Showing 1 - 10 of 171
main conclusions are that permanently reducing the inflation objective depresses output in the first year, but has no real …
Persistent link: https://www.econbiz.de/10005021880
One of the main criticisms on the original Taylor rule is the so-called real time critique; because data on especially the output gap are only available after some quarters the original Taylor rule is not operational. Moreover, Taylor rules estimated with ex post revised data could result in...
Persistent link: https://www.econbiz.de/10005030260
One of the main criticisms on the original Taylor rule is the so-called real time critique; because data on especially the output gap are only available after some quarters the original Taylor rule is not operational. Moreover, Taylor rules estimated with ex post revised data could result in...
Persistent link: https://www.econbiz.de/10005021873
We show that comments by euro area central bankers contain information on future ECB interest rate decisions, but that the comments mainly reflect recent developments in macroeconomic variables. Furthermore, models using only communication variables are outperformed by straightforward Taylor...
Persistent link: https://www.econbiz.de/10005106688
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
Recently, it has often been argued that globalization eases the job of central banks as it helps to tame inflation …-Treaty) could or should reduce their efforts in the fight against inflation in favour of supporting the general economic policies of …
Persistent link: https://www.econbiz.de/10005106786
This paper investigates the level and development of cross-country stock market dependence using daily returns on stock indices. The use of copulas allows us to build exible models of the joint distribution of stock index returns. In particular, we apply univariate AR(p)-GARCH(1,1) models to the...
Persistent link: https://www.econbiz.de/10005101799
We introduce a structural dynamic network model of the formation of lending relationships in the unsecured interbank market. Banks are subject to random liquidity shocks and can form links with potential trading partners to bilaterally Nash bargain about loan conditions. To reduce credit risk...
Persistent link: https://www.econbiz.de/10011185013
This paper analyses the effects of monetary policy decisions on inflation expectations of European consumers. Using a … responses of consumers in various European countries into quantitative time series of inflation expectations. After checking the … inflation on inflation expectations across European countries. We inter alia seek to explore whether the reaction of consumers …
Persistent link: https://www.econbiz.de/10004970716
This paper analyses the effects of monetary policy decisions on inflation expectations of European consumers. Using a … responses of consumers in various European countries into quantitative time series of inflation expectations. After checking the … inflation on inflation expectations across European countries. We inter alia seek to explore whether the reaction of consumers …
Persistent link: https://www.econbiz.de/10005021884