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Chapter 24. Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?
Friedman, Benjamin M.; Kuttner, Kenneth N. - In: Handbook of monetary economics : volume 3, (pp. 1345-1438). 2010
Central banks no longer set the short-term interest rates that they use for monetary policy purposes by manipulating the supply of banking system reserves, as in conventional economics textbooks; this process normally involves little or no variation in the supply of central bank liabilities. In...
Persistent link: https://www.econbiz.de/10014025618
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Can we identify the Fed's preferences?
Chatelain, Jean-Bernard; Ralf, Kirsten - 2017
Using US data, we estimate optimal policy with a probability below one that the Fed reneges on its commitment ("limited credibility") versus discretionary policy where the Fed reneges on its commitment at all periods with a probability equal to one ("zero credibility"). The transmission...
Persistent link: https://www.econbiz.de/10011695111
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Monetary Policy When the Central Bank Shapes Financial-Market Sentiment
Kashyap, Anil K.; Stein, Jeremy C. - National Bureau of Economic Research - 2022
Recent research has found that monetary policy works in part by influencing the risk premiums on both traded financial-market securities and intermediated loans. Research has also shown that when risk premiums are compressed, there is an increased likelihood of a reversal that damages the...
Persistent link: https://www.econbiz.de/10013477243
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Central bank collateral frameworks
Nyborg, Kjell G. - 2015
This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet occupies a central role in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood by the observation that the money at the core of these...
Persistent link: https://www.econbiz.de/10011296085
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Does central bank communication really lead to better forecasts of policy decisions? : new evidence based on a Taylor rule model for the ECB
Sturm, Jan-Egbert; Haan, Jakob de - 2009
central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the … ECB communication that are all based on the ECB President's introductory statement at the press conference following an … included in our Taylor rule model, the ECB communication indicators remain significant. -- ECB ; central bank ; communication …
Persistent link: https://www.econbiz.de/10003919419
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Monetary Policy without Moving Interest Rates : The Fed Non-Yield Shock
Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2024
Existing high-frequency monetary policy shocks explain surprisingly little variation in stock prices and exchange rates around FOMC announcements. Further, both of these asset classes display heightened volatility relative to non-announcement times. We use a heteroskedasticity-based procedure to...
Persistent link: https://www.econbiz.de/10014576665
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Dauerkritik an der Europäischen Zentralbank : falsch angewendete Theorie untergräbt Vertrauen in die Geldpolitik
Winkler, Adalbert - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 94 (2014) 7, pp. 479-486
Die Beschlüsse der Europäischen Zentralbank vom 5. Juni 2014 sind zum Teil heftig kritisiert worden. Damit setzt sich … die überwiegend negative Bewertung an der Politik der Europäischen Zentralbank fort, die seit langem zu beobachten ist …, aber im Widerspruch zur realen Entwicklung steht. Sie lässt sich nur durch das Festhalten an einer Theorie erklären, die …
Persistent link: https://www.econbiz.de/10010404442
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EZB: mehr Transparenz wagen
Weber, Christoph S. - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 92 (2012) 12, pp. 827-832
Die Europäische Zentralbank ist eine Institution, die nicht direkt demokratisch legitimiert ist. Dies wird insbesondere …
Persistent link: https://www.econbiz.de/10009682579
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Central bank's balance sheet management in times of systemic crises
Lovrinović, Ivan; Solenički, Martina; Vujeva, Karlo - In: Macroeconomic responses to the COVID-19 pandemic : …, (pp. 111-156). 2021
The central bank's balance sheet has become the main instrument of monetary policy in the aftermath of the GFC and the COVID-19 health crisis. Hence, the aim of this paper is to analyze changes in the balance sheets' sizes and channels of base money creation in groups of countries, taking note...
Persistent link: https://www.econbiz.de/10012608987
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The Challenges of Monetary Policy in Turkey
Çulha, Olcay - 2008
Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007. However this objective...
Persistent link: https://www.econbiz.de/10012445008