Research
RBA Statement on Monetary Policy, November 2004
The Reserve Bank of Australia published its November 2004 Statement on Monetary Policy on 8 November. The Australian economy has continued to perform well during 2004, maintaining a solid pace of expansion and low inflation, the report said.
The Mussa Theorem & IMF induced moral hazard
Using a simple model of international lending, this IMF Working Paper shows that as long as the IMF lends at an actuarially fair interest rate and debtor governments maximize the welfare of their taxpayers, any changes in policy effort, capital flows, or…
Fed Reserve Bank of St Louis Review, Nov/Dec 2004
The latest edition of the St Louis Fed's Review for November-December 2004 includes the article "Monetary policy and asset prices: A look back at past U.S. stock market booms" which examines the economic environments in which past U.S. stock market booms…
IMF paper: new taxonomy of monetary regimes
This IMF Working Paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged…
ECB paper on transmission of monetary policy
This ECB Working Paper examines possible explanations for observed differences in the transmission of euro area monetary policy in central bank large-scale macroeconomic models. It finds that, against most yardsticks, the cross-country variations in the…
Norges Bank Inflation Report, November 2004
Norway's central bank, Norges Bank, has published its latest Inflation Report for November 2004. The report said the effects of high oil prices on the Norwegian economy are mixed. Lower external demand will have a negative impact on some Norwegian…
BoJ Outlook: Economic Activity & Prices, Oct 2004
The Bank of Japan published its October 2004 Outlook for Economic Activity and Prices report on 1 November. The report says that core consumer inflation should "increase slightly" in the year to March 2006 but warned oil prices and other uncertainties…
IMF paper on the art of central banking
The IMF working paper 'Deconstructing the art of central banking' proposes a significantly different transmission mechanism from monetary policy to the macroeconomy, focusing on how policy changes nominal inertia in the Phillips curve. The authors find…
BoE paper on monetary policy rules
This Bank of England Working Paper evaluates the performance of three popular monetary policy rules where the central bank is learning about the parameter values of a simple New Keynesian model. The paper argues that adopting integral representations of…
Federal Reserve Board - Beige Book, October 2004
The Federal Reserve has published its October 2004 Beige Book survey. The report said the economy grew in most regions of the United States in September and early October, despite signs that higher energy costs are beginning to bite.
The ECB - History, role and functions
The European Central Bank published a book on its history, role and functions on Monday. The publication looks at the ECB from legal, institutional and organisational standpoints.
Norges Bank book on Historical Monetary Statistics
Norges Bank has collected and systematised historical data of relevance to price stability and financial stability, the two main areas of responsibility for central banks. This historical data has been documented in Norges Bank Occasional Papers No. 35 …
Sveriges Riksbank Inflation Report, No.3, 2004
Sweden's central bank, the Sveriges Riksbank, has published its Third Inflation Report for 2004. International growth has been slightly higher than expected, despite the rise in oil prices. At the same time, the report says, Swedish exports have shown an…
Danmarks Nationalbank, Monetary Review 3rd Q 2004
The Danmarks Nationalbank's Monetary Review for the third quarter 2004 includes the following articles: The Basel Committee's endorsement of new capital-adequacy rules, Counterfeit banknotes, The role of capital in banks and The economic situation in the…
Philadelphia Fed Business Outlook Survey, Oct 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, October 2004, activity in the region's manufacturing sector continued to improve. In this months survey the participants were asked about their plans and expectations for…
Deutsche Bundesbank Monthly Report, September 2004
The Deutsche Bundesbank's September 2004 Monthly Report finds that according to the latest data, industry is still on an upward trend. Following weaker figures in June, both new orders and output showed a further clear seasonally adjusted rise in July,…
BoJ paper on deflationary traps
This Bank of Japan discussion paper provides a theoretical overview of monetary and fiscal policy with the potential to engineer an exit from a deflationary trap, which the author defines as sustained deflation in the presence of zero interest rates.
Bank of Canada Monetary Policy Report, Oct 2004
The Bank of Canada released its October 2004 Monetary Policy Report on 21 October. The latest report says the Canadian economy has grown faster than was projected in last April's report and the July update, largely because of a surge in exports.
Bank of Japan Monthly Report, October 2004
The Bank of Japan released the English version of its October 2004 monthly report on 15 October. In the report the bank said exports and industrial production have been on a rising trend, albeit at a slightly slower pace. The report also said Japan's…
ECB Monthly Bulletin, October 2004
The European Central Bank published its October 2004 Monthly Bulletin on Thursday 14 October, saying that record oil prices are threatening to slow the pace of the economic recovery in the dozen nations sharing the euro.
Norges Bank, Economic Bulletin, October 2004
Norges Bank, the central bank of Norway, published its October 2004 Economic Bulletin on Thursday 7 October. The Bulletin includes the article "Inflation targeting - some theory with main focus on practice" by the Governor of Norges Bank, Svein Gjedrem…
SARB Financial Stability Review, September 2004
The South African Reserve Bank has published the September 2004 edition of its Financial Stability Review. In its latest bi-annual report the Reserve Bank says house price growth has been driven by "improved economic fundamentals".
St Louis Fed's Regional Economist, October 2004
The Quarterly Review of Business and Economic Conditions, The Regional Economist, October 2004 edition from the St Louis Fed includes the article "U.S. Stays Out of the Way of Entrepreneurs" which says for those starting a business in this country,…
Resolving large financial intermediaries: Update
In this updated article, the authors examine issues surrounding the possible failure of Fannie Mae or Freddie Mac. Finding parallels between resolving insolvent large banks and insolvent housing enterprises, the authors suggest improvements to the…