Research
Fed Reserve Bank of St Louis Review, Jul/Aug 2005
The latest edition of the St Louis Fed's Review for Jul/Aug 2005 includes the proceedings from the 29th economic policy conference of the Federal Reserve Bank of St. Louis, "Productivity, labor, and the Business Cycle."
Sveriges Riksbank Economic Review 2nd Quarter 2005
The Sveriges Riksbank has published its Economic Review for the 2nd Quarter 2005. This year's second issue contains four articles: Thoughts on how to develop the Riksbank's monetary policy work; Basel II - the new framework for bank capital; Monetary…
Reserve Bank of New Zealand Bulletin, Jun 2005
The Reserve Bank of New Zealand has published the June 2005 issue of its Bulletin. The first article of the Bulletin discusses the outcome of the recent review of New Zealand's 'silver' coinage, which will see the move to smaller and lighter 10, 20 and…
The future of the International Monetary System
Is the international financial architecture debate over? Not according to leading experts gathered together in a new book which tries to identify the key trends that will fashion the international financial system in the years ahead.
The politics of central bank independence
This New York Fed Staff Report proposes a theory to explain why, and under what circumstances, a politician endogenously gives up rent and delegates policy tasks to an independent agency.
Norges Bank Inflation Report, June 2005
Norway's central bank, Norges Bank, published its latest Inflation Report for June 2005 on Thursday 30 June. The Bank raised the sight deposit rate to 2% from 1.75% but conceded that recent developments such as weaker economic growth prospects for Europe…
Does world need a universal financial institution?
This Working Paper asks whether the International Monetary Fund is an appropriate model for a world where macroeconomic imbalances, financial crises, and disparities in economic development must compete for attention and resources?
SARB's Quarterly Bulletin, June 2005
The South African Reserve Bank released its June 2005 Quarterly Bulletin on 23 June. In the Bulletin the SARB said firm increases in economic activity in recent quarters have improved employment prospects materially.
Danmarks Nationalbank, Monetary Review 2nd Q 2005
The Danmarks Nationalbank's Monetary Review for the Second Quarter 2005 includes articles on: Recent economic and monetary trends, Memorandum of understanding on financial supervision, Capital flows and the exchange rate of the krone, The German labour…
Central bank transparency under model uncertainty
This Federal Reserve Bank of New York Staff Report explores the effects of central bank transparency on the performance of optimal inflation targeting rules.
Bank of England Financial Stability Review, Jun 05
The Bank of England published its latest Financial Stability Review for June 2005 on Monday 27 June. Near-term risks to the UK financial sector from default by households, firms and overseas borrowers have remained low since the December Review, the…
Chicago Fed National Activity Index, May 2005
The Chicago Fed National Activity Index for May 2005 was +0.10, up from +0.05 in April. Two of the four broad categories of indicators that make up the index - production and income and consumption and housing - made positive contributions.
Canada paper on central bank credibility
The Bank of Canada Working Paper "Endogenous central bank credibility in a small forward-looking model of the U.S. economy" considers linkages between inflation and the economy's cyclical position, which are thought to be strongly affected by the…
HKMA Quarterly Bulletin, June 2005
The Hong Kong Monetary Authority has published the June 2005 issue of its Quarterly Bulletin. This issue contains the regular Half-Yearly Monetary and Financial Stability Report, which analyses recent external and domestic influences on Hong Kong's…
Philadelphia Fed Business Outlook Survey, Jun 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, June 2005, activity in the region's manufacturing sector weakened. This represents a decline from the moderate performance in May.
Bank of England Inflation Attitudes Survey, May 05
The Bank of England published its May 2005 Inflation Attitudes Survey on 20 June. 62% of respondents thought the inflation target was 'about right', the highest response rate for this question since the survey began.
Sveriges Riksbank Inflation Report, No. 2, 2005
Sweden's central bank, the Sveriges Riksbank, published its Second Inflation Report for 2005 on 21 June. The bank also announced it had decided to lower the repo rate from 2 per cent to 1.50 per cent. It said over the coming years UND1X inflation is…
BIS Papers on foreign exchange market intervention
On 2 and 3 December 2004, the BIS hosted a meeting of Deputy Governors of central banks from major emerging market economies to discuss foreign exchange market intervention. The BIS published various papers from the meeting on Monday.
Bank of England Quarterly Bulletin, Summer 2005
The Bank of England released its Quarterly Bulletin Summer 2005, on 20 June. The Bulletin includes the article "The inflation-targeting framework from an historical perspective" which provides an historical perspective on the post-1992 inflation…
IMF Paper: Latin American central bank reform
The IMF Working Paper "Latin American central bank reform: Progress and challenges" published June 2005 takes stock of the institutional reform of monetary policy in Latin America since the early 1990s.
Deutsche Bundesbank Monthly Report, May 2005
The Deutsche Bundesbank published the English version of its May 2005 Monthly Report on 16 June. The report said the ECB's monetary policy does not pose an obstacle to economic growth in Germany, where the pace of recovery is slowing down in the second…
Bank of Japan Monthly Report, June 2005
The Bank of Japan published the English version of its June 2005 monthly report on Friday 17 June. In the report the BOJ said the economy continues to recover because of higher capital investment and consumer spending.
Federal Reserve Board - Beige Book, June 2005
The Federal Reserve published its June 2005 Beige Book survey on 15 June. According to the report business activity continued to expand from mid-April through May, and overall price pressures were moderate.
Riksbank's workshop on inflation targeting
The Sveriges Riksbank held a workshop titled "Inflation targeting: implementation, communication and effectiveness" between 10-12 June. Papers presented at the workshop included "Central-bank communication and the publication of interest rate projections…