Central Banking
Comment: Communication and predictability
Two recent studies investigate the effects of more open communication strategies at both the Fed and the ECB on the predictability of subsequent interest rate decisions. The conclusions reached differ considerably.
Fed's Ferguson on the economic outlook for the US
In the speech 'Economic outlook for the United States' given on 3 March Roger Ferguson of the Federal Reserve said the US economy is "solidly on track" but faces risks that could alter both its path and the direction of interest-rate policy.
BOJ set to end ultra-easy policy - report
Senior Bank of Japan officials have decided to submit a proposal to end the central bank's super-loose monetary policy at next week's BOJ board meeting, two Japanese news agencies reported on Friday 3 March.
Bank of Portugal - Annual Report 2004
According to the Bank of Portugal's Annual Report 2004, the Portuguese economy resumed positive growth in 2004, albeit at a moderate pace.
Greenspan moved markets less
According to the article 'Greenspan moved markets less as Poole, Kohn gained influence' published Wednesday, new research shows former Federal Reserve Chairman Alan Greenspan's speeches moved the bond market less in 2005 than in prior years as William…
Monetary policy by committee: Why and how?
In this De Nederlandsche Bank Working Paper, published February 2006, Alan Blinder discusses two questions: Why have so many central banks switched from individual to group decision making, and how?
DAS: Why is CBN fooling Nigerians?
According to this article published on Monday 27 February , the various exchange rate mechanisms whether christened FEM, IFEM, AFEM, or DAS, could never claim to be truly market determined and have all without exception, eventually led to the…
West's gold vanishing in China once again
China will soon release statistics showing that it has passed Japan as the biggest holder of foreign currency the world has ever seen, according to this article published on Sunday 26 February.
RBA's Richards on 'Economy 2006'
In the speech 'Economy 2006' given on 2 March Anthony Richards of the Reserve Bank of Australia said the outlook for the economy was favourable, with above-average world growth ensuring a favourable outlook for investors and commodity producers.
Renminbi Settlement System goes live
The Hong Kong Monetary Authority (HKMA) and the Bank of China (Hong Kong) Limited (BOCHK) jointly announced on Thursday 2 March the launch of the new Renminbi Settlement System (RSS) on 6 March 2006.
Papademos to be named ECB chief economist - report
European Central Bank (ECB) vice president Lucas Papademos will replace Otmar Issing as chief economist in May, the Sueddeutsche Zeitung reported, citing unnamed sources close to the bank.
ECB poses no objection to Stark's appointment
At Thursday's meeting, 2 March, the Governing Council of the ECB adopted an opinion on a recommendation from the Council of the European Union on the appointment of a new member of the Executive Board of the ECB.
ECB raises rates, says more rises are possible
The European Central Bank raised its benchmark interest rate on Thursday 2 March for the second time in three months and suggested more hikes are possible as economic growth and inflation accelerate.
Report says BOJ considering 'reference rate'
The Bank of Japan is considering setting a 'reference rate' on inflation to guide markets on its monetary policy intentions, Jiji Press and other media reported.
Significant progress on global financial stability
Senior regulators, who met on Wednesday 1 March, said that progress had been made in improving the stability of the global financial system, but noted that much more needed to be done.
Comment: ECB continues to tighten
As expected the European Central Bank (ECB) yesterday raised eurozone interest rates by another 25 basis points, taking them to 2.5%. With the markets pricing in two further 25 basis point hikes this year, attention now turns to whether ECB president,…
Qatar Central Bank - Annual Report 2004
According to the Qatar Central Bank's Annual Report 2004, GDP increased by 20% in 2004 and reached a new record of QR 103.56 billion.
Phil Fed's Santomero on the U.S. economy
In the speech 'The U.S. economy: How fast can we grow?' given on 23 February Anthony Santomero of the Federal Reserve Bank of Philadelphia said the U.S. economy's long-run potential growth rate is about 3.0 percent, which is consistent with the Fed…
ECB paper on the euro cash changeover
The ECB Working Paper "Rational inattention, inflation developments and perceptions after the euro cash changeover" uses the euro cash changeover to test theories of finite information-processing capacities on the side of consumers.
ECB's Gonzalez-Paramo on EU cross-border banking
In the speech 'Cross-border banking in the EU: developments and emerging policy issues' given on 24 February Jose Manuel Gonzalez-Paramo of the ECB said financial integration is a highly dynamic process, in which market developments and policy action are…
Fisher on Asia, trade deficits and the US economy
In the speech 'Asia, trade deficits and the health of the U.S. economy' given on 23 February Richard Fisher of the Federal Reserve Bank of Dallas said the U.S. economy is poised to grow by more than 4 percent at an annual rate in the current quarter…
HKMA's Yam on the euro
In the speech 'The euro: Lessons for European and Asian financial markets' given on 24 February Joseph Yam of the HKMA said the integration of financial markets in the Asia-Pacific region can be accelerated if financial and monetary authorities in the…
NY Fed's Geithner on risk management challenges
In the speech 'Risk management challenges in the U.S. financial system' given on 28 February Timothy Geithner of the Federal Reserve Bank of New York said complex securities like derivatives make the global financial system increasingly vulnerable, and…
Fed's Kroszner sworn in
Randall S. Kroszner took the oath of office on Wednesday 1 March as a member of the Board of Governors of the Federal Reserve System.