Research
Bank of England Inflation Report, February 2004
In its latest Inflation Report, the Bank of England revised upwards its growth forecast over the next two years, saying the risks to the overall outlook were broadly even. Mervyn King told a news conference that inflation was expected to rise steadily to…
RBA Statement on Monetary Policy, February 2004
The Reserve Bank of Australia released its February 2004 Statement on Monetary Policy on 9 February. The report painted a positive picture of domestic and global growth but said that while inflation is currently tailing off, it is likely to rise next…
Singapore's unique monetary policy
This IMF Working Paper looks at the Monetary Authority of Singapore and the way it conducts monetary policy. Instead of relying on short-term interest rates or monetary aggregates as its monetary policy instrument it conducts policy by managing the trade…
Bank of Japan Monthly Report, February 2004
The Bank of Japan published the English version of its February 2004 Monthly Report of Recent Economic and Financial Developments on 9 February. In its report the BOJ upgraded its view of Japanese exports, saying they were "increasing substantially." It…
Chicago Fed National Activity Index, December 2003
The Chicago Fed National Activity Index (CFNAI) December 2003 was published on 29 January. The December CFNAI was +0.13 in December, the fourth consecutive positive monthly reading.
'The monetary policy of the ECB': 2nd edition
The European Central Bank published the second edition of "The monetary policy of the ECB" on 30 January. The publication aims to provide the public with a comprehensive overview of the ECB's monetary policy and its economic and institutional background.
Basel: Changes to the securitisation framework
In response to public comments on the third consultative paper (CP3) of the New Basel Accord, the Basel Committee on Banking Supervision announced in October 2003 plans to revise the internal ratings-based (IRB) approach to securitisation exposures. The…
Sveriges Riksbank Economic Review 4th Quarter 2003
The Sveriges Riksbank has published its Economic Review for the 4th Quarter 2003. The Review includes articles "Crisis exercises make for crisis readiness," "Payment system efficiency and pro-competitive regulation" and asks "Is 'wage drift' a problem?".
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 15 and 16 December 2003, released 23 January. The bank's Policy Board agreed that the currency market needed close monitoring although some members felt the economic impact of the high yen had…
Bank of Japan Monthly Report, January 2004
The Bank of Japan published the English version of its January 2004 Monthly Report of Recent Economic and Financial Developments on 22 January. It raised its assessment of the economy, saying strong exports are boosting output and beginning to filter…
ECB Monthly Bulletin, January 2004
The European Central Bank published its January 2004 Monthly Bulletin on 22 January. In the report the ECB spelt out its concern over currency volatility but showed no sign it might change its outlook for a gradual economic upturn in the eurozone.
Bank of Canada Monetary Policy Report Update
The Bank of Canada released its Update to the October Monetary Policy Reporton 22 January. The report discusses economic and financial trends in the context of Canada's inflation-control strategy.
Philadelphia Fed Business Outlook Survey, Jan 2004
The recent improvement in the region's manufacturing sector continued into the new year, according to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, January 2004.
Federal Reserve Board - Beige Book, January 2004
The Federal Reserve released its January 2004 survey of Current Economic Conditions, known as the Beige Book, on 14 January. The survey suggested the rebound in the U.S. economy is gaining momentum, fuelled by last-minute holiday shopping in December.
Bank of Japan semi-annual monetary report
Japan's economic activity remained virtually flat in the first half of fiscal 2003, the Bank of Japan's Semi-annual Report on Currency and Monetary Control showed.
Sources of exchange rate fluctuations in S Africa
IMF Working Paper on the "Sources of Nominal Exchange Rate Fluctuations in South Africa" published December 2003.
St Louis Fed's Regional Economist, January 2004
The Quarterly Review of Business and Economic Conditions, The Regional Economist, January edition from the St Louis Fed includes the article "Another jobless recovery" which asks whether the U.S. economy is undergoing fundamental changes.
Reserve Bank of New Zealand Bulletin, Dec 2003
The Reserve Bank of New Zealand has published its quarterly Bulletin for December 2003. The December issue of the Bulletin contains three articles, and two speeches delivered over recent months by the Bank's Governor.
RBA reseach paper on the Phillips curve
The Reserve bank of Australia has issued a research discussion paper on the real-time forecasting performance of the Phillips curve.
Predicting euro-area recessions
This ECB working paper looks at the informational content of the slope of theyield curve as a predictor of recessions in the euro area.
International Research Forum on monetary policy
The second conference organised by the International Research Forum on Monetary Policy was held at the Federal Reserve Board on November 14-15, 2003.
Bank of England Quarterly Bulletin, Winter 2003
The Bank of England released its Quarterly Bulletin, Winter 2003, on 19 December. Among articles included in the Bulletin are "The distribution of unsecured debt in the United Kingdom: survey evidence," "The macroeconomic impact of revitalising the…
Bank of Canada Financial System Review, Dec 2003
The Bank of Canada published its semi-annual Financial System Review on 17 December. An improving economic environment and a stabilization in corporate credit quality have contributed to better results for financial institutions, it said. The risks…
Bank of Japan Monthly Report, December 2003
The Bank of Japan published the English version of its December 2003 Monthly Report of Recent Economic and Financial Developments on 18 December. The BoJ said that it expects the Japanese economy to continue its export-led recovery at a slow pace. "Japan…