Research

BoJ: Technology shocks and role of monetary policy

This Bank of Japan Discussion Paper develops a quantitative, general-equilibrium business cycle model with imperfect common knowledge regarding technology shocks. The model predicts that a positive technology shock leads to a persistent decline in…

Chicago Fed National Activity Index, June 2004

The Chicago Fed National Activity Index was 0.00 in June, a marked decrease from the May reading of +0.75. The production- and employment-related categories of indicators made negative contributions to the overall index in June, but these were offset by…

Price stability and Japanese monetary policy

Many observers have concluded that central banks are powerless to end deflation when short-term interest rates are near zero. This Bank of Japan Discussion Paper by Robert Hetzel, Vice President of the Research Department, Federal Reserve Bank of…

Comments on Price stability & Japanese mon policy

This Bank of Japan Discussion Paper summarises the authors' main points of agreement and disagreement with respect to the proposal written by Dr Hetzel. The authors agree with Dr Hetzel's proposal on four points but disagree with the proposal on three…

The birth of modern monetary policy

For many years, the Fed has used influence on short-term interest rates to contain inflationary pressure in the US economy and promote growth and employment. The genesis of this approach and its theoretical foundation both lie in the work of Knut…

Deutsche Bundesbank Monthly Report, June 2004

The Deutsche Bundesbank has published the English version of its June 2004 monthly report. The discernible upturn in the economy during the second half of 2003 became somewhat stronger in the first quarter of this year, the report said.

Chicago Fed Letter, August 2004

The latest edition of the Chicago Fed Letter for August 2004, titled 'Economy to continue cruising along,' says the outlook for 2004 is for the US economy to have its best growth in seven years, growing at a rate above potential, and leading to a fall in…

BIS paper on management of interest rate risk

As part of its ongoing efforts to address international bank supervisory issues, the Basel Committee on Banking Supervision issued a paper on principles for the management of interest rate risk in September 1997. This revised version is being issued to…

Book - 'A term at the Fed' by Laurence H. Meyer

In his new book, A Term at the Fed: An Insider's View, Laurence Meyer displays a certain frankness in discussing his performance as a central-bank policymaker from 1996 to 2002, this book review says. He's candid about the mistakes he made and even…

Kansas Fed's Economic Review, 2nd Quarter 2004

The Kansas City Fed's Economic Review 2nd Quarter 2004 includes an article "What Impact Will E-Commerce Have on the U.S. Economy?" which examines the economic factors that have contributed to the rapid growth of e-commerce and assesses how the future…

Danish cb's Monetary Review, 2nd Q 2004

The Danmarks Nationalbank's Monetary Review for the second quarter 2004 describes and comments on recent trends in external finance and domestic credit. It also includes articles on areas of the Nationalbank's work. The Monetary Review also presents…

Bank of Canada, Business Outlook Survey, Summer 04

The Bank of Canada published its Summer 2004 Business Outlook Survey on 12 July. Businesses are somewhat more optimistic about the outlook than they were in the spring, the Survey reported, reflecting increased confidence about the robustness of the…

Sveriges Riksbank Economic Review 2nd Quarter 2004

The Sveriges Riksbank published its Economic Review for the 2nd Quarter 2004 on 12 July. The Review contains articles on subjects related to central banking. The English version of the second issue contains three articles: Can we be best again?, How does…

Fed's Roger Ferguson on productivity:

In a speech on 'Productivity: Past, Present, and Future' given on 7 July, Roger Ferguson of the Federal Reserve said the recent increase in U.S. inflation should not be sustained but the Fed is ready to act if that view proves wrong.

Japan: FATF recommendations, anti-money laundering

Report on the Observance of Standards and Codes on the FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism for Japan. Prepared by a staff team of the IMF as a background documentation of the periodic consultation with…

ECB Monthly Bulletin, July 2004

The European Central Bank published its July 2004 Monthly Bulletin on 8 July. The high unemployment rate in the eurozone is likely to limit pressure for wage increases and thus prevent the recent rise in oil prices spilling over to other consumer prices…

St Louis Fed's Regional Economist, July 2004

The Quarterly Review of Business and Economic Conditions, The Regional Economist, July 2004 edition from the St Louis Fed includes the article "Fannie, Freddie and the FHLB". These government-sponsored enterprises continue to make headlines because of…

'The Region' from the Minneapolis Fed, June 2004

The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for June 2004. The issue includes 'Prospects for economic expansion' in which Gary Stern speaks on the concepts of resilience, flexibility and productivity. In …

Semiannual Report on Currency and Monetary Control

The Bank of Japan has published a summary of its semiannual report on currency and monetary control for the second half of fiscal 2003. Japan's economic activity started to recover gradually in the second half of fiscal 2003 (Oct 03-Mar 04) led by an…

Can debt crises be self-fulfilling?

Several papers argue that debt crises can be the result of self-fulfilling expectations that no one will lend to a country. This IMF Working Paper says this type of coordination failure can be eliminated by a combination of state-contingent securities…

Fed Reserve Bank of St Louis Review, Jul/Aug 2004

The latest edition of the St Louis Fed's Review for July-August 2004 contains proceedings of the Twenty-Eighth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis and includes articles "Is inflation targeting best-practice monetary…

Norges Bank Inflation Report, July 2004

Norway's central bank, Norges Bank, has published its latest Inflation Report for July 2004. The report says inflation is low and since the March Inflation Report, it has moved in line with projections. Inflation is being restrained by the appreciation…

The development of statistics for EMU - ECB book

The European Central Bank published a book on 2 July recording the work to develop statistics for Economic and Monetary Union (EMU). Part A of the book concerns the preparatory work in the years 1992 - 98. Part B describes the numerous enhancements made…

Reserve Bank of New Zealand Bulletin, Jun 2004

The Reserve Bank of New Zealand has published its quarterly Bulletin for June 2004. The June issue contains articles spanning most of the Reserve Bank's core functions including "What drives the New Zealand dollar?". In addition, for the first time the…

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