Research

Bank of Canada Review, Autumn 2004

The Bank of Canada has published its Review for Autumn 2004. The Review contains four articles including "Asset prices and monetary policy: A Canadian perspective on the issues". This article addresses the extent to which monetary policy in Canada should…

Recommendations for Central Counterparties

The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) released a report entitled Recommendations for Central Counterparties on Wednesday 24 November.

Philadelphia Fed Business Outlook Survey, Nov 2004

According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, November 2004, activity in the region's manufacturing sector continues to expand. Manufacturing executives are more optimistic than they were last month about future…

Exchange rate policy and sovereign bond spreads

A recent IMF working paper claims to be the first empirical study on the impact of exchange rate policy on sovereign bond spreads in developing countries. The choice of exchange rate matters, the authors argue. They find that real exchange rate…

Easing out of Monetary Easing

As an end to deflation nears, the Bank of Japan faces the tricky question of how to leave behind its policy of "quantitative easing". The San Francisco Fed has some advice.

ECB Monthly Bulletin, November 2004

The European Central Bank published its November 2004 Monthly Bulletin on Thursday 11 November, saying in its regular quarterly 'Survey of Professional Forecasters', that the experts had revised downward their growth forecast for 2005 to 2% from 2.1%…

SARB, Monetary Policy Review, Nov 2004

The South African Reserve Bank has published its Monetary Policy Review for November 2004. Inflation has remained within the target range for the past 13 months. This outcome was achieved through responsible monetary and fiscal policies, improved…

Bank of England Inflation Report, November 2004

The Bank of England published its November 2004 Inflation Report on 10 November. In the report the Bank cut its forecast for UK economic growth in 2005 to about 2.5 per cent from 3.1 per cent and said that inflation may accelerate less than expected.

Joint Forum report on credit risk transfer

The Joint Forum has released for consultation a report prepared by its working group on risk assessment and capital entitled Credit Risk Transfer. The report responds to a request by the Financial Stability Forum (FSF) to undertake a review of credit…

Sveriges Riksbank Economic Review 3rd Quarter 2004

The Sveriges Riksbank published its Economic Review for the 3rd Quarter 2004 on 8 November. The latest issue contains three articles: How should the Riksbank's financial stability work develop?, Cash-supply efficiency and Inflation and relative-price…

RBA Statement on Monetary Policy, November 2004

The Reserve Bank of Australia published its November 2004 Statement on Monetary Policy on 8 November. The Australian economy has continued to perform well during 2004, maintaining a solid pace of expansion and low inflation, the report said.

The Mussa Theorem & IMF induced moral hazard

Using a simple model of international lending, this IMF Working Paper shows that as long as the IMF lends at an actuarially fair interest rate and debtor governments maximize the welfare of their taxpayers, any changes in policy effort, capital flows, or…

Fed Reserve Bank of St Louis Review, Nov/Dec 2004

The latest edition of the St Louis Fed's Review for November-December 2004 includes the article "Monetary policy and asset prices: A look back at past U.S. stock market booms" which examines the economic environments in which past U.S. stock market booms…

IMF paper: new taxonomy of monetary regimes

This IMF Working Paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged…

ECB paper on transmission of monetary policy

This ECB Working Paper examines possible explanations for observed differences in the transmission of euro area monetary policy in central bank large-scale macroeconomic models. It finds that, against most yardsticks, the cross-country variations in the…

Norges Bank Inflation Report, November 2004

Norway's central bank, Norges Bank, has published its latest Inflation Report for November 2004. The report said the effects of high oil prices on the Norwegian economy are mixed. Lower external demand will have a negative impact on some Norwegian…

BoJ Outlook: Economic Activity & Prices, Oct 2004

The Bank of Japan published its October 2004 Outlook for Economic Activity and Prices report on 1 November. The report says that core consumer inflation should "increase slightly" in the year to March 2006 but warned oil prices and other uncertainties…

IMF paper on the art of central banking

The IMF working paper 'Deconstructing the art of central banking' proposes a significantly different transmission mechanism from monetary policy to the macroeconomy, focusing on how policy changes nominal inertia in the Phillips curve. The authors find…

BoE paper on monetary policy rules

This Bank of England Working Paper evaluates the performance of three popular monetary policy rules where the central bank is learning about the parameter values of a simple New Keynesian model. The paper argues that adopting integral representations of…

Norges Bank book on Historical Monetary Statistics

Norges Bank has collected and systematised historical data of relevance to price stability and financial stability, the two main areas of responsibility for central banks. This historical data has been documented in Norges Bank Occasional Papers No. 35 …

Sveriges Riksbank Inflation Report, No.3, 2004

Sweden's central bank, the Sveriges Riksbank, has published its Third Inflation Report for 2004. International growth has been slightly higher than expected, despite the rise in oil prices. At the same time, the report says, Swedish exports have shown an…

Danmarks Nationalbank, Monetary Review 3rd Q 2004

The Danmarks Nationalbank's Monetary Review for the third quarter 2004 includes the following articles: The Basel Committee's endorsement of new capital-adequacy rules, Counterfeit banknotes, The role of capital in banks and The economic situation in the…

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