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Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2006

Media coverage of monetary policy actions is a central channel of a central bank’s communication with the wider public, and thus an important factor for its credibility and policy effectiveness. This paper analyses the coverage which ECB monetary policy decisions receive in the print media,...

Persistent link: https://www.econbiz.de/10005530962

Implications for liquidity from innovation and transparency in the European corporate bond market

Laganá, Marco; Perina, Martin; Köppen-Mertes, Isabel von - European Central Bank - 2006

and transparency for liquidity of corporate bond markets. We have applied it to the illiquid segments of the European … systemic liquidity. We also found that post-trade transparency has surprisingly little bearing on liquidity in that where it … improves liquidity it is merely acting as a proxy for pre-trade transparency or transparency of holdings. We conclude that if …

Persistent link: https://www.econbiz.de/10005344808

Quantitative goals for monetary policy

Fatás, Antonio; Mihov, Ilian; Rose, Andrew K. - European Central Bank - 2006

We study empirically the macroeconomic effects of an explicit de jure quantitative goal for monetary policy. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation of both having a quantitative target, and of hitting a...

Persistent link: https://www.econbiz.de/10005344838

How much does the public know about the ECB's monetary policy? Evidence from a survey of Dutch households

van der Cruijsen, Carin; Jansen, David-Jan; de Haan, Jakob - European Central Bank - 2010

Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge on the ECB’s objectives is far from perfect. Both a...

Persistent link: https://www.econbiz.de/10008694054

The role of central bank transparency for guiding private sector forecasts

Ehrmann, Michael; Eijffinger, Sylvester; Fratzscher, Marcel - European Central Bank - 2010

expectations. This paper analyses empirically whether enhanced central bank transparency lowers dispersion among professional … forecasters of key economic variables, using a large set of proxies for central bank transparency in 12 advanced economies. It … finds evidence for a significant and sizeable effect of central bank transparency on forecast dispersion, be it by means of …

Persistent link: https://www.econbiz.de/10008545908

Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters

Andersson, Magnus; Hofmann, Boris - European Central Bank - 2009

This paper conducts a comparative analysis of the performances of the forward guidance strategies adopted by the Reserve Bank of New Zealand, the Norges Bank and the Riksbank, with the aim to gauge whether forward guidance via publication of an own interest rate path enhances a central bank’s...

Persistent link: https://www.econbiz.de/10008477228

Transparency, disclosure and the federal reserve

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2005

indeed have improved transparency in the sense that information is now released to the markets at an earlier time and with …

Persistent link: https://www.econbiz.de/10005162886

Central bank transparency and private information in a dynamic macroeconomic model

Pearlman, Joseph G. - European Central Bank - 2005

We investigate the role of economic transparency within the framework of one of Townsend’s models of ‘forecasting the …

Persistent link: https://www.econbiz.de/10005162888

On the indeterminacy of new-Keynesian economics

Beyer, Andreas; Farmer, Roger E. A. - European Central Bank - 2004

We study identiÞcation in a class of three-equation monetary models. We argue that these models are typically not identiÞed. For any given exactly identiÞed model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to...

Persistent link: https://www.econbiz.de/10005530720

Which kind of transparency? On the need for clarity in monetary policy-making

Winkler, Bernhard - European Central Bank - 2000

In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple … potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of … this perspective transparency primarily hinges on a shared mode of interpretation ('common understanding') between the …

Persistent link: https://www.econbiz.de/10005530810