation Targeting Framework in Norway
RESEARCH - IMF Working Paper, November 2002 by Jarkko Soikkeli. This paper assesses the institutional and technical design of Norway's inflation targeting framework, as well as its potential implications for the practical implementation of monetary…
Crisis Prevention and Crisis Management
RESEARCH - IMF Working Paper, November 2002 by Udaibir Das and Marc Quintyn, Monetary and Exchange Affairs Department, 'Crisis Prevention and Crisis Management: The Role of Regulatory Governance'. This paper first defines four key components of…
ECB Monthly Bulletin, November 2002
REPORT - The European Central Bank published its November 2002 Monthly Bulletin on 14 November. The bulletin contains three articles. The first focuses on the issue of the accountability of the ECB. The second addresses the importance of transparency in…
Recommendations for Securities Settlement Systems
REPORT - Assessment methodology for "Recommendations for Securities Settlement Systems" CPSS Publications No. 51, November 2002.
European Central Bank Working Paper No 194
RESEARCH - ECB Working Paper, "Sensitivity analysis of volatility: a new tool for risk management" by Simone Manganelli, Vladimiro Ceci and Walter Vecchiato, November 2002.
Bank of England Inflation Report, November 2002
REPORT - The Bank of England published its quarterly Inflation Report for November 2002 on Wednesday. In the report the bank recognises the fragility of the world economy and continued stock market volatility. The report reveals that inflation is…
Bank of Canada Review, Autumn 2002
REPORT - The Bank of Canada published its Review for Autumn 2002 on 12 November. The review contains articles titled, Is Canada Dollarized?, CLS Bank: Managing Foreign Exchange Settlement Risk and Purchasing-Power Parity: Definition, Measurement, and…
FRBSF Economic Letter - Stock Market Volatility
RESEARCH - In this Economic Letter from the Federal Reserve Bank of San Francisco the author surveys the academic literature on the properties and causes of stock market volatility, focusing on the debate on whether the stock market varies excessively,…
RBA Statement on Monetary Policy, November 2002
REPORT - The Reserve Bank of Australia released its November 2002 Statement on Monetary Policy on 11 November. In the statement the RBA divide the year into two distinct phases with emerging optimism characterising the first half. However the second…
Central Bank of Brazil Working Paper
RESEARCH - The paper 'Inflation Targeting in Brazil: Lessons and Challenges' by Andre Minella, Paulo Springer de Freitas, Ilan Goldfajn and Marcelo Kfoury Muinhos assesses the first three years of the inflation-targeting regime in Brazil adopted in July…
Bank of Canada Working Paper
RESEARCH - Bank of Canada Working Paper by David Andolfatto, Scott Hendry, and Kevin Moran, October 2002. Various measures indicate that inflation expectations evolve sluggishly relative to actual inflation. In addition, they often fail conventional…
International Monetary Fund Working Paper
RESEARCH - International Monetary Fund Working Paper 'Transparency and International Investor Behavior' by R Gaston Gelos and Shang-Jin Wei. The paper looks at whether country "transparency" affect international portfolio investment and finds that…
The ECB and Euro-Area Enlargement
RESEARCH - IMF Working Paper by Helge Berger, October 2002. The likely enlargement of euro-area membership will radically change the environment under which monetary policy will be made in the euro area. This paper looks at the consequences of such an…
Danmarks Nationalbank Monetary Review, 3rd Quarter
REPORT - Denmark's central bank has published its Monetary Review 3rd Quarter 2002. The report contains articles including, Recent Economic and Monetary Trends, Status of the Basle Committee's New Capital-Adequacy Rules for Bank, Structure of the Banks'…