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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 …, however, did have a negative impact on clarity of central bank communication. …
Persistent link: https://www.econbiz.de/10009393909
Since its inception, the European Central Bank (ECB) has regarded communication as anintegral part of its monetary …, overall, ECB communication has contributed to the effectiveness of its monetary policy. Our review of the literature shows … reacted to ECB communication. In addition, there is evidence that communication has improved the predictability of interest …
Persistent link: https://www.econbiz.de/10004983366
Some central banks have a reputation for being secretive. A justification for that behavior thatwe find in the literature is that being transparent about its operations and beliefs hinders the central bank in achieving the best outcome. In other words, a central bank needs flexibility and...
Persistent link: https://www.econbiz.de/10005106660
We study the effects of Central Bank transparency on inflation and the output gap. We thus identify a small analytical model which concludes that transparency affects the variability of inflation and output and not their average levels. Then we examine whether this conjecture holds empirically,...
Persistent link: https://www.econbiz.de/10005101881
is important for a central bank to pay attention to its communication. It should also be aware that the public might not …
Persistent link: https://www.econbiz.de/10005106733
We study the effects of Central Bank transparency on inflation and the output gap. We thus first identify a small analytical model which concludes that transparency affects the variability of inflation and output and not their average levels. Then we examine whether this conjecture holds...
Persistent link: https://www.econbiz.de/10005030270
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 area inflation swap rates of maturities up to 10...
Persistent link: https://www.econbiz.de/10010752365
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 whether the sensitivity of Canadian government bond...
Persistent link: https://www.econbiz.de/10010698880
Anchored inflation expectations help stabilize inflation. Previous results indicate that monetary policy has been effective in breaking the link between actual and expected inflation at the euro area level. In this paper we examine whether this is also true at the national level. We define the...
Persistent link: https://www.econbiz.de/10008475756
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