Research
Monetary policy predictability in the euro area
This Norges Bank Working Paper evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries.
IMF Staff Papers, Vol 52, No 2, 2005
The latest issue of the IMF Staff Papers published Monday 12 September includes a special section on Central Bank Financial Strength, presenting a collection of papers including "Central bank financial strength, transparency, and policy credibility".
Inflation targeting in Mauritius
The IMF Working Paper "'Inflation targeting lite' in small open economies: The case of Mauritius" develops a new macrofinance model for small open economies, allowing the investigation of Mauritius's experience with 'inflation targeting lite'.
Asian central banks pledge to enhance integration
The Monetary Authority of Singapore and the International Monetary Fund (IMF) jointly hosted a high-level seminar on Asian regional financial integration on 3 September 2005.
Central banking and supervisory challenges
The IMF is holding a conference 'Financial Stability - Central banking and supervisory challenges' in Washington on 6-7 September. The conference will address key financial stability issues posing challenges to central bankers and supervisors around the…
Atlanta Fed paper on credit and identity theft
This working paper from the Atlanta Fed looks at the phenomenon of identity theft. It says that ultimately society may have to find a level of theft that balances its preference for privacy with its tolerance for transaction fraud.
Papers from 29th Kansas Fed Symposium
Papers presented at the Federal Reserve Bank of Kansas City's 29th annual economic policy symposium, The Greenspan Era: Lessons for the Future, held August 25 - 27 in Jackson Hole, Wyoming, were published on Wednesday 31 August.
Atlanta Fed on the origins of central banking
This Working Paper from the Atlanta Fed outlines a model of the first true central bank, the Bank of Amsterdam, founded in 1609. It describes how it was able to control inflation in seventeenth- and eighteenth-century Netherlands.
Challenges for central banks in an enlarged EMU
A new book analyses the challenges that lie in front of the EU as it used to be, the hurdles that have to be cleared by possible candidates, and the impact of these developments on important economic sectors like the financial markets.
ECB Paper on hedge funds and financial stability
The ECB Paper "Hedge funds and their implications for financial stability", published on 26 August, provides an overview of the hedge fund industry, mainly from a financial stability and European angle.
Experiences of inflation targeting
A new IMF paper examines the experiences of inflation targeting countries and presents a number of "stylised facts" and conclusions for policy makers.
What's behind real exchange rate moves?
A new working paper from the Bank of England's economic research engine room looks into the reasons for past movements in exchange rates. In contrast to the "benchmark model" in this field, the paper finds an important role for nominal shocks in…
Paper: Central bank credibility during ERM crisis
Financial markets embed expectations of central bank policy into asset prices. The Working Paper "Assessing central bank credibility during the ERM crises: Comparing option and spot market-based forecasts" from the Center for Financial Studies compares…
Kansas Fed Paper on inflation targeters
The Kansas Fed Working Paper "Do we really know how inflation targeters set interest rates?" published July 2005 says under inflation targeting regimes other objectives that possibly conflict with the inflation goal are present.
Growth dynamics: The myth of economic recovery
This IMF Working Paper published on Monday 8 August uses panel data for a large number of countries, and finds that economic contractions are not followed by offsetting fast recoveries.
IMF Paper: The use and abuse of Taylor Rules
The IMF Working Paper "The use and abuse of Taylor Rules: How precisely can we estimate them?" published on Tuesday 9 August draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice.
Progress toward regional integration in the WAEMU
The IMF Working Paper "Ten years after the CFA franc devaluation: Progress toward regional integration in the WAEMU" takes stock of the achievements toward integration in the West African Economic and Monetary Union (WAEMU) 10 years after the 1994…
ECB paper on large-value payment systems
The ECB Working Paper "Incorporating a 'public good factor' into the pricing of large-value payment systems" considers optimal pricing rules for a public large-value payment system (LVPS) that produces a public good (like prevention of systemic risk) but…
The decline of Japan's saving rate
The Bank of Japan Working Paper "The decline of Japan's saving rate and demographic effects" investigates the phenomenon in which Japan's household saving rate showed a sharp decline even during the long stagnation period called "the lost decade."
Systemic risk in alternative payment system design
This European Central Bank Working Paper analyses the consequences of an isolated, sudden and unexpected failure of a bank in alternative interbank payment system designs.
Philadelphia Fed Business Outlook Survey, Jul 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, July 2005, activity in the region's manufacturing sector increased modestly.
ECB paper on rules for a currency union
The ECB Working Paper "Fiscal and monetary rules for a currency union" published on Thursday 21 July addresses the question of the joint conduct of fiscal and monetary policy in a currency union.
Chicago Fed National Activity Index, June 2005
The Chicago Fed National Activity Index for June 2005 was +0.28 in June, up from -0.03 in May. Three of the four broad categories of indicators that make up the index - production and income, consumption and housing, and sales, orders, and inventories -…
Deutsche Bundesbank - Annual Report 2004
The Deutsche Bundesbank has published its Annual Report for the year ended 2004. For the German economy, 2004 was a year of rather mixed fortunes, according to the report.