Research
The Art of Targeting Inflation
RESEARCH - The Federal Reserve Bank of Cleveland's Central Bank Institute has published the paper "The Art of Inflation Targeting" by Lars Heikensten and Anders Vredin. The paper describes the Riksbank's transition to inflation targeting and explains how…
Fed Reserve Bank of St Louis Review, Jan/ Feb 2003
PUBLICATION - The latest edition of the St Louis Fed's Review for January-February 2003 includes articles titled "The Impact of Changes in FOMC Disclosure Practices on the Transparency of Monetary Policy: Are Markets and the FOMC Better "Synched"?" and …
Bank of Finland Discussion Paper
RESEARCH - Central bank spending on the operation of inter-bank funds transfer systems may range from below one million to nearly a billion US dollars annually. The paper "Payment systems efficiency, policy approaches, and the role of the central bank"…
Bank of Japan Monthly Report, February 2003
REPORT - The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, February 2003, on 18 February. "Economic activity remains flat amid substantial uncertainty about the outlook for the economy," the report said. One…
Preventing money laundering in Israel
REPORT - The Bank of Israel's January 2003 edition of its newsletter BOI includes an outline of efforts by the central bank and government to prevent money laundering after Israel was placed on the FATF's blacklist of countries deemed non cooperative in…
Monetary Policy Report to the Congress
REPORT - In the Federal Reserve's report to Congress it reflects on the series of blows the US economy has suffered in the last few years, including the falls in equity values, the terrorist attacks of September 2001, corporate malfeasance and the…
ECB Monthly Bulletin, February 2003
REPORT - The European Central Bank published its February 2003 Monthly Bulletin on 13 February. This issue contains two articles. The first addresses the interactions between the single monetary policy and fiscal policies in the euro area. The second…
Deutsche Bundesbank Monthly Report, January 2003
REPORT - The Bundesbank said in its January 2003 monthly report that there were further job cuts and unemployment increased significantly. The price climate in Germany at the end of 2002 remained favourable. The rate of consumer price increase remained…
Bank of England Inflation Report, February 2003
REPORT - The Bank of England published its quarterly Inflation Report for February 2003 on Wednesday. In the report the Bank reduced its growth forecast for the UK economy to 2.5 per cent this year from 3 per cent. On the euro-zone economy the report…
IMF Working Paper Series
RESEARCH - The Working Paper 'Inflation Targeting Regimes' classifies countries that define their monetary policy framework by an inflation target into full-fledged inflation targeters, eclectic inflation targeters and inflation targeting lite regimes…
Reserve Bank of Australia quarterly statement
PRESS RELEASE - The latest quarterly statement on Monetary Policy has been released by the Reserve Bank of Australia today.
IMF paper on current issues in monetary policy
RESEARCH - 'Current Issues in the Design and Conduct of Monetary Policy' by Mohsin S. Khan, Director, IMF Institute, International Monetary Fund. The paper says that recent developments have brought to the forefront the idea that freely mobile capital,…
IMF Working Paper Series
RESEARCH - In the working paper 'Monetary Policy and Asset Prices: Does "Benign Neglect" Make Sense?' Michael Bardo and Olivier Jeanne of the IMF's Research Department consider the potential case for preemptive monetary restrictions when asset price…
Chicago Fed National Activity Index, December 2002
REPORT - CFNAI shows continued softness in economic growth in December - In December, the Chicago Fed National Activity Index (CFNAI) remained below zero for a fifth consecutive month. The monthly index came in at -0.49 in December, a small improvement…
Sveriges Riksbank Economic Review 4rd Quarter 2002
REPORT - The fourth issue of the Riksbank's Economic Review contains three articles: one on the art of targeting inflation, one on the IRB approach in the Basel Committee's proposal for new capital adequacy rules, and one on reformed management of…
Pagan Report on the Bank of England's Model
REPORT - The Pagan Report on Modelling and Forecasting at the Bank of England, 30 January. Professor Pagan concludes that the model does not represent the 'state of the art'. But he also concludes that the deficiencies of the model have not detracted…
Currency Crises and Macroeconomic Performance
RESEARCH - In the Reserve Bank of Australia Research Paper, 'Currency Crises and Macroeconomic Performance' the authors present some theory and evidence on the implications of sudden currency depreciations for output and inflation. The paper identifies…
CGFS publication: Credit risk transfer
REPORT - Report submitted by a Working Group established by the Committee on the Global Financial System, credit risk transfer, January 2003.
Does the Beige Book move financial markets?
RESEARCH - In the Atlanta Fed Working Paper 'Does the Beige Book Move Financial Markets?' the authors examine whether the descriptive content of the Beige Book affects asset prices. Their results indicate that more positive Beige Book reports on economic…
IMF Working Paper Series
RESEARCH - In the paper 'Market Predictability of ECB Monetary Policy Decisions: A Comparative Examination' Kevin Ross tests the idea that surveys of the ECB's monetary framework emphasise the inability of financial markets to correctly predict monetary…
IMF Working Paper Series
RESEARCH - The paper 'Why Do Many Disinflations Fail? The Importance of Luck, Timing, and Political Institutions' published on 15 January considers why so many inflation stabilizations succeed only temporarily. The authors, Javier Hamann and Alessandro…
Bank of Japan Monthly Report, January 2003
REPORT - The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, January 2003, on 24 January. In its report the Bank maintained its assessment of the economy for the second straight month but warned of risks from…
Deutsche Bundesbank Monthly Report, December 2002
REPORT - The Bundesbank said in its December 2002 monthly report that in the summer months, output showed only a slight increase but in terms of domestic demand, households' consumption picked up in particular. The retail trade benefited very little from…
Bank of Canada Monetary Policy Report Update
REPORT - The Bank of Canada on Thursday released its Update to the October Monetary Policy Report. These reports discuss economic and financial trends in the context of Canada's inflation-control strategy.