Quarterly Bulletin
Spring 2006 Contents

Markets and operations (1.2mb)
Box on pension fund valuation and liability driven investment strategies
Box on recent developments in UK pension fund regulation
Box on a simple model for emerging market bond spreads
Box on the Bank's long-term repo operations

New information from inflation swaps and index-linked bonds (483k)
Box on estimating an inflation forward curve from inflation swap rates

The distribution of assets, income and liabilities across UK households: results from the 2005 NMG Research survey (562k)
Box on interpreting data from the NMG Research survey
The raw survey data are available in Excel format (1.8mb)

Understanding the term structure of swap spreads (547k)

The information content of aggregate data on financial futures positions (327k)
Box on possible links between futures positions and movements in asset prices in spot markets

The forward market for oil (100k)
Box on what explains the shape of commodity futures curves?

Modelling manufacturing inventories

The New Keynesian Phillips Curve in the United States and the euro area: aggregation bias, stability and robustness

Modelling the cross-border use of collateral in payment systems

Assessing central counterparty margin coverage on futures contracts using GARCH models

The price puzzle: fact or artefact?

The Governor's speech in Ashford, Kent (103k)
Speech at a dinner for Kent Business Contacts in conjunction with the Kent Messenger Group/Kent Business, delivered on 16 January 2006

Reform of the International Monetary Fund (117k)
This is an edited version of the speech delivered by the Governor at the Indian Council for Research on International Economic Relations (ICRIER) in New Delhi, India on 20 February 2006

Global financial imbalances (76k)
Speech by Rachel Lomax, Deputy Governor responsible for monetary policy and member of the Monetary Policy Committee, delivered at the Chatham House conference on Global Financial Imbalances, Chatham House, London on 24 January 2006
Accompanying PowerPoint slides (100k)

Monetary policy, demand and inflation (726k)
Speech by Stephen Nickell, member of the Monetary Policy Committee. A shortened version of this speech was given at a private lunch in London for contacts of the Bank of England's South East and East Anglia Agency on 31 January 2006

Has oil lost the capacity to shock? (230k)
Speech by David Walton, member of the Monetary Policy Committee, given to the University of Warwick Graduates' Association Senior Directors' Forum on 23 February 2006