Monetary Policy

Economic Consequences of The Iraq War

In this article David Hale looks at the economic consequences of the war in Iraq. He says that although markets will rally on positive news of the conflict, in the longer term how the US deals with large fiscal deficits and unprecedented current account…

BoE governor on inflation

In a speech Edward George, governor of the Bank of England, said although risks exist he thinks that the most likely outcome is that we will see a gradual pick-up in the pace of global recovery over the next year or two. He said inflation may well rise…

FOMC minutes of Jan 2003 meeting

The Federal Reserve on 20 March released the minutes of its FOMC meeting of 28-29 January, 2003 The minutes show difficulties predicting how the wobbly U.S. economy would hold up during a war with Iraq troubled Federal Reserve policy-makers at their…

Kohn on inflation targeting in the US

In a speech on 'Comments on Marvin Goodfriend's "Inflation Targeting in the United States?"' Donald Kohn of the Federal Reserve said the Fed has not engaged in implicit inflation-targeting by saying it supports "long-run price stability". He also said…

Philadelphia Fed Business Outlook Survey, Mar 2003

Activity in the region's manufacturing sector weakened in March, according to firms surveyed for March's Business Outlook Survey. This represents a deterioration from the basically flat performance in February. Indexes for general activity and new orders…

Bernanke advocates more Fed transparency

Ben Bernanke said in a speech on Tuesday 25 March that the Federal Reserve could benefit from setting an inflation target. An explicit inflation goal was in his view the best way for the Fed to achieve stable prices.

BoJ calls emergency meeting on Iraq

The Bank of Japan held an emergency meeting on Tuesday 25 March to discuss what effect war in Iraq might have on the Japanese economy, according to a report by Associated Press. The bank also announced that it would increase its purchase of commercial…

Fed's Kohn: No need for Fed to target inflation

In apparent contrast to Ben Bernanke's comments Donald Kohn said in a speech released Monday March 24 and reported by Reuters that he was sceptical that for the United States the potential benefits of changing to a regime of inflation targeting would…

Irish central bank- Euro economies underperforming

The governor of the Central Bank of Ireland, John Hurley, has described the current period as a time of exceptional uncertainty in the world economy. In a speech delivered in Dublin and reported by Dow Jones Newswires, he said the outlook for global…

ECB's Issing sees continued euro volatility

Otmar Issing of the ECB said on Tuesday March 25 that continued uncertainty would have an impact on the euro exchange rate, according to an Online report. He also said the euro is a candidate for a strong international role. But that we should not forget…

Fed's Guynn: Uncertainty a barrier to recovery

Atlanta Fed chief Jack Guynn said on Monday 24 that uncertainty over the war in Iraq, terrorism and oil prices would hinder recovery but that he expects a modest upturn in the economy later this year, according to a Dow Jones report.

Robert Gerard appointed to RBA board

Businessman and long-time Liberal Party supporter Robert Gerard has been appointed to the board of the Reserve Bank of Australia. according to a report in The Age The move drew immediate criticism from the Opposition. Gerard said his experiencing in…

CentralBankNet Monday Special Feature

SPECIAL FEATURE - Ernesto Savona, professor of law and criminology at the Catholic University of Sacro Cuore of Milan, recently gave an exclusive interview to The Financial Regulator journal. In the interview he said that a political decision to stamp…

BoJ calls ad hoc monetary policy meeting

The Bank of Japan has called an ad hoc monetary policy meeting for Tuesday, March 25, to review the prevailing severe economic and financial conditions including the effect of military action against Iraq and consider necessary steps with respect to…

William White on international financial crises

BIS economic adviser William White gave a speech at a conference in Berne on the prevention, management and resolution of international financial crises, concluding that the troubling degree of instability in the global financial system is such that…

Russian Central Bank acts to hold ruble steady

The ruble held steady on Friday March 21 as the Central Bank of the Russian Federation stuck to its promise to minimise exchange rate volatility in a market nervous at the start of hostilities in the Gulf, according to a report in the Moscow Times.

IMF: monetary policy for vulnerable economies

The IMF has issued a working paper on 'Monetary Policy Rules for Financially Vulnerable Economies', noting, inter alia, that emerging market economies are not financially robust and are unable to smooth out large external shocks. The paper examines…

Swiss rates on hold

The Swiss National Bank kept its key interest rate unchanged and repeated that that it could intervene to stop an appreciation of the Swiss franc, according to a Dow Jones report.

Fukui calls emergency meeting

Toshihiko Fukui, the new governor at the Bank of Japan called an emergency meeting of the policy board for Tuesday morning, March 25, according to the Financial Times, fuelling expectations that the central bank intends to take further emergency measures.

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