Central Banking
US Treasury's Taylor on monetary policy modeling
In the speech 'Monetary Policy Modeling: Where Are We?' given on 12 April, John Taylor US Treasury Under Secretary said the success of quantitative modeling in the field of monetary policy is clear, and this is due in large part to the "translational…
Bank of Japan's Monetary Policy Meeting Minutes
The Bank of Japan released the minutes from its 26 February and 15, 16 March Monetary Policy Meetings on Wednesday 14 April. Minutes from the March meeting showed members felt that the downtrend in prices was slowing and expectation of price declines was…
SF Fed's Parry sees US rates 'maybe' at 3.5%
Federal Reserve Bank of San Francisco President Robert Parry said in an interview that U.S. interest rates cannot remain at their 1958 lows forever and will have to rise at some point, perhaps to 3.5 per cent.
Fed Reserve Bank of Chicago - Annual Report 2003
The Federal Reserve Bank of Chicago has published its Annual Report for the year ended 2003. The main article explores the issues that confront the payments industry as it adopts new payment standards and discusses the appropriate policy role for the…
Fed's McTeer unconcerned over US inflation
There are no concerns about inflation emerging even as the U.S. economy is growing "on all cylinders," said Robert McTeer, the president of the Federal Reserve Bank of Dallas.
Eichengreen urges controlled yuan float
Barry Eichengreen, a senior policy adviser to the International Monetary Fund (IMF) during the Asian financial crisis has said that China should immediately stop pegging the yuan to the US dollar and instead move to a controlled float of its currency.
IMF stops Vietnam lending program
The International Monetary Fund said on Tuesday 13 April that it has stopped its multi-million dollar lending program to Vietnam after a long-running dispute with the country's central bank over disclosure of its foreign reserves.
Eichel tells FAZ Welteke actions 'unacceptable'
Ernst Welteke faced strong criticism from the German government on Tuesday 13 April when the finance minister said in an interview with a German daily that it was unacceptable that the official took a free hotel stay from a private bank under Bundesbank…
Fed's Ferguson on macroeconomic outlook
In a speech on 'Macroeconomic Outlook and Uncertainties' given on 8 April, Roger Ferguson of the Federal Reserve said the macroeconomic outlook for the United States is favourable, overall. There is the possibility that an adverse shock will expose an…
Fed's Poole on trade, wages, employment
In a speech on 'Trade, wages and employment' given on 25 March, William Poole of the Federal Reserve Bank of St. Louis said only pessimists believe that U.S. entrepreneurs will be unable to compete successfully in world markets using new technology…
Bank of Japan Monthly Report, April 2004
The Bank of Japan published its April 2004 Monthly Report of Recent Economic and Financial Developments on 13 April. In the report the BOJ said that the prospects for a sustained economic recovery remained bright.
RBNZ paper on inflation targeting central banks
This RBNZ paper tests the standard quadratic approximation to central bank preferences on data from Australia and New Zealand, two of the earliest explicit inflation targeting countries.
Bank of Canada cuts interest rates to 2 per cent
The Bank of Canada announced on Tuesday 13 April that it is lowering its target for the overnight rate by one-quarter of one percentage point to 2 per cent.
Fukui pledges to maintain current monetary policy
Bank of Japan governor Toshihiko Fukui reaffirmed to parliament on Tuesday 13 April his commitment to maintain the current super-easy monetary policy framework, until the prolonged deflation comes to an end.
Gov't and Bundesbank agree to work together
The German Government has agreed to work together with the Bundesbank over the Ernst Welteke scandal, it was reported on Tuesday 13 April, as both organisations try to prevent their conflict from escalating.
France 'just thinking' about gold sales
The French finance ministry said on Tuesday 13 April that it was just thinking about using some of the country's gold for future investments or to reduce debt, after press reports said talks could begin this week with the Bank of France.
PBOC: China to make yuan fully convertible
China will make the yuan fully convertible, People's Bank of China governor Zhou Xiaochuan said.
Russia to revise exchange rate mechanism
The Russian Central Bank will revise its mechanism for setting exchange rate targets, Central Bank Deputy Chairman Konstantin Korishchenko declared. According to him, the bank is considering the possibility of changing its exchange rate policy.
ECB's Papademos on Stability and Growth Pact
In a speech on 'Some reflections on the Stability and Growth Pact' given on 5 April, Lucas Papademos of the ECB said recent experience has taught us that there is room for improvement in the implementation of the rules. So it would help to strengthen…
St Louis Fed's Poole on inflation
In a speech on 'Inflation Signals and Inflation Noise' given on 6 April, William Poole of the St. Louis Fed said the Fed must act aggressively when inflation risks change. He said his own view of inflation was that risks were tilted to the upside.
NY Fed's Rutledge on operational risk management
In a speech on 'Operational Risk Management - Current Issues and Supervisory Concerns' given on 22 March, William Rutledge of the Federal Reserve Bank of New York said he recognized the seriousness with which the industry is addressing the topic of…
Reserve Bank of New Zealand Bulletin, Mar 2004
The Reserve Bank of New Zealand has published its quarterly Bulletin for March 2004. The March issue contains three articles and a speech given by Reserve Bank Governor Alan Bollard earlier this year on asset prices and monetary policy.
Buba's Executive Board to abide by ECB Code
The Executive Board of the Deutsche Bundesbank has decided, with immediateEffect (8 April), to expressly adopt and apply to itself the Code of Conduct applicable to the members of the Governing Council of the ECB.
Bank of England leaves rates unchanged
The Bank of England made no statement to explain its thinking after its MPC meeting on Thursday 8 April left interest rates unchanged at 4%. Much speculation preceded the meeting with many analysts predicting a rate increase.