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Inflation targeting and private sector forecasts
Cecchetti, Stephen G. - 2009
Transparency is one of the biggest innovations in central bank policy of the past quarter century. Modern central … cause them to overreact to the signals from the central bank, leading the economy to be too sensitive to common forecast …
Persistent link: https://www.econbiz.de/10012463225
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How Central Bankers See It : The First Decade of ECB Policy and Beyond
Cecchetti, Stephen G. - 2008
In this history of the first decade of ECB policy, we also discuss key challenges for the next decade. Beyond the ECB's track record and an array of published critiques, our analysis relies on unique source material: extensive interviews with current and former ECB leaders and with other...
Persistent link: https://www.econbiz.de/10012464158
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Crisis and Responses : the Federal Reserve and the Financial Crisis of 2007-2008
Cecchetti, Stephen G. - 2008
Realizing that their traditional instruments were inadequate for responding to the crisis that began on 9 August 2007, Federal Reserve officials improvised. Beginning in mid-December 2007, they implemented a series of changes directed at ensuring that liquidity would be distributed to those...
Persistent link: https://www.econbiz.de/10012464512
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Central Bank Policy Rules : Conceptual Issues and Practical Considerations
Cecchetti, Stephen G. - 1997
The design of rules for central bank policy has been a subject of increasing interest to many monetary economists. The …
Persistent link: https://www.econbiz.de/10012472507
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Measuring the Macroeconomic Risks Posed by Asset Price Booms
Cecchetti, Stephen G. - 2006
Modern central bankers are the risk managers of the financial system. They take actions based not only on point forecasts for growth and inflation, but based on the entire distribution of possible macroeconomic outcomes. In numerous instances monetary policymakers have acted in ways designed to...
Persistent link: https://www.econbiz.de/10012466123
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Do Capital Adequacy Requirements Matter for Monetary Policy?
Cecchetti, Stephen G. - 2005
procyclical impact of bank capital requirements. By contrast, central bankers in Germany and Japan clearly do not act as the …
Persistent link: https://www.econbiz.de/10012466841
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Fiscal Consequences of Central Bank Losses
Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024
whether the central bank chooses to buy domestic or foreign assets, thus resulting in transfers either within or between … compensates for losses (the structure of indemnification agreements). Data from the Federal Reserve, the Eurosystem, and the Bank … of England show that maximum annual losses are between 0.3 and 1.5 percent of GDP. By contrast, the Swiss National Bank …
Persistent link: https://www.econbiz.de/10014544756