Research
Bank of England Quarterly Bulletin, Spring 2003
REPORT - The Bank of England released its Quarterly Bulletin, Spring 2003, on 21 March. The Bulletin includes an article on "Monetary policy and the zero bound to nominal interest rates" which suggests that a deflation situation is highly unlikely to…
Deutsche Bundesbank Monthly Report, February 2003
REPORT - The Bundesbank said in its February 2003 monthly report the recovery of the world economy slowed down noticeably in autumn 2002 even grinding to a halt in industrial countries. The report says this picture has changed little since the turn of…
Bank of England Inflation Attitudes Survey, Feb 03
REPORT - The Bank of England's February 2003 quarterly Inflation Attitudes Survey was published on 17 March. The survey measures public attitudes to inflation in the UK. The survey showed that the number of people satisfied with how the Bank is doing its…
Sveriges Riksbank Inflation Report, No.1, 2003
REPORT - Sweden's central bank has published its Inflation Report for the First Quarter 2003. In the report the Riksbank said this year inflation has risen more than anticipated, partly due to rising oil prices. The report says that the recovery slowed…
Gold may sustain highs over 2003
Research from Macquarie Research Equities argues that gold will maintain its strength throughout 2003, supported not only be war fears, but wider geopolitical worries.
IMF paper on Caribbean currency board idea
A currency union, based around a currency board model, is the way forward for the Caribbean region, a working paper released today by the IMF argues.
Banking - Hong Kong style
BOOK - The HKMA yesterday published the second of a series of background briefs designed to explain the workings of Hong Kong's monetary and banking systems. "Banking Supervision in Hong Kong" describes the main features of Hong Kong's banking system and…
HKMA Quarterly Bulletin, March 2003
The Hong Kong Monetary Authority's Quarterly Bulletin for March 2003 includes articles on the 'External Demand for Hong Kong Dollar Currency' and 'Alternative Measures of the Real Effective Exchange Rate'.
Richmond Fed top discount-rate hawk
Recent analysis of FOMC voting between 1993 and 2002 has shown that the Richmond Fed is the most hawkish of the regional Fed banks whilst the Dallas Fed was the greatest dove, according to a Reuters report. The research also showed that recommendations…
BIS Quarterly Review March 2003
REPORT - BIS Quarterly Review, International Banking and Financial Market Developments, March 2003. In the report the BIS paints a depressed picture of the global economy with the threat of a war in Iraq reducing investor confidence and equities in…
Role of expectations in estimates of the NAIRU
RESEARCH - The Bank of England Working Paper, "The role of expectations in estimates of the NAIRU in the United States and the United Kingdom" examines evidence for a change in the relationship between inflation and unemployment. Inflation expectations…
RBNZ Monetary Policy Statement, March 2003
REPORT - The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for March 2003. The report reflects on New Zealand's strength compared to other leading world economies. The expected slow down in NZ's economy has not occurred as…
Norges Bank Inflation Report, March 2003
REPORT - Norway's central bank published its latest Inflation Report on 5 March. The Bank says the outlook for growth has deteriorated since the October report and there are no signs of an imminent recovery. On the domestic front, the Norwegian economy…
Federal Reserve Board - Beige Book, March 2003
REPORT - The Federal Reserve Beige Book released 5 March said the U.S. economy "remained subdued" in the past two months as the prospect of war with Iraq constrained consumer and business spending, the Federal Reserve said in its latest survey of…
Chicago Fed National Activity Index, January 2003
REPORT - CFNAI Shows U.S. Economy Improved in January - In January, the Chicago Fed National Activity Index (CFNAI) moved above zero for the first time since last July. The January reading was +0.38, a substantial improvement from December and the…
New York Fed on Current Issues
RESEARCH - The February 2003 edition of the New York Fed's 'Current Issues in Economics and Finance' contains an article titled 'New York City's Economy before and after September 11'. An analysis of employment and income trends suggests that the…
Survey of Professional Forecasters
SURVEY - The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the First Quarter 2003. The economy will grow slowly over the first half of the year, according to 37 forecasters surveyed. However, the…
Basel Committee Publications - Operational risk
REPORT - This paper, "Sound practices for the management and supervision of operational risk" prepared by the Risk Management Group of the Basel Committee on Banking Supervision, outlines a set of principles that provide a framework for the effective…
EU banking sector stability report
REPORT - The European Central Bank (ECB) released on 24 February a report on the stability of the EU banking sector. The report was prepared by the Banking Supervision Committee of the European System of Central Banks, which comprises representatives…
Economic Perspectives, First Quarter 2003
REPORT - The Federal Reserve Bank of Chicago has published its regular quarterly journal of in-depth articles reporting on the Bank's economic research for the Fourth Quarter 2002. This edition includes an article 'Inflation and monetary policy in the…
Philadelphia Fed Business Outlook Survey, Feb 2003
REPORT - Activity in the region's manufacturing sector was mostly flat, according to firms surveyed for February's Business Outlook Survey. Although one-third of firms reported higher new orders in February, one-fifth reported lower orders, and other…
Bank of Canada Working Paper, February 2003
RESEARCH - In the Working Paper "Managing Operational Risk in Payment, Clearing, and Settlement Systems" Kim McPhail describes the key features of systemically important PCSS in Canada and the oversight role of the Bank of Canada with respect to those…
Bank of Canada Review, Winter 2002-2003
REPORT - The Bank of Canada published its Review for Winter 2002-2003 on 19 February. The Review contains articles titled Recent Changes to Canada's Financial Sector Legislation, Exchange Rate Regimes in Emerging Markets, Transparency and the Response of…
Origin and Procedures of Central Banking
BOOK - The Federal Reserve Bank of Cleveland's Central Bank Institute has published the introduction to a new book called "Origin and Procedures of Central Banking". The papers in the accompanying volume were first presented at the Institute's first…