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Central Banking

SF Fed paper on the bond yield 'conundrum'

The Federal Reserve Bank of San Francisco Working Paper "The bond yield 'conundrum' from a macro-finance perspective," published May 2006, documents the extent and timing of the bond yield conundrum using two empirical no-arbitrage macro-finance models…

Comment: Volatility returns

Before recovering somewhat this week, stock markets around the world from Bombay to New York to Sydney to Moscow took a beating last week and on Monday. Here is a quick look at some recent arguments on what this means for central bankers.

Chicago's Moskow on bank structure and competition

In welcoming remarks for the 42nd annual conference on bank structure and competition given on 18 May Michael Moskow of the Federal Reserve Bank of Chicago said products such as adjustable rate and no-money-down mortgages have helped boost U.S…

Philadelphia Fed Business Outlook Survey, May 2006

According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, May 2006, business activity increased slightly. However, indicators for new orders, shipments, and employment were down from their readings in April.

Ingves on the Riksbank and monetary policy

In the speech 'The Riksbank and monetary policy' given on 23 May Stefan Ingves of the Sveriges Riksbank reiterated that monetary policy will need to be less expansionary in future so that inflation does not exceed the 2% target.

Central Bank of Sri Lanka - Annual Report 2005

According to the Central Bank of Sri Lanka's Annual Report 2005, Sri Lanka's economy demonstrated its resilience once again in 2005 by growing at a rate of 6 per cent, exceeding expectations in the immediate aftermath of the tsunami disaster of 2004.

Blanchflower is 'no shrinking violet'

The Bank of England Monetary Policy Committee's latest member, David Blanchflower, told the Treasury Select Committee on Wednesday 24 May that his commitment to the rate setting MPC will form his "primary responsibility."

Bank of Canada raises rates

The Bank of Canada announced Wednesday 24 May that it is raising its target for the overnight rate by one-quarter of one percentage point to 4 1/4 per cent. The move had been widely expected.

Comment: The BoE's 'brain on the plane'

David Blanchflower came out fighting Wednesday 24 May in an assured performance before the Treasury Select Committee. The appointment of the US-based academic to the Bank of England's Monetary Policy Committee has been controversial, but he maintains…

IMF's Rato says global rate rises healthy

Increases in global interest rates are healthy and policy makers and central banks need to keep a watchful eye on inflation, the head of the International Monetary Fund said in an interview with Reuters on Wednesday 24 May.

BOJ member sees reserve cut problem

According to minutes of the Bank of Japan's April 10-11 board meeting, published Wednesday 24 May, a policy maker said a rapid reduction in reserves by the central bank may spur speculation of an interest-rate increase from near zero.

OECD Economic Outlook, May 2006

The Organisation for Economic Co-operation and Development published its Economic Outlook report for May 2006 on 23 May. In the report the OECD said the European Central Bank should only raise interest rates gradually, once there is clear evidence that…

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