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Nessen, M.; Söderström, U. - de Nederlandsche Bank - 2001

What are the implications of targeting different measures of inflation? We extend a basic theoretical framework of optimal monetary policy under inflation targeting to include several components of CPI inflation, and analyze the implications of using different measures of inflation as target...

Persistent link: https://www.econbiz.de/10005030271

Unconventional monetary policy of the ECB during the financial crisis: An assessment and new evidence

Pattipeilohy, Christiaan; End, Jan Willem van den; … - de Nederlandsche Bank - 2013

We first sketch how central banks have used unconventional monetary policy measures by using three indicators based on the composition of the balance sheet of eleven central banks. Our analysis suggests that although the ECB's balance sheet has increased dramatically during the crisis, the...

Persistent link: https://www.econbiz.de/10010757276

The role of regional information in the optimal composition of a committee

Maier, Philipp; Bierut, Beata; Berben, Robert-Paul - de Nederlandsche Bank - 2003

We analyse the optimal composition of a federal or supra-national committee. The representation of regional (national) entities in federal committees is typically motivated by their superior knowledge of local conditions. Using this argument, we formally model the optimal composition of a...

Persistent link: https://www.econbiz.de/10005106751

Central bank bashing: The case of the European Central Bank

Maier, Philipp; Bezoen, Saskia - de Nederlandsche Bank - 2002

Central banks do not operate in a vacuum. In this paper we analyse the factors leading to external pressure or public support for European monetary policy. Moreover, based upon the findings for the Deutsche Bundesbank, some additional lessons are drawn for the ECB. External pressure on the ECB...

Persistent link: https://www.econbiz.de/10005030244

Consumers' Inflation Expectations and Monetary Policy in Europe

Berk, Jan Marc - de Nederlandsche Bank - 2000

This paper analyses the effects of monetary policy decisions on inflation expectations of European consumers. Using a novel approach that does not assume unbiasedness of expectations, which makes use of survey data on expected future as well as perceived past price developments and allows for...

Persistent link: https://www.econbiz.de/10005021884

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

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 area inflation swap rates of maturities up to 10...

Persistent link: https://www.econbiz.de/10010752365

Effects of explicit FOMC policy rate guidance on equities and risk measures

Moessner, Richhild - de Nederlandsche Bank - 2013

We quantify the impact of explicit FOMC policy rate guidance used as an unconventional monetary policy tool at the zero lower bound of the policy rate on US equity prices, as well as on the risk indicators of credit and CDS spreads, implied volatilities and US equity index risk reversals. We...

Persistent link: https://www.econbiz.de/10010692347

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

of government bond yields to domestic economic news was reduced only at shorter maturities in Canada than in the United … Kingdom and the United States. Moreover, we find that it was reduced less strongly in Canada than in the United Kingdom. This … 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

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 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

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