In the matured market economies, due to the obvious cycles in economic growth, the adjustment of interest rate also show a periodic feature, that is, raising the interest rate in one period and cutting the rate in another. The pattern of economic cycles in China is not yet that stable, so it’s not appropriate to say that we have entered a certain period.
BIS Review 44/1998  -6-  The experience of the Federal Reserve System also demonstrates that national – regional, in the US – central banks can find their own market niches in research and analysis. For the OeNB, for example, I would see a comparative advantage in studies on the transition countries. 2.