Quarterly Bulletin
August 1994 Contents

Operation of monetary policy (52k)

The international environment (54k)

Financial market developments (60k)
Box on international banking developments in 1993

UK trade - long-term trends and recent developments (54k)

Estimating market interest rate and inflation expectations from the prices of UK government bonds (55k)

Company profitability and finance (69k)
Box on dividends

Investment appraisal criteria and the impact of low inflation (26k)

The role of the exchange rate in monetary policy
(20k)
Speech by the Governor to the ACI annual congress, 4 June

The prospects for monetary stability (11k)
Speech by the Governor to the bankers and merchants of the City of London, 15 June

The transmission mechanism of monetary policy
(39k)
Speech by Mr King at Lombard Street Research, 9 May

Monetary policy instruments: the UK experience
(37k)
Speech by Mr King at the 17th symposium of the Institute for Bank-Historical Research in Frankfurt, 10 June

Derivatives - a central banker's view
(21k)
Speech by Mr Quinn at the Annual Managed Derivatives Industry Conference in New York, 1 July