Central Banking
Monetary policy predictability in the euro area
This Norges Bank Working Paper evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries.
Norges Bank, Economic Bulletin, October 2005
Norges Bank, the central bank of Norway, has published its October 2005 Economic Bulletin. The latest Bulletin includes the article 'House prices, equity prices, investment and credit - what do they tell us about banking crises?'
Fed's Greenspan on energy
In the speech 'Energy' given on 17 October Alan Greenspan of the Federal Reserve said the sharp run-up in energy prices following the shutdown of Gulf Coast production facilities was an "an accident waiting to happen".
Bank of England's MPC voted 9-0 to hold rates
Minutes from the Bank of England's 5 and 6 October meeting, released 19 October, showed that all nine members of the Monetary Policy Committee voted to keep interest rates at 4.5 percent this month, not even discussing arguments for a cut.
IMF's Rato welcomes GCC monetary union progress
Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), gave a statement on Tuesday 18 October following a meeting in Jeddah, Saudi Arabia, with the finance ministers and central bank governors of the six-nation Gulf Cooperation…
FSI Award - 2006 competition rules announced
The Financial Stability Institute (FSI) announced on Tuesday 18 October that it will give the 2006 FSI Award to the author of the best paper submitted.
ECB's Issing says rise in inflation is worrying
The oil-driven increase in Eurozone inflation is worrying because it could drive up inflationary expectations, European Central Bank chief economist Otmar Issing said in an interview that was published on Wednesday 19 October.
Report says China to speed up reforms
China will speed up the reform of its interest rate mechanism and foreign exchange regime over the next five years, the Xinhua news agency reported, citing a central bank official.
Comment: Slipping behind on the euro
When ten new countries joined the EU in May last year, they did so promising that one day they would adopt the euro as their currency. At the time it seemed they hardly needed any coercing - joining the euro was something policymakers in these countries…
Poole on the Fed's monetary policy rule
In the speech 'The Fed's monetary policy rule' given on 14 October William Poole of the Federal Reserve Bank of St. Louis said Federal Reserve policymakers cannot be locked into long-term policy decisions but must instead remain ready to react to…
Fiji's Narube on the economy
In the speech 'Fiji's economy: Performances and prospects' given on 17 October Savenaca Narube of the Reserve Bank of Fiji said the economy is enjoying a long period of consistent growth and this will continue into the next three years.
Fed's Santomero on the evolving role of the FOMC
In the speech 'The evolving role of the FOMC: An insider's perspective on monetary policy' given on 17 October Anthony Santomero of the Federal Reserve Bank of Philadelphia said the transition to a new Federal Reserve chairman will be a smooth one.
BoE's Lomax on UK monetary policy
In the speech 'UK monetary policy: The international context' given on 17 October Rachel Lomax of the Bank of England said the central bank has to be careful not to dislodge inflation expectations at a time when the outlook for world oil prices remains…
EU banking sector stability report
The European Central Bank published a report on EU banking sector stability, prepared by the Banking Supervision Committee of the European System of Central Banks on 17 October.
Bank of Canada raises interest rates
The Bank of Canada announced on Tuesday 18 October that it is raising its main interest rate by 0.25% to 3%. The Bank noted there have been significant movements in energy prices and the Canadian dollar has traded in a higher range against the U.S…
ECB to act decisively if needed says Trichet
European Central Bank president Jean-Claude Trichet said in a letter to a member of the European Parliament that the ECB would 'act decisively' if the rise in oil prices pushed domestic prices higher.
ECB not yet ready to give Fazio 'dialogue' details
European Central Bank vice-president Lucas Papademos said the ECB is not yet prepared to discuss details of its "dialogue" with Bank of Italy governor Antonio Fazio.
Issing: ECB will act if inflation 'out of control'
European Central Bank chief economist Otmar Issing said in an interview that the ECB will not hesitate to raise interest rates if medium-term inflation pressures increase.
Iwata says deflation easing but no policy move yet
Bank of Japan Deputy Governor Kazumasa Iwata said on Tuesday 18 October that although the economy is emerging from deflation, the BOJ will maintain its ultra-loose monetary policy for now.
Fed's Lacker undecided on credit product boom
An explosion in the range of credit products available to Americans creates benefits for the economy but also creates risks for financially inexperienced borrowers, Richmond Fed chief Jeffrey Lacker said on Monday 17 October.
Comment: Oil's well that ends well?
In an increasingly integrated world, the economic fortunes of other countries and the health of the global economy weigh heavily on the minds of domestic policymakers. One of the most important "external" issues for monetary policymakers to deal with is…
Deutsche Bundesbank Monthly Report, September 2005
The Deutsche Bundesbank published the English version of its September 2005 Monthly Report on 17 October. The Bundesbank said German banks look set to improve their profits further in 2005.
Monetary policy & asset prices: To respond or not?
This Working Paper investigates whether there is a case for asset prices in interest rates rules within a small econometric model of the Norwegian economy.
BOJ's Muto on the dynamism and diversity of Asia
In the speech 'Dynamism and diversity of Asia: A central banker's view' given on 17 October Toshiro Muto of the Bank of Japan said Asian economies are stronger today even with record high oil prices compared with the 1970s when they were hit by the last…