Research
Reconciling Bagehot with Fed's response to Sept 11
Walter Bagehot, an elder statesman of central banking theory, stated that central banks should lend money at penalty rates to prevent bank panics. Yet the Fed lent for next to nothing following 9/11. Why this departure from received central banking…
HKMA Quarterly Bulletin, June 2003
The Hong Kong Monetary Authority (HKMA) on 12 June published the latest issue of its Quarterly Bulletin. This issue contains four feature articles including 'The Impact of Interest Rate Shocks on the Performance of the Banking Sector' which provides an…
Fed's- Beige Book: US economy struggling
The Federal Reserve Beige Book released 11 June said the US economy has struggled to gather pace since the end of the Iraq war and the performance of output and employment has been disappointing.
ECB Monthly Bulletin halves growth forecast
The European Central Bank published its June 2003 Monthly Bulletin on 12 June. It halved its growth forecast for the eurozone this year to just 0.7 per cent from 1.6 per cent. Inflation was projected at 2.0 per cent this year, slightly above earlier…
Duisenberg to G. d'Estaing on Constitution Treaty
Letter from the ECB President Wim Duisenberg to the President of the Convention, Valery Giscard d'Estaing, regarding the draft Constitutional Treaty, 5 June.
RBNZ Monetary Policy Statement, June 2003
The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for June 2003. New Zealand's economic growth has been strong and comparatively stable for an extended period, but it is now slowing to a more modest pace, the report said…
Sveriges Riksbank Inflation Report, No.2, 2003
Sweden's central bank published its Second Inflation Report for 2003 on 5 June. In the report the Riksbank said CPI inflation is expected to be 1.2 per cent one year ahead and 1.8 per cent two years ahead while the degree of uncertainty in the…
Book published on ECB's 2nd conference
The European Central Bank (ECB) has published a book entitled "The transformation of the European financial system", containing the proceedings (papers, discussants' comments and summaries of the general discussions) of the Second ECB Central Banking…
Brazil's Financial Resilience
A new working paper from Ilan Goldfajn, Katherine Hennings and Helio Mori of the Brazilian Central Bank asks how Brazil has escaped more or less unscathed in recent financial crises. Few state banks and many foreign ones may be a factor they argue.
Scrutinising central bank efficiency
The Swedish Central Bank has just hosted a conference on the subject of "central bank efficiency". The workshop was organized by Marten Blix Anders Vredin, and Sonja Daltung, all of the Riksbank.
Transformation of the European Financial System
Based on an ECB conference held in October, "Transformation of the European Financial System" examines how the switch to the euro has affected European financial markets.
Sveriges Riksbank, Financial Stability Report
Sweden's central bank, the Sveriges Riksbank, published its first Financial Stability Report for 2003 on 3 June. Since the last report economic prospects have been revised downwards for Sweden as well as for other countries of economic and financial…
Statement by IMF Mission on Euro Area Policies
In the concluding statement of the IMF Mission on Euro Area Policies released 28 May the IMF saw 'considerable scope for monetary easing' but recognised that monetary policy could only play a 'supportive' role in the resumption of Eurozone growth. The…
BIS Quarterly Review, June 2003
In its June quarterly review, the BIS said that investors had become fed up with low returns on government bonds and moved to higher yielding corporate or emerging market debt, particularly in countries like Brazil and Turkey.
Chicago Fed National Activity Index, April 2003
CFNAI Shows Economy Weak in April - The Chicago Fed National Activity Index declined in April, with the monthly index coming in at -0.85. Weak employment- and production-related data were the main factors behind April's negative reading. Although the…
Economic Insights from the Dallas Fed
The latest edition of the Dallas Fed's Economic Insights, Vol 8, No 2, 2003 'The Creation of Public Choice Theory', profiles economist James M. Buchanan and examines his public choice theory.
The role of asset prices in shock transmission
The Bank of England Working Paper entitled 'The role of asset prices in transmitting monetary and other shocks' constructs a framework within which the ability of asset prices to convey information about the underlying shocks hitting the economy can be…
Electronic Money System Security Objectives
Electronic money system security objectives according to the common criteria methodology, 23 May. The "Electronic Money System Security Objectives" (EMSSO) report, published on Friday, presents the expectations of the Eurosystem with regard to the…
Norges Bank Financial Stability Report No.1, 2003
The Central Bank of Norway, Norges Bank, has published its twice yearly Financial Stability Report 1/2003. In the report the bank said the outlook for financial stability is considered to be satisfactory, but somewhat weaker than six months ago.
Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Second Quarter 2003. The U.S.economy will likely expand at a slower pace in 2003 than predicted just three months ago, according to the survey.
Bo J Monthly Report downgrades economy view
The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, May 2003, on 22 May. In the report the BOJ downgraded its view on the economy, citing "greater uncertainty" over the outlook. It said that overall conditions…
Financial data and monetary policy transparency
The Reserve Bank of Australia published a Research Discussion Paper on 23 May titled "What Do Financial Market Data Tell Us About Monetary Policy Transparency?" by Jonathan Coppel and Ellis Connolly. This paper attempts to discern from financial market…
Deutsche Bundesbank Monthly Report, April 2003
The Bundesbank said in its April 2003 monthly report that consumer prices continued to rise in March, albeit at a somewhat slower pace than before. The seasonally adjusted increase went down to 0.2%. The year-on-rate of increase fell to 1.2% from 1.3% in…
Bank of Canada Review, Spring 2003
The Bank of Canada published its Review for Spring 2003 on 15 May. The Review contains articles titled The Bank of Canada: Moving Towards Transparency, Inflation Targeting and Medium-Term Planning: Some Simple Rules of Thumb, Conference Summary: Price…