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history of honesty and a high level of central bank independence. According to our respondents, the Federal Reserve is the … most credible, transparent and independent central bank out of seven large central banks. The ECB is not perceived as …
Persistent link: https://www.econbiz.de/10011399168
The paper discusses key elements of optimal central bank design and applies its findings to the Eurosystem. A …
Persistent link: https://www.econbiz.de/10003301388
There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper provides an overview of the ways in which central banks have been providing more information about their monetary policymaking. Furthermore, it reviews the theoretical literature on...
Persistent link: https://www.econbiz.de/10010237274
(MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated … extra central bank conservatism is required when there is ambiguity about the MPC's true decision rule. …
Persistent link: https://www.econbiz.de/10010391838
We investigate regime-dependent Granger causality between real output, inflation and monetary indicators and map with U.S. Fed Chairperson's tenure since 1965. While all monetary indicators have causal predictive content in certain time periods, we report that the Federal Funds rate (FFR) and...
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