Research
International Journal of Central Banking launched
The first issue of the International Journal of Central Banking (IJCB) was published on Thursday 19 May.
New book covers history of the BIS
A new book, covering the history of the Bank for International Settlements (BIS) from 1930 to 1973, was published on Tuesday 17 May.
Dutch Paper on ECB support for the euro
The De Nederlandsche Bank Working Paper "Were verbal efforts to support the euro effective? A high-frequency analysis of ECB statements" published in April 2005 studies the effects of verbal interventions by European central bankers on high-frequency…
Netherlands paper on central bank transparency
The De Nederlandsche Bank Working Paper "The impact of central bank transparency on inflation expectations" published in March 2005, investigates how the link between inflation and inflation expectations alters with increasing central bank transparency.
RBNZ Financial Stability Report, May 2005
The Reserve Bank of New Zealand published its May 2005 Financial Stability Report on 17 May. Reserve Bank governor Alan Bollard commented: "The New Zealand financial system, overall, is well placed to weather a possible slowdown in the economy."
SARB, Monetary Policy Review, May 2005
The South African Reserve Bank published its Monetary Policy Review for May 2005 on 12 May. South Africa's inflation rate is expected to remain comfortably within its target range over the next two years, despite the negative impact of steep global oil…
Bank of Canada Review, Spring 2005
The Bank of Canada published its Review for Spring 2005 on 12 May. The Review contains four articles including "Understanding China's long-run growth process and its implications for Canada". In addition to examining the determinants of China's past and…
ECB Monthly Bulletin, May 2005
The European Central Bank published its May 2005 Monthly Bulletin on Thursday 12 May. The regular survey of professional economic forecasters conducted by the ECB showed the experts have downgraded their growth forecasts for the euro zone economy for…
Bank of England Inflation Report, May 2005
The Bank of England published its May 2005 Inflation Report on 11 May. In the report the Bank said it expects CPI inflation to rise above the 2 pct target in the near term due to temporary factors before settling back to the 2 pct level over the two year…
IMF paper on emerging bond markets
The IMF Working Paper "The impact of macroeconomic announcements on emerging market bonds" examines how emerging bond markets react to macroeconomic announcements.
RBA Statement on Monetary Policy, May 2005
The Reserve Bank of Australia published its May 2005 Statement on Monetary Policy on 6 May. The global economic upswing is continuing in 2005 with growth being led mainly by the United States and China, the report says.
Central Bank of Ireland, Quarterly Bulletin 2/2005
Ireland's central bank published its second Quarterly Bulletin for 2005 on Wednesday 4 May. The Bulletin reports that Ireland should enjoy continued strong economic growth in 2005 and 2006 but faces potential problems from the high price of oil and the…
Fed Reserve Bank of St Louis Review, May/June 2005
The latest edition of the St Louis Fed's Review for May-June 2005 includes the articles "Monetary policy and commodity futures" and "Using implied volatility to measure uncertainty about interest rates".
BoJ: Outlook for Economic Activity & Prices Apr 05
The Bank of Japan has published the English version of its April 2005 Outlook for Economic Activity and Prices report. The report says Japan's economy remains on a recovery trend, despite a recent pause due partly to adjustments in production and…
IMF Working Paper on international reserves
The IMF Working Paper "A fiscal price tag for international reserves" examines the (quasi-)fiscal impact of the (opportunity) cost of international reserves. The paper suggests that while most countries made money on their reserves during 1990-2001, most…
Danmarks Nationalbank, Monetary Review 1st Q 2005
The Danmarks Nationalbank's Monetary Review for the First Quarter 2005 includes the articles: Risks on settlement of large payments, The 10-year yield spread between Denmark and Germany, Relations between stock prices and bond yields and Hedge funds in…
Norges Bank, Economic Bulletin, April 2005
Norges Bank, the central bank of Norway, has published its April 2005 Economic Bulletin. The Bulletin includes the address "Economic perspectives" by Governor Svein Gjedrem, and the articles "Evaluation of Norges Bank's projections for 2004", "What…
New book challenges role of the Bank of Japan
A new controversial theory that could transform the world of economics has been drawn up by a University of Southampton academic in a book described by Professor Charles Goodhart as "both a powerful and important book".
IMF paper on central bank transparency
The IMF Working Paper "Transparency in central bank financial statement disclosures" looks at the disclosure requirements for central banks under International Financial Reporting Standards and provides practical guidance for those responsible for…
Deutsche Bundesbank Monthly Report, March 2005
The Deutsche Bundesbank has published the English version of its March 2005 Monthly Report. Real GDP in the fourth quarter of 2004 was down 0.2% on the figure for the preceding three-months.
Sveriges Riksbank Economic Review 1st Quarter 2005
The Sveriges Riksbank has published its Economic Review for the 1st Quarter 2005. This year's first issue contains four articles: on the relationship between monetary policy and employment, on the inflation target, on the upswing in productivity growth…
Philadelphia Fed Business Outlook Survey, Apr 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, April 2005, activity in the region's manufacturing sector continues to expand.
Fed Reserve Bank of St Louis Review, Mar/Apr 2005
The latest edition of the St Louis Fed's Review for March-April 2005 includes an article by Allan Meltzer "Origins of the Great Inflation". The Great Inflation from 1965 to 1984 is the climactic monetary event of the last part of the 20th century. The…
A post-reflation monetary framework for Japan
Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current monetary regime and operations are tailored to ending deflation, this IMF Working Paper says.