Financial Update (Third Quarter 2005)


 Pat Barron on
 Payment System

 Overdraft Protection
 Information Changes

 Subprime Mortgagees
 May Face More Risk

 Atlanta Fed Hosts
 Housing Conference

 Atlanta Fed Unveils
 Americas Center

 Fed Governor
 Addresses Basel II

 Fed Alters
 Banks’ Calculations

 Banking Journal

 Fed Makes Cash
 Operation Changes

 Innovating Small
 Firms’ Credit

 New Guidelines
 For Home Equity


 Data Bank

 Circular Letters



Fed and Other Central Banks Launch International Journal

To foster communication and research among central banks worldwide, the Federal Reserve Board and 24 other sponsoring organizations—including the Bank for International Settlements (BIS) and the central banks of countries in Europe, Asia, North and South America, and Africa—published the first issue of the International Journal of Central Banking (IJCB) in May. A new Web site (, hosted by the BIS, provides access to journal articles as well as additional information.

Reflecting central banks’ diverse missions
The quarterly journal focuses on central banking theory and practice and emphasizes research related to monetary and financial stability. The IJCB’s primary objectives are to feature research that reflects the missions of central banks around the world and to promote communication among researchers inside and outside central banks.

The debut issue features six articles, including “Monetary Policy with Judgment: Forecast Targeting,” “The Performance and Robustness of Interest-Rate Rules in Models of the Euro Area,” and “Committees Versus Individuals: An Experimental Analysis of Monetary Policy Decision-Making.” The authors include economists from the European Central Bank, the Bank of England, the Bank of Italy, the Federal Reserve Board, the St. Louis Fed, the Massachusetts Institute of Technology, and Princeton University.

Press release

Journal Web site

Editorial staff and contents of the premier issue

The journal’s editorial board is headed by the managing editor, former Federal Reserve Board Governor Ben Bernanke. The editorial board and associate editors comprise senior officials and economists from central banks, international financial institutions, and colleges and universities around the world.

Subscriptions free in 2005
Subscribers to the printed version of the journal will receive this year’s issues at no cost. Beginning in 2006, print subscriptions will be U.S.$100 annually. Subscription orders may be placed online at or by phone (202-452-3245), fax (202-728-5886), or e-mail ( Written correspondence should be directed to IJCB–Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.