Quarterly Bulletin
Summer 2005 Contents

Markets and operations (1mb)
Box on structural developments in sterling volatility markets
Box on what factors affect UK government bond returns?
Box on money market developments since interim reform to the Bank’s OMOs

The impact of government spending on demand pressure (360k)
Box on measuring government output in the United Kingdom: recent developments
Box on the role of government output in the Bank of England’s Quarterly Model (BEQM)
Box on constructing an alternative indicator of aggregate demand

How important is housing market activity for durables spending? (393k)

The inflation-targeting framework from an historical perspective (583k)

Monetary policy news and market reaction to the Inflation Report and MPC Minutes (279k)

Learning the rules of the new game? Comparing the reactions in financial markets to announcements before and after the Bank of England’s operational independence

Comovements in the prices of securities issued by large complex financial institutions

The role of ICT in the global investment cycle

Estimating UK capital adjustment costs

Productivity growth in UK industries, 1970-2000: structural change and the role of ICT

Financial constraints and capacity adjustment in the United Kingdom: evidence from a large panel of survey data

Default probabilities and expected recovery: an analysis of emerging market sovereign bonds

The impact of unsecured debt on financial distress among British households

The determinants of unsecured borrowing: evidence from the British Household Panel Survey

Liquidity risk and contagion

Asset pricing, asymmetric information and rating announcements: does benchmarking on ratings matter?

Addendum to Report on modelling and forecasting at the Bank of England (166k)

Public attitudes to inflation (415k)

Chief Economist Workshop April 2005: exchange rate regimes and capital flows (142k)

Implementing monetary policy: reforms to the Bank of England's operations in the money market (249k)

A review of the work of the London Foreign Exchange Joint Standing Committee in 2004 (123k)

Monetary policy: practice ahead of theory
The Mais Lecture 2005: speech by the Governor (294k)
Delivered on 17 May 2005 at the Cass Business School, City University, London

Inflation targeting in practice: models, forecasts and hunches (190k)
Speech by Rachel Lomax, Deputy Governor responsible for monetary policy and member of the Monetary Policy Committee, given to the 59th International Atlantic Economic Conference in London on 12 March 2005

Monetary policy, stability and structural change (188k)
Speech by Paul Tucker, Executive Director for Markets and a member of the Monetary Policy Committee, given at the Confederation of British Industry in Guildford on 1 March 2005

How much spare capacity is there in the UK economy? (154k)
Paper by Stephen Nickell, member of the Monetary Policy Committee

Communicating monetary policy in practice (161k)
Speech by Marian Bell, member of the Monetary Policy Committee . A Vital Topics lecture given at the Manchester Business School on 17 May 2005

Monetary policy in the United Kingdom - the framework and current issues (152k)
Speech by Kate Barker, member of the Monetary Policy Committee, delivered at the National Association of Business Economics Policy Conference, Washington DC on 21 March 2005

A matter of no small interest: real short-term interest rates and inflation since the 1990s (52k)
Speech by Marian Bell, member of the Monetary Policy Committee, delivered to the Institute of Directors (South East Midlands) and Milton Keynes and North Bucks Chamber of Commerce at Cranfield University on 2 March 2005