Growth

ECB rate setting analysed

This paper, published by the Institute for Monetary and Financial Stability, uses the ordered-probit technique and variables noted in the European Central Bank's (ECB's) Monthly Bulletin to investigate how the central bank sets rates.

Bank of Guyana - Annual Report 2006

Lawrence Williams, the governor of the central bank, said that, after recording a decline of 1.9% in 2005, Guyana's economy rebounded in 2006 to register real economic growth of 4.7%, exceeding the 4.3% target for the year.

ECB Monthly Bulletin - July

An article interpreting monetary developments in the eurozone since mid-2004 is a timely addition to July's bulletin which shows M3 growth surging above 10% on all measures.

Mixed message from Bernanke

Testimony today from Ben Bernanke, the chairman of the Federal Reserve, before the House of Representatives Committee on Financial Services gave a somewhat mixed message as he predicted that while he expects economic growth to pick up slightly next year…

Thai rates cut with one eye on baht

Thailand's central bank cut its benchmark interest rate, the one-day bond repurchase rate, to 3.25% from 3.5% today, the fifth consecutive cut this year. Suchada Kirakul, the assistant governor, told reporters after the rate decision that the cut "will…

Japan's CPI understated deflation - NBER paper

Japan's deflation would have more than twice as severe as official statistics suggested if the country adopted American methodologies which correct for substitution biases and quality upgrading, this NBER working paper finds.

Million-dollar-a-minute growth in Chinese reserves

The People's Bank of China accumulated foreign exchange reserves at an average rate of just over $1 million per minute in the first six months of 2007. The central bank said on 11 July that reserves had grown by $266.3bn to $1.33 trillion between January…

RBI's Reddy on India's financial sector

YV Reddy, governor of the Reserve Bank of India, said "The critical task before the public policy, in general, and Reserve Bank of India, in particular, is to strengthen the structural factors in the economy but determinedly moderate the cyclical and…

Bank Indonesia more bullish

Bank Indonesia, the country's central bank, has upgraded its national economic growth forecast for this year from 6% to 6.2%. The latest inflation figures are also better than those forecast by the central bank.

Germany defends ECB focus on money growth

Germany's Bundesbank has come out in stout defence of the European Central Bank, arguing that money supply figures - used by the ECB in making interest rate decisions - are helpful in identifying property market distortions.

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