Monetary Policy
Establishing the credibility of inflation targets
Jannie Rossouw argues that inflation targetting alone is insufficient. Belief in the credibility of the inflation measure itself is essential for a successful policy.
Interview: Milton Friedman
Milton Friedman assesses the monetarist legacy and the recent performance of central banks. In conversation with Robert Pringle, the Nobel laureate offers his advice for those thinking of joining the euro, or trying to deal with deflation.
Bank of Japan Monetary Policy Meeting
PRESS RELEASE - Monetary Policy Decision from the Bank of Japan, 9 August. The Bank unanimously decided to maintain its current stance but was ready to react with increased liquidity if the stability of financial markets was at risk.
RBA Statement on Monetary Policy, August 2002
REPORT - Reserve Bank of Australia, Statement on Monetary Policy, August 2002. The statement struck a cautiously optimistic note with the Reserve Bank saying 'the most plausible scenario' was that global markets would stabilise and Australian economic…
Chicago Fed Letter - September Special Issue 2002
PUBLICATION - The household balance sheet-Too much debt? By Francois Velde, senior economist, September (Special Issue) 2002. Are U.S. households carrying too much debt? Debt levels have grown recently to unprecedented levels. But that is nothing new, as…
MAS Press Briefing on Annual Report release
PRESS BRIEFING - Press Briefing for Monetary Authority of Singapore Annual Report 2001-2002. Opening remarks by Mr Koh Yong Guan, Managing Director, MAS, 2 August.
MAS - Annual Report 2001-2002
ANNUAL REPORT - The Monetary Authority of Singapore has published its Annual Report for the year ended 2001-2002.
Jamaican central banker honoured
JAMAICA - Central bank governor Derick Latibeaudiere has been awarded the Order of Jamaica for his "significant contribution to central banking and finance".
Japan's central bank ignores IMF plea on deflation
JAPAN - The Bank of Japan ignored a call from the International Monetary Fund to act against deflation plaguing the nation's economy on Friday, keeping its ultra-loose monetary policy unchanged.
Bank of Spain to close 30 branches
SPAIN - On 8 August unions and management of the Bank of Spain agreed to close 30 of the central bank's branches, and not 31 as previously planned.
Thailand's central bank in upbeat mood on economy
THAILAND - The Bank of Thailand is confident that deflation will not be an immediate concern. M.R. Pridiyathorn Devakula, the central bank governor, said the prevailing exchange rate of about 42.5 baht to the US dollar would not trigger inflation either.
Issing sees slow US growth rather than double dip
GERMANY - European Central Bank chief economist Otmar Issing was quoted on Monday as saying a "double dip" in the U.S. economy could not be ruled out but that continued slow growth was more likely.
RBA report says rates may rise again
AUSTRALIA - The Reserve Bank of Australia expressed confidence on Monday that recent market volatility would have only a minor effect on the world economy and signalled it stands ready to raise interest rates again once current uncertainty passes.
Short-Term Gains Versus Long-Term Challenges
RESEARCH - An Article By Michael Deppler and Jerald Schiff, Director and Division Chief, European I Department, International Monetary Fund, Public Service Review: Accession States, 25 July.
ECB Working Paper Series
RESEARCH - The rationality of consumers' inflation expectations: survey-based evidence for the euro area, by M. Forsells and G. Kenny, August 2002. The results suggest consumers' inflation expectations in the euro area satisfy an intermediate rather that…
Economic Perspectives, Third Quarter 2002
PUBLICATION - The Federal Reserve Bank of Chicago has published its regular quarterly journal of in-depth articles reporting on the Bank's economic research.
New central bank governor appointed Mauritania
MAURITANIA - The Presidency of the Republic issued the following two statements yesterday:
Japan central bank keeps monetary policy unchanged
JAPAN - Japan's central bank left its monetary policy unchanged Friday amid hopes that an economic recovery is taking hold after a long slump.
It's time to create the 'amero'
ARTICLE - In an article in the Canadian National Post on Friday Herbert Grubel introduces the idea of the 'amero' a single currency between Canada the USA and possibly Mexico along the same lines as the euro. He also tries to unravel some apparent…
Namibian c bank chief 'was not aware of gem link'
NAMIBIA - The Governor of the Bank of Namibia, the country's central bank, says he was made a director of a diamond company without his knowledge, a Namibian news website reported.
Rudiger Dornbusch
ARTICLE - Rudiger Dornbusch, a far-from-dismal economist, died on July 25th, aged 60. The Economist magazine, 9 August paid tribute to him.
Interview with Milton Friedman
INTERVIEW - Central Banking, The Quarterly Journal, contains an exclusive interview with Milton Friedman in the August 2002 edition. The Editor, Robert Pringle, spoke to US Economist Milton Friedman, just before Friedman celebrated his 90th birthday. In…
ECB Monthly Bulletin, August 2002
REPORT - The European Central Bank published its August 2002 Monthly Bulletin on 8 August. In the bulletin the ECB reinforced its "wait and see" approach to interest rates but admitted risks to price stability had become "more balanced". This was in…