Economics
No formula for selecting Fed chair
With the US Senate having to confirm a new chair of the Federal Reserve's Board of Governors soon, this article published on Tuesday 20 September asks what is more important to formulating successful monetary policies, profound study of economics or…
Central Bank of Iceland appoints new chairman
The Central Bank of Iceland has appointed Davi Oddsson governor and chairman of the Board of Governors. The move followed Birgir sleifur Gunnarsson's decision to retire.
Chicago Fed National Activity Index, August 2005
The Chicago Fed National Activity Index for August 2005 was +0.10 down from +0.28 in July. Three of the four broad categories of indicators that make up the index - employment, consumption and housing, and sales, orders, and inventories - made positive…
Canada's Dodge on financial system efficiency
In the speech 'Financial system efficiency: Getting the regulatory framework right' given on 22 September David Dodge of the Bank of Canada said that the inflation rate can be expected to rise in coming months, thanks largely to high energy costs, which…
Fed to publish Bulletin online
The Federal Reserve Board announced on Thursday 22 September that beginning in 2006, the content of the Federal Reserve Bulletin will be published on the Board's public website (www.federalreserve.gov) on a continuing basis, as it becomes available.
IMF says oil prices pose threat to world economy
High oil prices are threatening continued global expansion, the top official of the International Monetary Fund (IMF) told a press conference on Thursday 22 September.
Oil set to be main topic for G7 meeting
Japan's finance minister said Friday's G7 meeting of top finance ministers and central bankers would discuss soaring oil prices as the main topic and talks on China's currency reform may be low-keyed for now.
Hungary central bank row could trigger sell-off
Souring relations between the Hungarian government and the country's central bank could unnerve investors and trigger some sell-off in Hungarian assets such as bonds and stocks, according to a report issued by Dresdner Kleinwort Wasserstein cited by MTI…
Comment: Persaud on Asian reserve diversification
The real problem with global imbalances is neither Asian manipulation of exchange rates nor an Asian savings "glut" which only American consumption can offset, said Avinash Persaud, presenting the latest CEPR report.
Is fiscal policy inflationary? Just ask the Fed
This article published on Wednesday 21 September asks whether US fiscal policy is about to upend the bond market? Market participants may well associate bad news on the economy with an increase in fiscal spending and lower bond prices, it says.
IMF World Economic Outlook, September 2005
The IMF published its World Economic Outlook September 2005 on Wednesday 21 September. In the report the Fund said Hurricane Katrina's reach is global, as higher energy prices cast a cloud of uncertainty over a world economy that is otherwise on track…
Statement by Roger Ferguson on the IMFC meeting
The Financial Stability Forum (FSF) held its fourteenth meeting on 8-9 September 2005 in London. The issues discussed included: risks and vulnerabilities in the international financial system; the resilience of the financial system to shocks and lessons…
St Louis Fed's Central Banker, Fall 2005
The St. Louis Fed's Central Banker magazine for Fall 2005 has been published. In the latest edition Julie Stackhouse, senior vice president of Banking Supervision and Regulation, shares her thoughts about why lenders should engage in prudent risk…
Italian economy minister resigns
Italy's Economy Minister Domenico Siniscalco has resigned because of government infighting over the 2006 budget and the administration's failure to oust Bank of Italy Governor Antonio Fazio over a banking scandal, the Treasury said.
BoJ's Nishimura sees no need for liquidity cut
Kiyohiko Nishimura, one of the Bank Japan's nine policy board members, sees no need to end the bank's super-loose monetary policy and cut its liquidity reserve target any time soon even as the country shows signs of pulling out of its deflationary cycle,…
Hurricanes may delay US current account correction
European Central Bank board member Lorenzo Bini Smaghi said in an interview that costs resulting from hurricanes in the Gulf of Mexico could mean that the US will be unable to correct its large current account deficit for some time.
Comment: IMF on inflation targeting
The IMF's World Economic Outlook, published Wednesday 21 September, makes the contentious assertion that "it does not appear to be necessary" for emerging market economies considering the adoption of fully-fledges inflation targeting, to meet key…
Mersch sees threat to prices from oil
ECB Governing Council member and Luxembourg central bank governor Yves Mersch has said high oil prices are still pushing up inflation.
US, China central banks to discuss currency reform
The US has said it hopes to have more discussions this week with China on its currency reforms and ways to reverse the United States' rising trade deficit.
Confidence in stability keeping rates low- Trichet
Interest rates in the Eurozone are at their lowest level thanks to confidence in price stability inspired by ECB policy, European Central Bank president Jean-Claude Trichet said, in an interview to be published in Le Figaro.
'Watershed' yuan revaluation has made few waves
According to this article Wednesday 21 September marked the two-month anniversary of China announcing it was de-linking its currency from the U.S. dollar. But the Chinese currency has barely budged beyond the initial rise of about 2 per cent, it says.
Is the ringgit ripe for a rise? Market thinks so
While Malaysia has kept a tight grip on the ringgit since the currency's peg against the dollar was abandoned, this article says markets are starting to bet that high inflation could tempt authorities to relax their control.
Comment: Challenging 'received wisdom'
In delivering the Keynes Lecture in Economics at the British Academy on Tuesday, Bank of England MPC member, Professor Stephen Nickell, set out to refute two major areas of criticism of MPC's track-record over the last five years.
Philadelphia Fed Business Outlook Survey, Sep 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, September 2005, activity in the region's manufacturing sector slowed in September.