Central Banking
Mishkin says forecasts are central to rate policy
Federal Reserve governor-designate Frederic Mishkin said in a letter to a lawmaker released on Friday 28 July that interest-rate policy must be based on economic forecasts and adjust as new data comes in.
What Ben Bernanke could learn from New Zealand
According to this article from Bloomberg, published Friday 28 July, while Fed chairman Ben Bernanke and the world's biggest policy makers don't often pay attention to New Zealand, they would be wise to follow Alan Bollard's progress.
New Zealand's new coins go into circulation
Smaller, lighter 50, 20, and 10 cent coins were released Monday 31 July in New Zealand. The new coins retain the same "heads" and "tails" designs but the 10 cent coin is copper-coloured, the RBNZ said.
Comment: Mboweni set to spoil the party
South Africa's central bank governor, Tito Mboweni, remains concerned about imbalances in the South African economy. Markets expect another 50 basis point hike this week.
Bank of Sierra Leone - Annual Report 2005
According to the Bank of Sierra Leone's Annual Report 2005, the Sierra Leone economy recorded an impressive performance during the year 2005, with further consolidation of the gains achieved in macroeconomic stability and real growth.
MAS - Annual Report 2005-2006
According to the Monetary Authority of Singapore's Annual Report 2005, the Singapore economy grew by a robust 6.4% in 2005, exceeding earlier growth forecasts.
RBNZ paper on exchange rate stabilisation
The Reserve Bank of New Zealand Working Paper "How costly is exchange rate stabilisation for an inflation targeter? The case of Australia" quantifies the costs of mitigating exchange rate volatility within the context of a flexible inflation targeting…
Fiscal convergence before entering the EMU
This European Central Bank Working Paper, published 27 July, addresses the question of whether a reduction of public deficits, such as imposed by the Maastricht fiscal criteria, is a necessary or useful step on the road to the adoption of the euro.
Comment: Developments in July
Here is a quick look back at development affecting central bank in month of July.
IMF to appoint Jonathan Palmer to new CIO role
Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), announced Wednesday 26 July his intention to appoint Jonathan Palmer as Chief Information Officer (CIO) of the IMF and Associate Director of the Fund's Technology and General…
Mishkin to be sworn in after Aug 8 Fed meeting
Federal Reserve Governor-designate Frederic Mishkin will not take office in time to participate in the next Fed policy-setting meeting on 8 August, a Fed spokesman told Reuters on Thursday 27 July.
Cen bank reserve shifts not all that meets the eye
This article published Thursday 27 July by Reuters says a close look at IMF reserve data, and the dollar's moves in recent years, suggests central banks may not be undertaking conventional reserve diversification.
Central banks need not divine bubbles
According to this article by Samuel Brittan of the Financial Times, published Friday 28 July, the question of whether central bankers should target asset prices will not go away.
Interview: National Bank of Poland's Balcerowicz
In an interview with the Dziennik daily, published Friday 28 July, National Bank of Poland governor Leszek Balcerowicz said the central bank cannot be independent only as long as it is obedient.
China official mulls freer hand for central bank
According to this article from the Financial Times, published Friday 28 July, a People's Bank of China official has suggested policy making could be more effective if the central bank had more autonomy.
PBOC research head says yuan band wide enough
There is no need to widen the yuan-dollar trading band at the present time, the head of the research department within the People's Bank of China said in an interview.
Kohn says Fed policy lags may be shorter
The communication of interest-rate moves during the Fed's latest tightening campaign may mean their impact on the economy will be felt more quickly than otherwise, a top Fed official said in a letter released on Friday 28 July.
RBNZ leaves OCR unchanged at 7.25 per cent
The Reserve Bank of New Zealand announced Thursday 27 July that the Official Cash Rate (OCR) will remain unchanged at 7.25 per cent. Reserve bank governor Alan Bollard said: "Recent economic developments have been broadly in line with our June Monetary…
Federal Reserve Board - Beige Book, July 2006
The Federal Reserve published its July 2006 Beige Book survey on 26 July. The U.S. economy grew overall during June through mid-July but some individual regions reported slowing activity, and there were scattered reports of rising prices, the report said.
Chicago Fed National Activity Index, June 2006
The Chicago Fed National Activity Index for June 2006, published 26 July, was +0.34 in June, up from -0.14 in May. Three of the four broad categories of indicators made positive contributions to the index.
Central Bank of Seychelles - Annual Report 2005
According to the Central Bank of Seychelles Annual Report 2005, the year 2005 began on a downbeat note with economic prospects seriously dampened by the nationwide damage to productive capacity and infrastructure caused by the tsunami and flash floods of…
Japan - Effects of the quantitative easing policy
The Bank of Japan Working Paper "Effects of the quantitative easing policy: A survey of empirical analyses" surveys the empirical analyses that examine the effects of the Bank of Japan (BOJ)'s quantitative easing policy (QEP).
Central banking model for neither gods nor monkeys
According to this article by Paul de Grauwe, published Wednesday 26 July by the Financial Times, the first serious attempt to put central banking on a sound scientific basis failed miserably.
Gentle Ben - Inside the head of the Fed
This recent article published by Time says that after a few early missteps, Federal Reserve chairman Ben Bernanke is hitting his stride, but the economy may not cooperate.