Research
Bank of England Inflation Report, May 2004
The Bank of England published its May 2004 Inflation Report on 12 May. The report said inflation will accelerate above its 2 percent target by early 2006 and that the economy will expand quicker than it had forecast in February.
OECD Economic Outlook, May 2004
The OECD published the May 2004 edition of its Economic Outlook on 11 May. In the report it said the OECD raised its forecasts for economic growth this year and next and said the Fed should start raising interest rates in the middle of this year to keep…
BOJ outlook on Economic Activity & Prices, April
The Bank of Japan has published its April 2004 report "Outlook for Economic Activity and Prices". Japan's economy has continued to recover at a moderate pace since the second half of 2003. In 2004, the economy is expected to continue its recovery as…
SARB Financial Stability Review, March 2004
The South African Reserve Bank has published the first edition of its Financial Stability Review for March 2004. This explains some of the approaches used in both a quantitative analysis of the various financial-stability indicators and a qualitative…
Philadelphia Fed Business Review, 2nd Quarter 2004
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Second Quarter 2004. In this issue, President Santomero talks about the role of beliefs in economics and monetary policy. Other articles cover the benefits of…
Chicago Fed National Activity Index, March 2004
The Chicago Fed National Activity Index (CFNAI) March 2004 was published on 22 April. The CFNAI decreased somewhat from February to March, but remained above zero for the seventh month in a row.
The new Bank of England quarterly model
The Bank issued an article entitled "The New Bank of England Quarterly Model" on 22 April, describing a new macroeconomic model used to help prepare the Monetary Policy Committee's Quarterly economic projections.
Federal Reserve Board - Beige Book, April 2004
The Federal Reserve released its April 2004 Beige Book survey on 22 April. The U.S. economy showed "widespread" growth from mid-February through early April with only modest inflation, the survey said.
Philadelphia Fed Business Outlook Survey, Apr 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, April 2004 growth in the region's manufacturing sector is continuing. Indicators for general activity, new orders, and shipments all rose from their readings last month.
Bank of Canada, Monetary Policy Report, April 2004
The Bank of Canada released its April 2004 Monetary Policy Report on 15 April. The Report reviews economic and financial trends in the context of Canada's inflation-control strategy.
Bank of Japan Monthly Report, April 2004
The Bank of Japan published its April 2004 Monthly Report of Recent Economic and Financial Developments on 13 April. In the report the BOJ said that the prospects for a sustained economic recovery remained bright.
RBNZ paper on inflation targeting central banks
This RBNZ paper tests the standard quadratic approximation to central bank preferences on data from Australia and New Zealand, two of the earliest explicit inflation targeting countries.
Reserve Bank of New Zealand Bulletin, Mar 2004
The Reserve Bank of New Zealand has published its quarterly Bulletin for March 2004. The March issue contains three articles and a speech given by Reserve Bank Governor Alan Bollard earlier this year on asset prices and monetary policy.
ECB says stance in line with price stability aims
The European Central Bank published its April 2004 Monthly Bulletin on 7 April. The bank said its monetary policy stance remains in line with its target of maintaining price stability. "The low level of interest rates provides ongoing support to the…
Independent evaluation of ECB research activities
The ECB released a report on Wednesday 7 April of an evaluation of the economic research activities at the ECB. The report provides a positive assessment of the research conducted at the ECB on several criteria, including scientific quality and relevance…
RBA Financial Stability Review, March 2004
The Reserve Bank of Australia has published the first edition of its new report, the Financial Stability Review for March 2004. The report will be published every six months.
St Louis Fed's Regional Economist, April 2004
The Quarterly Review of Business and Economic Conditions, The Regional Economist, April 2004 edition from the St Louis Fed includes the article "Miscommunication". What the Fed said last year it could do if deflation surfaced was one thing. What the…
The Japanese Economic Model: JEM
This Bank of Japan Working Paper sets out the Japanese Economic Model, a large macroeconomic model of the Japanese Economy. Although the JEM is a theoretical model it can be used for both projection and simulation analysis.
Survey of developments in e-money
The Committee on Payment and Settlement Systems (CPSS) has published its March 2004 Survey of developments in electronic money and internet and mobile payments. In this survey the number of participating central banks and monetary authorities has…
Sveriges Riksbank Inflation Report, No.1, 2004
Sweden's central bank, the Sveriges Riksbank, has published its First Inflation Report for 2004. The report said that there are increasingly clear signs that the Swedish economy is about to recover, after an unusually mild economic downturn. Inflation…
Back to the future? Assessing the deflation record
This BIS Working Paper looks back to a period when deflation was a regular feature of the economic environment, and says the phenomena comes in three basic types: the good, the bad and the ugly. It finds that despite periods of deflation it was not…
Return and volatility spillovers In Hong Kong
Laurence Fung and Ip-wing Yu discuss the effects of return and volatility spillovers in Hong Kong financial markets.
Foreign investment in emerging market economies
New CGFS publication and press release on the importance of financial sector foreign direct investment in bringing emerging market economies into the global financial system.
Central bank financial independence
This Bank of Spain Occasional Paper says that central bank independence is a multifaceted institutional design but the financial component has rarely been analysed. The paper sets out a comprehensive conceptual background for central bank financial…