Monetary policy
IMF Working Paper Series
RESEARCH - In the paper 'Market Predictability of ECB Monetary Policy Decisions: A Comparative Examination' Kevin Ross tests the idea that surveys of the ECB's monetary framework emphasise the inability of financial markets to correctly predict monetary…
Bank of Canada Monetary Policy Report Update
REPORT - The Bank of Canada on Thursday released its Update to the October Monetary Policy Report. These reports discuss economic and financial trends in the context of Canada's inflation-control strategy.
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 22 January for the meeting of 8 and 9 January 2003. The same pattern of voting was seen at this meeting as in the previous two meetings. The nine MPC members voted…
Bank of Japan Press Release
PRESS RELEASE - Announcement of the Bank of Japan Monetary Policy Meeting decisions (unchanged), 22 January.
UK rate setters worry about global economy
The stalemate within the Bank of England's monetary policy committee continued this month, with two members voting for a rate cut at a fourth consecutive meeting, and some expressing concern about the global economy.
Brazil targets inflation of 8.5 percent in 2003
Brazil's central bank said on Tuesday it would steer monetary policy to target a year-end inflation rate of 8.5 percent, more than double its original goal but still below market forecasts for 2003.
Hamalainen on the role of monetary policy
SPEECH - In the speech 'The role of monetary policy and the central banks in global financial stability' Sirkka Hamalainen of the ECB said it is self-evident that the central bank needs a healthy banking and financial market sector in order to conduct…
Gjedrem on monetary policy and the economy
SPEECH - In the speech 'Monetary policy and the economic situation' Svein Gjedrem of Norges Bank said the global fall in equity prices has also spread to the Norwegian stockmarket and spoke of "a close relationship" between equity prices in the US and in…
World Bank backs Japan inflation targeting
James Wolfensohn, president of the World Bank, said on Thursday that it was sensible for Japan to use monetary policy to reverse deflation, amid debate among Japanese policymakers about the introduction of an inflation target. Outgoing BoJ governor…
Bergstrom on monetary policy and wage formation
SPEECH - In the speech 'Monetary policy and wage formation' Villy Bergstrom of Sweden's central bank said the recent termination of one union's collective wage agreement will not necessarily constitute a threat to the inflation target. However, if other…
Minutes of Japan's Monetary Policy Meeting
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 18 and 19 November 2002, released 20 December. The nine member Policy Board considered that it was appropriate to maintain the current guideline for money market operations. Private…
Minutes of Japan's Monetary Policy Meeting
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 30 October 2002, released 20 December. Consumer prices continued to decline by slightly less than 1 percent year on year. The pace of year-on-year decline in the Consumer Price Index…
Takenaka upbeat on Japan growth after Bank reform
Japan's economy and banking minister said Tuesday the economy could eventually return to growth as high as 2.5% after a slow-growth period of painful reform. Heizo Takenaka spoke at the Australian National University and maintained pressure on the Bank…
European Central Bank Press Release
PRESS RELEASE - Monetary policy decisions, 9 January.
Greenspan on issues for monetary policy
SPEECH - In the speech 'Issues for Monetary Policy' Alan Greenspan of the Federal Reserve said as we focus on the dangers of bubbles, deflation, and excess capacity, the marked improvement in the degree of flexibility and resilience exhibited by our…
Nakahara on the challenges facing Japan's economy
SPEECH - In the speech 'The Challenges Facing Japan's Economy and the Monetary Policy Response' Shin Nakahara of the Bank of Japan said Japan must rebuild itself, taking full advantage of its accumulated stock. He describes Japan's current problem saying…
New China central bank chief pledges stable policy
China's newly appointed central bank governor Zhou Xiaochuan has pledged to keep monetary policy stable this year and improve financial services to help spur economic growth, it was reported on Tuesday.
Gramlich on conducting monetary policy
SPEECH - In the speech 'Conducting Monetary Policy' Edward Gramlich of the Federal Reserve discusses inflation targeting and says that a symmetrical target (e.g. Bank of England) is most successful as this allows expansionary responses to an inflation…
Broaddus on monetary policy with low inflation
SPEECH - In the speech 'Comments on Monetary Policy in a Low Inflation Environment' J. Alfred Broaddus of the Federal Reserve Bank of Richmond said much of the progress in monetary policy over the last two decades is due to exceptionally strong…
Nickell on house prices and household debt
SPEECH - In the speech 'House Prices, Household Debt and Monetary Policy' Stephen Nickell of the Bank of England said an interest rate reduction at present would affect house prices, household borrowing and consumption, which are already increasing…
Brazil's Lula to keep monetary policy team for now
Brazil's incoming central bank chief Henrique Meirelles said on Thursday the government of President-elect Luiz Inacio Lula da Silva will avoid making drastic changes to the country's monetary policy team.
SARB appoints Ian Plenderleith as deputy governor
The South African Reserve Bank said Thursday that it has appointed Ian Plenderleith as a deputy governor with effect from 1 January 2003. Until May 2002 this year Plenderleith was a member of the Bank of England's interest rate setting Monetary Policy…
ECB's Liebscher: Rates appropriate, econ improving
Austrian National Bank Governor and European Central Bank governing council member Klaus Liebscher said interest rates are appropriate for the medium term, although they could still be lowered if need be. In an interview he also defended the ECB's two…
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 18 December for the meeting of 4 and 5 December 2002. The nine MPC members voted on a proposal to maintain the repo rate at 4.0%. Seven voted in favour of this with…