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Publication of the First Issue of the "International Journal of Central Banking"

May 19, 2005
Bank of Japan

The Bank of Japan, along with the other sponsoring organizations1 of the International Journal of Central Banking (IJCB), today announced the publication of the journal's first issue and the launch of a web site ( (Link to an external website)) hosted by the Bank for International Settlements.

  1. Bank of Algeria, National Bank of Belgium, Central Bank of Brazil, Bank of Canada, People's Bank of China, Bank of England, European Central Bank, Bank of France, Deutsche Bundesbank, Bank of Greece, Hong Kong Monetary Authority, Central Bank of Iceland, Bank of Italy,Netherlands Bank, Norges Bank, Bank of Portugal, Central Bank of Russian Federation, Monetary Authority of Singapore, Bank of Spain, Sveriges Riksbank, Swiss National Bank, Central Bank of Turkey, Federal Reserve Board, Bank for International Settlements.

The IJCB, a new quarterly publication, features articles on central bank theory and practice, with a special emphasis on research relating to monetary and financial stability.The IJCB web site provides additional information about the journal as well as free access to journal articles.

A list of articles appearing in the premier issue is attached.A list of the members of the journal's editorial board and associate editors, who are drawn from both inside and outside of central banking, also is attached.

Subscribers to the printed version of the journal will receive this year's issues at no cost.Beginning in 2006, print subscriptions will be available for an annual fee of U.S.$100. Subscription orders may be placed online at, or by phone (202-452-3245), fax (202-728-5886) or e-mail ( correspondence should be directed to IJCB - Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC20551.


Contents of the Premiere Issue of the International Journal of Central Banking

Monetary Policy with Judgment: Forecast Targeting
Lars E.O. Svensson

Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements
Refet S. Gurkaynak, Brian Sack, and Eric Swanson

The Performance and Robustness of Interest-Rate Rules in Models of the Euro Area
Ramon Adalid, Gunter Coenen, Peter McAdam, and Stefano Siviero

Monetary Policy Neglect and the Great Inflation in Canada, Australia, and New Zealand
Edward Nelson

Committees Versus Individuals: An Experimental Analysis of Monetary Policy Decision-Making
Clare Lombardelli, James Proudman, and James Talbot

Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
Ricardo Caballero and Arvind Krishnamurthy

International Journal of Central Banking

Managing Editor

Ben S. Bernanke, Governor, Federal Reserve Board


Hyun Shin, Professor of Finance, London School of Economics

Frank Smets, Deputy Director General, Directorate General Research, European Central Bank

Kazuo Ueda, Professor, Faculty of Economics, University of Tokyo

Michael Woodford, the John Bates Clark Professor of Political Economy and co-director of the Program for Economic Research at Columbia University

Associate Editors

  • Viral Acharya
    Assistant Professor of Finance
    London Business School
  • Carmen Reinhart
    Professor of Economics, Department of Economics
    University of Maryland
  • Franklin Allen
    Nippon Life Professor of Finance and Economics
    The Wharton School of the University of Pennsylvania
  • Guy Debelle
    Head, International Department
    Reserve Bank of Australia
  • Douglas Diamond,
    Merton H. Miller Distinguished Service Professor of Finance
    University of Chicago Graduate School of Business
  • Michael Dotsey
    Vice President and Senior Economic Policy Advisor
    Philadelphia Federal Reserve
  • Douglas Gale
    Professor of Economics
    New York University
  • Jordi Gali
    Professor, Department of Economics
    Universitat Pompeu Fabra
  • Michael Gordy
    Senior Economist, Division of Research and Statistics
    Federal Reserve Board
  • Marvin Goodfriend
    Senior Vice President and Policy Advisor
    Federal Reserve Bank of Richmond
  • Luigi Guiso
    Visiting Professor of Economics
    University of Chicago Graduate School of Business
  • Charles Goodhart
    Deputy Director, Financial Markets Group
    London School of Economics
  • Rafael Repullo
    Professor of Economics and Director
    Centro de Estudios Monetarios y Financieros (CEMFI)
  • Andrew Haldane
    Head of Division, Market Infrastructure, Market Stability
    Bank of England
  • Eli Remolona
    Deputy Chief Representative
    Representative Office for Asia & the Pacific
    Bank for International Settlements
  • Takatoshi Ito
    Professor, Faculty of Economics (Graduate School)
    University of Tokyo
  • Michael Bordo
    Professor of Economics
    Rutgers University
  • Andrew Levin
    Senior Economist, Division of Monetary Affairs
    Federal Reserve Board
  • Michael Devereux
    Professor, Department of Economics
    University of British Columbia
  • Francesco Lippi
    Economist, Research Department
    Bank of Italy
  • Olivier Jeanne
    Economist, Research Department
    International Monetary Fund
  • Klaus Schmidt-Hebbel
    Manager of Economic Research
    Bank of Chile
  • Andrew Rose
    B.T. Rocca Professor, Economic Analysis and Policy
    Haas School of Business, University of California, Berkeley
  • Lars Svensson
    Professor of Economics
    Princeton University
  • Philip Lane
    Professor of International Macroeconomics and Director of the Institute for International Integration Studies
    Trinity College Dublin
  • Juergen von Hagen
    Professor of Economics and Director, Center for European Integration Studies
    University of Bonn