Monetary Policy
ECB Working Paper Series
RESEARCH - 'Monetary policy and the zero bound to interest rates: a review', by Tony Yates, October 2002. The paper reviews the literature on what the zero bound to nominal interest rates implies for the conduct of monetary policy. A situation familiar…
Federal Reserve Board Discussion Paper
RESEARCH - 'Monetary Union, Price Level Convergence, and Inflation: How Close is Europe to the United States?' by John H. Rogers, published 21 October. In the article the author examines the decline in European price level dispersion and whether this…
BIS Working Paper
RESEARCH - 'Changes in market functioning and central bank policy: an overview of the issues', by Marvin J Barth III, Eli M Remolona and Philip D Wooldridge, October 2002.
Britain would be stupid to join the euro
LETTER - Letter published in the Financial Times, UK edition, 22 October, from Theresa Villiers MEP.
Tokyo abandons unveiling of bad loans plan
JAPAN - Heizo Takenaka, economy minister and chief bank regulator, was forced to postpone the unveiling of his plan to deal with Japan's bad loans raising suspicions that the ruling Liberal Democratic party has big disagreements with his proposals.
'Recovery may be slower' - ECB's Vanhala
GERMANY - European Central Bank (ECB) governing council member Matti Vanhala said Monday that the euro-zone economic recovery may be slower than expected, but an ECB rate cut was unlikely to boost demand significantly.
Poland's central bank warns of bad debt increase
POLAND - The National Bank of Poland (NBP) has published calculations indicating a 21 percent increase in the level of bad debts on loans granted by banks to corporate clients.
Philippines SEC outlines plan with central bank
PHILIPPINES - Securities regulators and central bank officials are set to jointly examine investment houses under their jurisdictions in the Philippines.
CentralBankNet Monday Special Feature
SPECIAL FEATURE - In this weeks special feature CentralBankNet looks at moves which could see a shake up in the way the ECB investigates fraud.
Dodge on the search for higher productivity
SPEECH - In the speech 'The Search for Higher Productivity' made on 17 October, David Dodge of the Bank of Canada said too much focus is placed on our day-to-day concerns with the global uncertainty. Over the long haul, the key to growing incomes and…
Statement from the Sveriges Riksbank
STATEMENT - Statement regarding the report "Stabiliseringspolitik i valutaunionen", Stabilisation policy in the monetary union, 18 October.
Sveriges Riksbank Inflation Report 3rd Q 2002
REPORT - Sweden's central bank has published its Inflation Report for the third quarter of 2002. Since the time of the June Report inflation has come down somewhat more than was expected. In August the 12-month changes in the CPI and UND1X were 2.0 and 2…
Challenges to Central Banking
REPORT - Learnings from the International Conference on "Challenges to Central Banking from Globalized Financial System" (held at the IMF in Washington D.C. 16-17 September, 2002.) Published by the State Bank of Pakistan.
Bank of Japan Monthly Report, October 2002
REPORT - The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, October 2002, on 16 October. In its report the Bank says that Japan's economy has stabilised as a whole, but clear signs of recovery have not yet been…
The inconsistency of the anti-euro lobby
ARTICLE - Consider these two assertions. We cannot possibly join the euro because sterling is grotesquely overvalued - locking in today's exchange rate would condemn the economy to stagnation. Giving up sterling would be madness - robbing Britain of a…
Estonia's case for euro membership
LETTER - Letter published in the Financial Times, UK edition, 21 October.
Yugoslavian Dinkic spoke at Finance Fair on Monday
YUGOSLAVIA - International Finance Fair Finmar, gathering bankers, brokers, auditors, consultants, insurance and other companies, opened today in Novi Sad. Governor of the Central Bank of Yugoslavia Mladjan Dinkic said at today's opening that Yugoslavia…
Iraq's central bank governor visits Burkina Faso
IRAQ - Governor of Central Bank of Iraq Dr. Issam Rasheed Howeish has left Baghdad heading for Burkina Faso to attend the 27th meeting for the council of governors of Islamic Bank for Development due to be held there over the period 22-23 October and…
Jamaica's central bank chief wins highest award
JAMAICA - Monday saw Derick Latibeaudiere, governor of the Central Bank of Jamaica, receive the top national honour for his services to finance.
BSP chief presses revision of inflation target
PHILIPPINES - Bangko Sentral ng Pilipinas (BSP) Governor Rafael Buenaventura made a fresh pitch Friday for revising the government's 2003 target for the inflation rate, noting economic planners' projections of the potential impact of a US-Iraq war on the…
Brazil's Fraga trusts next govt to make right call
BRAZIL - Brazilian Central Bank President Arminio Fraga on Thursday moved to calm markets rattled by persistent concerns about this month's presidential election, saying he expects the next government to make the right economic policy decisions.
Ferguson - the third Fed Branch building, Houston
SPEECH - In a speech at the groundbreaking ceremony for the new Houston Branch building made on 16 October, Roger Ferguson of the Federal Reserve said as Houston has grown both in size and in economic importance, so have the operations of the local…
Gramlich on methodology of benefit-cost analysis
SPEECH - In the speech 'The Methodology of Benefit-Cost Analysis' made on 16 October, Edward Gramlich of the Federal Reserve said scandals and outrages in the newspapers could easily lead one to be cynical about public policymaking and skeptical that the…
RBA Bulletin - October 2002
REPORT - The Reserve Bank of Australia published its October 2002 Bulletin on 17 October. The Bulletin contains articles on Developments in the Trade-Weighted Index, Dual-listed Companies and The Changing Composition of the Australian Workforce.