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Toward a Holistic Approach to Central Bank Trust
Eickmeier, Sandra; Petersen, Luba - National Bureau of Economic Research - 2024
We examine public trust in the European Central Bank (ECB) and its determinants using data from the Bundesbank … psychology, we offer a fresh perspective on the factors influencing central bank trust that is more holistic than the … their trust in the ECB, tend to express higher trust in the ECB. Conversely, those who place greater importance on values …
Persistent link: https://www.econbiz.de/10014635679
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The Global Financial Cycle
Miranda-Agrippino, Silvia; Rey, Hélène - National Bureau of Economic Research - 2021
We review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co-movements of global factors in asset prices and capital flows...
Persistent link: https://www.econbiz.de/10012660005
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Central Bank Communication with the General Public : Promise or False Hope?
Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; … - National Bureau of Economic Research - 2022
. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust … on the extent to which this new outreach does in fact affect inflation expectations and trust. On balance, we see some …
Persistent link: https://www.econbiz.de/10013334494
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The Use and Meaning of Words in Central Banking : Inflation Targeting, Credibility, and Transparency
Friedman, Benjamin M. - 2002
Inflation targeting offers the promise of introducing to monetary policy a logic and consistency that some central banks' deliberations sorely missed in the past. At least in today's inherited monetary policymaking context, however, inflation targeting also serves two further objectives that are...
Persistent link: https://www.econbiz.de/10012469742
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Federal Reserve Private Information and the Behavior of Interest Rates
Romer, Christina D. - 1996
Many authors argue that asymmetric information between the Federal Reserve and the public is important to the conduct and the effects of monetary policy. This paper tests for the existence of such asymmetric information by examining Federal Reserve and commercial inflation forecasts. We...
Persistent link: https://www.econbiz.de/10012473150
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Implications of Dynamic Factor Models for VAR Analysis
Stock, James H. - 2005
This paper considers VAR models incorporating many time series that interact through a few dynamic factors. Several econometric issues are addressed including estimation of the number of dynamic factors and tests for the factor restrictions imposed on the VAR. Structural VAR identification based...
Persistent link: https://www.econbiz.de/10012467213
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Modest Policy Interventions
Leeper, Eric M. - 2002
We present a framework for computing and evaluating linear projections of macro variables conditional on hypothetical paths of monetary policy. A modest policy intervention is a change in policy that does not significantly shift agents' beliefs about policy regime and does not generate...
Persistent link: https://www.econbiz.de/10012469518
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The European Central Bank and the Euro : The First Year
Feldstein, Martin - 2000
The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and political history: creating a supranational central bank and leaving eleven countries without national currencies of their own. The experience of the first year confirms that one size...
Persistent link: https://www.econbiz.de/10012471257
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EMU : Ready, or Not?
Obstfeld, Maurice - 1999
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10012471509
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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