Quarterly Bulletin
Autumn 2004 Contents

Markets and operations (257k)
Box on search for alpha
Box on management of the Bank's sterling bond portfolio

How should we think about consumer confidence? (121k)
Box on how is consumer confidence measured in practice?
Box on comparisons with consumer confidence surveys in other countries

Household secured debt (160k)

Housing equity and consumption: insights from the Survey of English Housing (101k)
Box on how does equity withdrawal vary by household income?

Why has world trade grown faster than world output?
(137k)

Health, disability insurance and labour force participation

Female labour force participation in the United Kingdom: evolving characteristics or changing behaviour?

The roles of expected profitability, Tobin's Q and cash flow in econometric models of company investment

Real exchange rates and the relative prices of non-traded and traded goods: an empirical analysis

The informational content of empirical measures of real interest rate and output gaps for the United Kingdom

Exploring the relationship between credit spreads and default probabilities

Corporate capital structure in the United Kingdom: determinants and adjustment

The Phillips curve under state-dependent pricing

The UK labour force participation rate: business cycle and trend influences

On the resolution of banking crises: theory and evidence

Financial interlinkages in the United Kingdom's interbank market and the risk of contagion

The institutions of monetary policy (278k)
Speech by the Governor given at the American Economic Association Annual Meeting in San Diego, on 4 January 2004

The Governor's speech to the CBI Scotland dinner
(89k)
Speech by the Governor given on 14 June 2004

The Governor's speech at the Mansion House (88k)
Speech by the Governor on 16 June 2004

Keeping the party under control - anniversary comments on monetary policy (73k)
Speech by Rachel Lomax, Deputy Governor and member of the Monetary Policy Committee, delivered at the Annual Luncheon of the British Hospitality Association on 1 July 2004

Some current issues in UK monetary policy (114k)
Speech by Charles Bean, Chief Economist and member of the Monetary Policy Committee, delivered to the Institute of Economic Affairs on 28 July 2004

Managing the central bank's balance sheet: where monetary policy meets financial stability (527k)
Lecture by Paul Tucker, Executive Director of the Bank of England and member of the Monetary Policy Committee, delivered on 28 July 2004

Household debt, house prices and consumption growth
(161k)
Speech by Stephen Nickell, member of the Bank's Monetary Policy Committee, given at Bloomberg in London on 14 September 2004