Similar Search Results

Transparency, Flexibility and Macroeconomic Stabilization

Geraats, Petra - CESifo - 2014

Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...

Persistent link: https://www.econbiz.de/10010877697

Political Pressures and Monetary Mystique

Geraats, Petra - CESifo - 2007

Central bank independence and transparency have become best practice in monetary policy. This paper cautions that transparency about economic information may not be beneficial in the absence of central bank independence. The reason is that it reduces monetary uncertainty, which could make the...

Persistent link: https://www.econbiz.de/10005765657

Liquidity Shortages and Monetary Policy

Cao, Jin; Illing, Gerhard - CESifo - 2008

pure illiquidity risk. It is shown that, when bad states are highly unlikely, public provision of liquidity may improve the … an incentive of financial intermediaries to free ride on liquidity in good states, resulting in excessively low liquidity … more liquid investment. In that case, liquidity injection will make the free riding problem even worse. The results show …

Persistent link: https://www.econbiz.de/10005766205

Trends in Monetary Policy Transparency

Geraats, Petra - CESifo - 2009

Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary policy frameworks. It shows that increases in...

Persistent link: https://www.econbiz.de/10005051564

Financial Fragility, Bubbles and Monetary Policy

Illing, Gerhard - CESifo - 2001

prevent a run on financial intermediation by injecting liquidity when asset values fall significantly. The inflationary side … a central bank to inject liquidity in a crisis. …

Persistent link: https://www.econbiz.de/10005181425

Global Financial Transmission of Monetary Policy Shocks

Ehrmann, Michael; Fratzscher, Marcel - CESifo - 2006

The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...

Persistent link: https://www.econbiz.de/10005181586

Transparency of Monetary Policy: Theory and Practice

Geraats, Petra - CESifo - 2005

Transparency has become one of the main features of monetary policymaking during the last decade. This paper establishes some stylized facts. In addition, it provides a systematic overview of the practice of monetary policy transparency around the world. It shows much diversity in information...

Persistent link: https://www.econbiz.de/10005405911

Monetary Policy Transparency

Geraats, Petra - CESifo - 2014

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/10010737509