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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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Non-Monetary News in Central Bank Communication
Cieslak, Anna - 2018
We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central banks and a comprehensive classification of events, we decompose news conveyed by central banks into news about monetary policy, economic growth, and separately, shocks to risk...
Persistent link: https://www.econbiz.de/10012480685
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The European Central Bank : Reshaping Monetary Politics in Europe
Alesina, Alberto - 1991
This paper studies how the creation of a European Central Bank (ECB) will change the political economy of monetary policy in Europe. The twelve governors of the national Central Banks of the EEC have recently proposed a statute for the ECB which delineates its institutional structure. In this...
Persistent link: https://www.econbiz.de/10012475129
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Central bank Credibility Before and After the Crisis
Bordo, Michael D. - 2015
A new measure of credibility is constructed as a function of the differential between observed inflation and some … estimate of the inflation rate that the central bank targets. The target is assumed to be met flexibly. Credibility is … credibility and central banks with strong institutional feaures tend to do better when hit by a shock of the magnitude of the 2007 …
Persistent link: https://www.econbiz.de/10012456960
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Establishing Credibility : Evolving Perceptions of the European Central Bank
Goldberg, Linda S. - 2005
The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high frequency data to test for persistent variation in market perceptions of...
Persistent link: https://www.econbiz.de/10012466879
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Constrained Discretion and Central Bank Transparency
Bianchi, Francesco - 2014
We develop and estimate a general equilibrium model in which monetary policy can deviate from active inflation stabilization and agents face uncertainty about the nature of these deviations. When observing a deviation, agents conduct Bayesian learning to infer its likely duration. Under...
Persistent link: https://www.econbiz.de/10012458099
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Inflation Announcements and Social Dynamics
Hachem, Kinda - 2014
We propose a new framework for understanding the effectiveness of central bank announcements when firms have heterogeneous inflation expectations. Expectations are updated through social dynamics and, with heterogeneity, not all firms choose to operate, putting downward pressure on realized...
Persistent link: https://www.econbiz.de/10012458503
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Informal Central Bank Communication
Vissing-Jorgensen, Annette - 2020
, because it reduces policy flexibility and harms the central bank's credibility and decision-making process. Central banks may …
Persistent link: https://www.econbiz.de/10012482494
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Central Bank Transparency : Causes, Consequences and Updates
Dincer, Nergiz - 2009
We present updated estimates of central bank for 100 countries up through 2006 and use them to analyze both the determinants and consequences of monetary policy transparency in an integrated econometric framework. We establish that there has been significant movement in the direction of greater...
Persistent link: https://www.econbiz.de/10012463856
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Central Bank Communication and Policy Effectiveness
Woodford, Michael - 2005
A notable change in central banking over the past 15 years has been a world-wide movement toward increased communication by central banks about their policy decisions, the targets that they seek to achieve through those decisions, and the central bank's view of the economy's likely future...
Persistent link: https://www.econbiz.de/10012466773