Quarterly Bulletin
Spring 2004 Contents

Markets and operations (258k)
Box on swaptions and monetary policy stance
Box on influence of autonomous factors on the banking system's net liquidity need

Durable spending, relative prices and consumption
(122k)

Asset pricing and the housing market (100k)

The relationship between the overnight interbank unsecured loan market and the CHAPS Sterling system
(77k)

How much does bank capital matter? (99k)

An empirical analysis of the dynamic relationship between investment-grade bonds and credit default swaps

Crisis spillovers in emerging market economies: interlinkages, vulnerabilities and investor behaviour

Investment-specific technological change and growth accounting

An empirical model of household arrear

Measuring total factor productivity for the United Kingdom (99k)
Box on the Bank of England industry data set

The Governor's speech at the annual Birmingham Forward/CBI business luncheon (108k)
Given in Birmingham on 20 January 2004

Inflation targeting - achievement and challenges
(123k)
Speech by Rachel Lomax, Deputy Governor and member of the Monetary Policy Committee, given to the Bristol Society at the University of the West of England, Bristol, on 18 February 2004

Risk, uncertainty and monetary policy regimes (263k)
A version of this speech by Paul Tucker, Executive Director of the Bank of England and member of the Bank's Monetary Policy Committee, was given to the UK Asset and Liability Management Association, on 29 January 2004

E-commerce and the foreign exchange market - have the promises been met? (121k)
Speech by Paul Fisher, Head of the Bank's Foreign Exchange Division, given at the fourth Annual Foreign Exchange Markets Summit, on 19 January 2004