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Does the clarity of inflation reports affect volatility in financial markets?
Bulíř, Aleš; Číhak, Martin; Jansen, David-Jan - de Nederlandsche Bank - 2014
We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, and Sveriges Riksbank using the Flesch-Kincaid grade level, a standard readability...
Persistent link: https://www.econbiz.de/10011004565
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A Measure for Credibility: Tracking US Monetary Developments
Demertzis, Maria; Marcellino, Massimiliano; Viegi, Nicola - de Nederlandsche Bank - 2008
, we check how well our measure captures both the evolution of credibility in US monetary policy, as well as reactions to …
Persistent link: https://www.econbiz.de/10005021831
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Note on zero lower bound worries
Ullersma, Cees; Hieminga, Gerben - de Nederlandsche Bank - 2006
Although some authors have suggested that monetary expansion is still possible when the monetary policy interest rate … central banks.aversion to very low interest rates, we investigate optimal monetary policy in a New-Keynesian macro … policies when the policy interest rate cannot be reduced further. …
Persistent link: https://www.econbiz.de/10005021839
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A taylor rule for the euro area based on quasi-real time data
Adema, Y. - de Nederlandsche Bank - 2003
estimated with ex post revised data could result in misleading descriptions of monetary policy. The aim of this paper is to … (quasi-)real time data and an interest rate smoothing term give a good description of monetary policy in the euro area during … on, actual monetary policy was more expansionary than what is expected of the estimated Taylor rules. We also find that …
Persistent link: https://www.econbiz.de/10005021873
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Clarity of Central Bank Communication About Inflation
Bulír, Ales; Cihák, Martin; Jansen, David-Jan - de Nederlandsche Bank - 2011
This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010....
Persistent link: https://www.econbiz.de/10009393909
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Effects of ECB balance sheet policy announcements on inflation expectations
Moessner, Richhild - de Nederlandsche Bank - 2014
We investigate whether ECB balance sheet policy announcements in the wake of the global financial crisis have affected … the ECB.s monetary policy credibility as measured by long-term inflation expectations, by looking at their effects on euro … expectations. We therefore find no strong evidence to suggest that ECB balance sheet policy announcements have led to much higher …
Persistent link: https://www.econbiz.de/10010752365
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An Assessment of the Consistency of ECB Communication using Wordscores
Jansen, David-Jan; Haan, Jakob de - de Nederlandsche Bank - 2010
Wordscores uses word frequencies to extract information from texts with known policy positions. Wordscores uses this … information to estimate the unknown policy positions of so - called virgin texts. We apply Wordscores to the ECB President …'s introductory statements following Governing Council meetings. We code policy positions of statements from the first three years of …
Persistent link: https://www.econbiz.de/10008466136
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Effect of the zero lower bound on bond yield sensitivity to news in Canada in comparison with the UK and US
Moessner, Richhild - de Nederlandsche Bank - 2013
The interest rate channel of monetary policy works both through short- and long-term interest rates. At the zero lower … bound of the policy rate, monetary policy can still be effective through unconventional monetary policy measures. We study … suggests that in Canada monetary policy lost less of its effectiveness than in the United Kingdom, and only up to shorter …
Persistent link: https://www.econbiz.de/10010698880
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How Anchored Are Inflation Expectations in EMU Countries?
Cruijsen, Carin van der; Demertzis, Maria - de Nederlandsche Bank - 2009
Anchored inflation expectations help stabilize inflation. Previous results indicate that monetary policy has been …
Persistent link: https://www.econbiz.de/10008475756
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Did the crisis affect inflation expectations?
Galati, Gabriele; Poelhekke, Steven; Zhou, Chen - de Nederlandsche Bank - 2009
We investigate whether the anchoring properties of long-run inflation expectations in the United States, the euro area and the United Kingdom have changed around the economic crisis that erupted in mid-2007. We document that in these three economies, expectations measures extracted from...
Persistent link: https://www.econbiz.de/10008482047