Quarterly Bulletin
Spring 2005 Contents

Markets and operations (317k)
Box on what economic indicators move short-term sterling interest rates?
Box on the fall in global long-term real interest rates
Box on responses to the second consultation paper on money market reform, and interim reforms

Dealing with data uncertainty (95k)

Indicators of short-term movements in business investment (230k)

Divisia money (116k)

Competitiveness, inflation, and monetary policy

The exposure of international bank loans to third-country risk: an empirical analysis of overdue claims

Concepts of equilibrium exchange rates

Optimal collective action clause thresholds

Asset price based estimates of sterling exchange rate risk premia

The stock market and capital accumulation: an application to UK data

Real-Time Gross Settlement and hybrid payment systems: a comparison

Decomposing credit spreads

On the consumption-real exchange rate anomaly

Inside the MPC (117k)
Box on how the Bank sets interest rates

The role of central banks in payment systems oversight (80k)

The Governor's speech to the CBI Dinner in Manchester (84k)
Delivered on 20 January 2005

The Governor's speech on the International Monetary System (86k)
Remarks at the 'Advancing Enterprise 2005' conference in London on 4 February 2005

Why monetary stability matters to Merseyside (84k)
Speech by Rachel Lomax, Deputy Governor for monetary policy and member of the Monetary Policy Committee, given at the launch of the Merseyside Economic Review 2005, in Liverpool on 24 February 2005

Monetary policy in an uncertain world (128k)
Accompanying PowerPoint slides (176k)
Speech by Charles Bean, Chief Economist and member of the Monetary Policy Committee, given at Oxonia Distinguished Speakers Seminar, The Oxford Institute of Economic Policy, Oxford on 22 February 2005

Why has inflation been so low since 1999? (113k)
Speech by Stephen Nickell, member of the Monetary Policy Committee, presented at a meeting of the Bank of England regional Agents on 13 January 2005

The housing market and the wider economy (146k)
Speech by Kate Barker, member of the Monetary Policy Committee, delivered at the Institute for Economic Affairs, State of the Economy Conference on 24 January 2005