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First issue of the International Journal of Central Banking

19 May 2005

The European Central Bank, along with the other sponsoring organisations[1] of the International Journal of Central Banking (IJCB), today announced the publication of the Journal’s first issue and the launch of a website ( hosted by the 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 website provides additional information about the Journal as well as free access to Journal articles.

A list of articles appearing in the first 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, is also 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 USD 100. Subscription orders may be placed online at, or by telephone (+1 202-452-3245), fax (+1 202-728-5886) or e-mail ( Written correspondence should be directed to IJCB, Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551.


Contents of the first 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, Günter 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 at the 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, 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

Franklin Allen, Nippon Life Professor of Finance and Economics, The Wharton School of the University of Pennsylvania

Douglas Diamond, Merton H. Miller Distinguished Service Professor of Finance, University of Chicago Graduate School of Business

Douglas Gale, Professor of Economics, New York University

Michael Gordy, Senior Economist, Division of Research and Statistics, Federal Reserve Board

Luigi Guiso, Visiting Professor of Economics, University of Chicago Graduate School of Business

Rafael Repullo, Professor of Economics and Director, Centro de Estudios Monetarios y Financieros (CEMFI)

Eli Remolona, Deputy Chief Representative, Representative Office for Asia and the Pacific, Bank for International Settlements

Michael Bordo, Professor of Economics, Rutgers University

Michael Devereux, Professor, Department of Economics, University of British Columbia

Olivier Jeanne, Economist, Research Department, International Monetary Fund

Andrew Rose, B.T. Rocca Professor, Economic Analysis and Policy, Haas School of Business, University of California, Berkeley

Philip Lane, Professor of International Macroeconomics and Director of the Institute for International Integration Studies, Trinity College, Dublin

Carmen Reinhart, Professor of Economics, Department of Economics, University of Maryland

Guy Debelle, Head, International Department, Reserve Bank of Australia

Michael Dotsey, Vice President and Senior Economic Policy Advisor, Philadelphia Federal Reserve

Jordi Gali, Professor, Department of Economics, Universitat Pompeu Fabra, Barcelona

Marvin Goodfriend, Senior Vice President and Policy Advisor, Federal Reserve Bank of Richmond

Charles Goodhart, Deputy Director, Financial Markets Group, London School of Economics

Andrew Haldane, Head of Division, Market Infrastructure, Market Stability, Bank of England

Takatoshi Ito, Professor, Faculty of Economics (Graduate School), University of Tokyo

Andrew Levin, Senior Economist, Division of Monetary Affairs, Federal Reserve Board

Francesco Lippi, Economist, Research Department, Banca d’Italia

Klaus Schmidt-Hebbel, Manager of Economic Research, Bank of Chile

Lars Svensson, Professor of Economics, Princeton University

Juergen von Hagen, Professor of Economics and Director, Centre for European Integration Studies, University of Bonn

  1. [1] Banque d’Algérie, Nationale Bank van België/Banque Nationale de Belgique, Banco Central do Brasil, Bank of Canada, People’s Bank of China, Bank of England, European Central Bank, Banque de France, Deutsche Bundesbank, Bank of Greece, Hong Kong Monetary Authority, Central Bank of Iceland, Banca d’Italia, Bank of Japan, De Nederlandsche Bank, Norges Bank, Banco de Portugal, Central Bank of the Russian Federation, Monetary Authority of Singapore, Banco de España, Sveriges Riksbank, Swiss National Bank, Central Bank of the Republic of Turkey, Federal Reserve Board, Bank for International Settlements.


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