Inflation
ECB's Papademos backs inflation target
Recent criticism that the European Central Bank's inflation target is too ambitious is unwarranted, ECB Vice President Lucas Papademos said on Monday. His comments appear to go against the proposed re-appraisal of the Bank's inflation target.
Ukrainian central banker speaks on dismissal plan
INTERVIEW - Last week, parliament refused to dismiss Ukraine's central bank head, Volodymyr Stelmakh, in spite of a request to do so by President Leonid Kuchma. Parliament is expected to vote on Stelmakh's fate again on 12 December. In an interview…
ECB's Issing warns of limits to transparency
There are limits to the degree of transparency that central banks are able to supply, European Central Bank chief economist and executive board member Otmar Issing said on Monday. He also noted that the introduction of the euro had raised peoples…
Sveriges Riksbank Inflation Report, No.4, 2002
RESEARCH - Sweden's central bank has published its Inflation Report for the Fourth Quarter 2002. In the report the Riksbank said inflation has fallen back since the spring, which supports their earlier assessment, and that inflation expectations are also…
BoE's Bell - UK house prices may pose problems
Bank of England Monetary Policy Committee member, Marian Bell cautioned on Monday that rising house prices may be a problem for interest rate policy for some time yet but said the MPC can not address sectoral differences without jeopardising the…
Bank of England Maintains Interest Rates at 4.0%
The Bank of England held rates steady on Thursday after warning of a sharp correction in UK house prices, risks to inflation and minutes from the last meeting showed the MPC moving further away from an easing bias.
Sweden reduces interest rates again
Sweden's central bank cut its key repo rate on Thursday for the second time in three weeks, saying it expected inflation to fall below its two percent inflation target as industrial activity deteriorated.
Central Bank of Brazil COPOM Minutes
MINUTES - The Banco Central Do Brasil has published the minutes of the 78th meeting of the Monetary Policy Committee (COPOM), 19 and 20 November. The Committee decided unanimously to increase the Selic rate to 22% in light of increased inflation…
ECB chief says euro zone inflation risks falling
Duisenberg's comments on Tuesday, in testimony to the European parliament, seem to strengthen feeling that the ECB will cut interest rates when it meets on Thursday. The futures market seems certain of at least a quarter point cut with a fifty per cent…
Issing: ECB not satisfied with inflation rate
European Central Bank Chief Economist Otmar Issing Monday attempted to debunk talk of deflationary risks in the euro zone, indicating that stagflation is actually a bigger risk for the region. The ECB's Governing Council meets this week and is widely…
Bernanke speech comments cause surprise
Ben Bernanke, newly-appointed Fed governor and an advocate of inflation targetting, has revealed the Fed's secret weapon in combating the perils of deflation: the printing press.
Russia central bank forecasts falls in inflation
The Central Bank of Russia [CBR] will conduct its monetary and credit policies proceeding from the assumption that inflation will steadily decline as of next year, from 10-12 per cent expected in 2003 to 8 per cent in 2005.
ECB may be ready to cut rates - Lucas Papademos
European Central Bank Vice-President Lucas Papademos on Wednesday gave the latest sign the bank was ready to reduce interest rates, saying the improved inflation outlook gave more room for a rate cut. The ECB Governing Council is due to meet on 5…
ECB worried inflation hasn't slowed with economy
The European Central Bank is concerned that inflation in the euro zone hasn't slowed as much as growth has this year, Chief Economist and Executive Board member Otmar Issing said in a newspaper interview.
Polish central bank cuts interest rates
Poland's central bank decided Wednesday to lower key interest rates, its eighth cut this year in response to record low inflation and the country's sluggish economy. Last month the central bank cut rates and said at the time that the rate cutting cycle…
Survey of Professional Forecasters
SURVEY - The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Fourth Quarter 2002. The survey forecasts inflation will average 1.1 percent this year and 1.7 percent in 2003. These estimates are down just 0…
Mervyn King at the LSE
The irrepressible Mervyn King, deputy governor of the Bank of England, was in ebullient mood Tuesday night at the London School of Economics as he lauded the achievements of the Bank's ten years of inflation targetting. Nick Carver of Central Banking was…
Bank of England Press Release
PRESS RELEASE - In a speech at the London School of Economics 19 November, Mervyn King, Deputy Governor, Bank of England, explains in detail why price stability is desirable and sets out the benefits it has brought to the UK - The Inflation Target 10…
BOJ downgrades economy view, first time in a year
The Bank of Japan's monthly report comes a day after it resisted pressure to further stimulate the lethargic economy at the Banks monetary policy meeting. The report said inflation remained on a downward trend and that with exports and output flat there…
Brazil c bank raises key interest rate to 22 pct
After a sharp increase in rates by three percent, which we reported just last month, the Banco Central Do Brasil has again raised interest rates. This time a more modest rise of one point was signalled by the central bank. Inflation is a concern with…
Eurozone inflation edges higher
The eurozone inflation rate rose a further point to 2.3 percent it was revealed on Monday. The ECB is not considered to be worried about inflation at the moment with Ernst Welteke recently saying the bank expected inflation would head downwards.
The Inflation Targeting Framework in Norway
RESEARCH - This IMF working paper assesses the institutional and technical design of Norway's inflation targeting framework which was adopted in early 2001, as well as its potential implications for the practical implementation of monetary policy against…
Gov't raising Philippine inflation target for 2003
PHILIPPINES - The Bangko Sentral ng Pilipinas has convinced the Development Budget Coordination Committee to adjust upward the inflation target for 2003 to a range of 4.5 to 5.5 percent from the original target of 4-5 percent.
The Inflation Targeting Framework in Norway
RESEARCH - IMF Working Paper, November 2002 by Jarkko Soikkeli. This paper assesses the institutional and technical design of Norway's inflation targeting framework, as well as its potential implications for the practical implementation of monetary…