Research
Applying efficiency measurement to central banks
The working paper "Applying Efficiency Measurement Techniques to Central Banks" from the Philadelphia Fed released on 6 August reviews the standard techniques of efficiency measurement and reviews some of the literature that has attempted to apply these…
Exits from pegged regimes: An empirical analysis
The IMF Working Paper 'Exits From Pegged Regimes: An Empirical Analysis' analyses the determinants of exits from pegged regimes, where exits involve shifts to more or less flexible regimes, or adjustments within the existing regime. The results confirm…
Dollarization of the banking system: Good or bad?
The IMF Working Paper 'Dollarization of the Banking System: Good or Bad?' assesses the benefits and risks associated with dollarization of the banking system. The authors find that the credibility of macroeconomic policy and the quality of institutions…
Chicago Fed Economic Perspectives 3rd Quarter 2003
The Federal Reserve Bank of Chicago has published its regular quarterly journal, Economic Perspectives, for the Third Quarter 2003. The latest edition includes articles titled 'Banking relationships during financial distress:The evidence from Japan' and …
ESCB-CESR Clearing and Settlement Standards
ESCB-CESR Standards for Securities Clearing and Settlement Systems in the European Union: Consultation announcement, consultative report and scope of application, 1 August 2003. The ESCB and CESR documents entitled "Standards for securities clearing and…
Extracting rate expectations, Japan's bond prices
Working Paper from the Bank of Japan's Financial Markets Department entitled "Extracting Market Expectations on the Duration of the Zero Interest Rate Policy from Japan's Bond Prices". The paper aims to extract the expectations of market participants on…
Chicago Fed National Activity Index, June 2003
CFNAI Indicates Economic Activity Improved Slightly in June - The Chicago Fed National Activity Index (CFNAI) was -0.32 in June, a small improvement from the May reading of -0.40. The negative value for the index in June reflected continued weakness in…
Federal Reserve Board - Beige Book, July 2003
The Federal Reserve Beige Book released 30 July said the U.S. economy sped up "a notch" in the past few weeks and "Consistent with the generally more positive assessments of current economic activity, several districts noted increased optimism about…
Sveriges Riksbank Economic Review 2nd Quarter 2003
The Sveriges Riksbank has published its Economic Review for the 2nd Quarter 2003. The Review includes articles 'The use of market indicators in financial stability analyses', 'Card payments in Sweden' and 'The Riksbank's submission on the final report…
IMF Working Paper on central bank independence
The IMF Working Paper "A Political Agency Theory of Central Bank Independence" proposes a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks to an independent agency. The authors apply this theory…
Central bank forex intervention in Colombia
The IMF Working Paper "Central Bank Foreign Exchange Market Intervention and Option Contract Specification: The Case of Colombia" aims to identify appropriate option contract specifications for effective central bank exchange market intervention. The…
Deutsche Bundesbank Monthly Report, June 2003
The Deutsche Bundesbank published the English version of its June 2003 monthly report on 17 July. Price developments in the past few months have been affected by falling oil prices, the report said. The recently observable rise in the prices quoted on…
Bank of Japan Monthly Report, July 2003
The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, July 2003, on 17 July. The Report said business fixed investment is on a gradual recovery and while it reiterated that economic activity remains "virtually flat…
Philadelphia Fed Business Outlook Survey, Jul 2003
Activity in the region's manufacturing sector increased in July, according to the firms surveyed for the Philadelphia Fed's July 2003 Business Outlook Survey. Many of the current indexes showed improvement -- especially indexes for new orders and…
Bank of Canada Monetary Policy Report Update
The Bank of Canada on 17 July released its Update to the April Monetary Policy Report. The Update reviews economic and financial trends in the context of Canada's inflation-control strategy. The July Update highlights a number of unanticipated…
ECB Monthly Bulletin, July 2003
The European Central Bank published its July 2003 Monthly Bulletin on 17 July. In the report the ECB said that abiding by the rules of the Stability and Growth Pact would help boost economic confidence in the euro area. The report also described interest…
Monetary Policy Report to the Congress
In the Federal Reserve's Monetary Policy Report to the Congress published 15 July Fed policy makers expected economic growth, which is estimated to have run at a little more than a 1.6 percent annual rate in the first half of this year, to rise to about…
Danmarks Nationalbank - The Nationalbank building
The Danmarks Nationalbank building in the middle of Copenhagen is a distinctive presence in the street scene. It was designed by the internationally renowned Danish architect Arne Jacobsen and built between 1965-78. The building is considered one of Arne…
St Louis Fed's Regional Economist, July 2003
The Quarterly Review of Business and Economic Conditions, The Regional Economist, July edition from the St Louis Fed includes an article 'What Should a Central Bank Look Like?' to figure out what a central bank should look like, consider that most have…
IMF Paper: Central banks and financial stability
An IMF Working Paper titled "Responsibility of Central Banks for Stability in Financial Markets" asks What is the role of central banks in ensuring financial stability? This paper addresses this controversial subject, in part by drawing on the…
IMF Paper: Inflation and central bank independence
The IMF Working Paper "Inflation Performance and Constitutional Central Bank Independence: Evidence From Latin America and the Caribbean" explores the relationship between the constitutional entrenchment of central bank independence and inflation…
Reserve Bank of New Zealand Bulletin, June 2003
The Reserve Bank of New Zealand published its quarterly Bulletin for June 2003 on 8 July. The first article is the Reserve Bank's annual review of the banking system. It looks at the financial condition and performance of registered banks and…
Fed Reserve Bank of St Louis Review, Jul/Aug 2003
The latest edition of the St Louis Fed's Review for July-August 2003 includes proceedings of the Twenty-Seventh Annual Economic Policy Conference of the Federal Reserve Bank of St Louis. The Review includes articles titled "The Real Effects of U.S…
Sveriges Riksbank Economic Review 2003:2
The Sveriges Riksbank's quarterly journal Economic Review contains articles on central bank-related subjects. The Swedish version of this year's second issue is published today and contains five articles. An English version will be available in two weeks…