Monetary policy
Poland sees risk of delaying EMU entry
A member of the Monetary Policy Council (RPP) of the central bank, Boguslaw Grabowski, sees a risk of delay in Poland's accession to the euro zone because of possible problems in reducing the budget deficit.
Moskow expects US to hit growth potential in 2003
Michael Moskow has followed up Robert McTeer's comments we reported yesterday, saying the central bank's accommodative monetary policy will help US economic growth recover to full speed by next year. He is just the latest in a line of Federal Reserve…
George says public spending will prop up growth
Speaking on Tuesday the Bank of England's governor, Sir Edward George said public spending will underpin UK economic growth once consumer demand starts to wane, but any "substantial and generalised" public sector pay rises will push up inflation. He gave…
RBNZ Monetary Policy Statement
REPORT - The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for November 2002. The RBNZ said in the report that unlike most trading partners, the New Zealand economy performed well in 2002. Activity has continued to benefit…
Bollard on the evolution of monetary policy
SPEECH - In the speech 'The evolution of monetary policy' Alan Bollard of the Reserve Bank of New Zealand spoke of himself 'as a new central bank governor' and said the new Policy Targets Agreement will offer more flexibility, but this flexibility needs…
Bergo on monetary policy and economic cycles
SPEECH - In the speech 'Oil revenues, monetary policy and economic cycles' Jarle Bergo of Norges Bank said GDP growth is likely to pick up but will remain below the growth potential next year and that the interest rate increase in July has resulted in…
Minutes of Japan's Monetary Policy Meeting
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 10 and 11 October 2002, released 22 November. The nine member Policy Board decided unanimously to leave monetary policy unchanged at the meeting, resisting political pressure to try to…
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 20 November for the meeting of 6 and 7 November 2002. The nine MPC members voted on a proposal to maintain the repo rate at 4.0%. Seven voted in favour of this with…
Bank of Japan Press Release
PRESS RELEASE - Bank of Japan, Monetary Policy Meeting held 19 November.
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…
Edward George on price/earnings ratios
SPEECH - Sir Edward George of the Bank of England told the Association of Corporate Treasurers last week that on some measures price/earnings ratos were back to the long-term averages. Is he saying the equity bubble is over, at least in the UK?
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…
Diverse bunch
ARTICLE - Another inflation report, another smooth performance from Mervyn King, the Bank of England's monetary policy supremo. Despite the best efforts of his interrogators, he refused to let the words "boom" or "bubble" pass his lips when talking about…
Macfarlane - Monetary Policy in an Uncertain World
SPEECH - In the speech 'Monetary Policy in an Uncertain World' made on 13 November, Ian Macfarlane of the Reserve Bank of Australia said when we look around us at the challenges facing central banks in other countries, we are reminded that decisions are…
Minutes of the Federal Open Market Committee
MINUTES - The Federal Reserve on 7 November released the minutes of its FOMC meeting of 24 September. Gramlich and McTeer dissented from the vote to hold rates constant, preferring to ease monetary policy at this meeting. The Committee believed that the…
RBA Statement on Monetary Policy, November 2002
REPORT - The Reserve Bank of Australia released its November 2002 Statement on Monetary Policy on 11 November. In the statement the RBA divide the year into two distinct phases with emerging optimism characterising the first half. However the second…
Kennedy on Financial Markets and Monetary Policy
SPEECH - In the speech 'The Interaction of Financial Markets and Monetary Policy' made on 4 November, Sheryl Kennedy of the Bank of Canada said like a number of other central banks, we have a "blackout" period in the week before our announcements. No…
Lack of mavericks 'poses threat' to MPC committee
UK - The Bank of England risks making mistakes in its interest rate decisions because of a lack of maverick thinkers and a growing tendency towards consensus on its monetary policy committee, according to Capital Economics, a consultancy.
The ECB and Euro-Area Enlargement
RESEARCH - IMF Working Paper by Helge Berger, October 2002. The likely enlargement of euro-area membership will radically change the environment under which monetary policy will be made in the euro area. This paper looks at the consequences of such an…
Gjedrem on monetary policy in Norway
SPEECH - In the speech 'Monetary policy in Norway' made on 17 October, Svein Gjedrem of Norges Bank said with the free flow of capital, deep capital markets and the phasing in of petroleum revenues into the Norwegian economy, inflation targeting is the…
Minutes of Japan's Monetary Policy Meeting
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 17 and 18 September 2002, released 5 November. The Policy Board noted Japan's economy has almost stabilised as a whole thanks to an export increase and the associated expansion of…
IMF upbeat on Ukrainian monetary policy
UKRAINE - The International Monetary Fund has approved the monetary policy of the National Bank of Ukraine because it enabled Ukraine to maintain stable prices and keep the low inflation rate, the head of the IMF mission in Ukraine, Emanuel van der…
The conduct of monetary policy
This article presents the objectives, instruments and recent developments in SAMA’s operating framework of monetary policy.
Fear over house prices prevented interest rate cut
UK - Fear of stoking the overheated housing market was one reason why the majority of the members of the Bank of England's rate-setting monetary policy committee decided against an interest rate reduction last month.