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Low real rates as driver of secular stagnation: empirical assessment
End, Jan Willem van den; Hoeberichts, Marco - de Nederlandsche Bank - 2014
natural rate will be more effective in avoiding secular stagnation than reducing the real rate through higher inflation …
Persistent link: https://www.econbiz.de/10010945601
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Does Central Bank Transparency Reduce Interest Rates?
Geraats, Petra M.; Eijffinger, Sylvester C.W.; … - de Nederlandsche Bank - 2006
Central banks have become increasingly transparent during the last decade. One of the main benefits of transparency predicted by theoreticalmodels is that it enhances the credibility, reputation, and flexibility of monetary policy, which suggests that increased transparency should result in...
Persistent link: https://www.econbiz.de/10005101801
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The effects of Learning in Interactive Monetary Policy Committees
Berk, Jan Marc; Bierut, Beata K. - de Nederlandsche Bank - 2004
We develop a theoretical framework for studying the effects of interaction on the quality of decision-making by monetary policy committees. We show that interaction, is increasing one's expertise through an exchange of views, is most likely not to result in interdependent voting behaviour....
Persistent link: https://www.econbiz.de/10005106745
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Committee structure and its implications for Monetary policy decision-making
Berk, Jan Marc; Bierut, Beata K. - de Nederlandsche Bank - 2003
We investigate the implications for he setting of interest rates when monetary policy decisions are taken by a committee, in which a subset of members may meet prior to the voting in the commitee and therefore has the possibility to reach consensus ex ante to vote unanimously ex post. We allow...
Persistent link: https://www.econbiz.de/10005030248
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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 … explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis …
Persistent link: https://www.econbiz.de/10009393909
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Trading off monetary and financial stability: a balance of risk framework
End, Jan Willem van den - de Nederlandsche Bank - 2010
of inflation risks. The empirical application shows that trading off monetary and macroprudential policy reduces the … overall costs related to inflation and financial instability. This can be achieved by changing the preferences of the central … bank, lengthening the monetary policy horizon and by a more flexible inflation target. Estimation results of a probit model …
Persistent link: https://www.econbiz.de/10008468098
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Monetary Conditions in Europe: a methodological analysis
Peeters, H.M.M. - de Nederlandsche Bank - 1998
Recent studies criticise the construction of a Monetary Conditions Index (MCI), a composite index of interest and exchange rates frequently published by (central) banks, IMF and OECD. Instead of estimating the weights of this index by means of simple IS-curves, this paper investigates interest...
Persistent link: https://www.econbiz.de/10005106710
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On the Impact of Income and Policy Shocks on Consumption
Bayoumi, Tamim; Sgherri, Silvia - de Nederlandsche Bank - 2007
An increasing body of evidence suggests that the behavior of the economy has changed in many fundamental ways over the last decades. In particular, greater financial deregulation, larger wealth accumulation, and better policies might have helped lower uncertainty about future income and lengthen...
Persistent link: https://www.econbiz.de/10005106649
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The measurement of international pension obligations - Have we harmonised enough?
Wal, Dirk van der - de Nederlandsche Bank - 2014
In the domain of pension statistics comparability of pension entitlements across countries improved substantially due to new SNA/ESA recommendations. In the near future, inclusion of unfunded employment related pension schemes in the core accounts or in the supplementary table on pensions will...
Persistent link: https://www.econbiz.de/10010822699
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Statistical evidence on the mean reversion of interest rates
End, Jan Willem van den - de Nederlandsche Bank - 2011
Based on two hundred years of annual data of the Netherlands , Germany , US and Japan we analyse the mean reversion of long-term interest rates, by unit root tests over rolling windows and taking into account structural breaks and regime changes. While short-term rates and the yield curve tend...
Persistent link: https://www.econbiz.de/10008861747