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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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The communication policy of the European Central Bank: An overview of the first decade
Haan, Jakob de; Jansen, David-Jan - de Nederlandsche Bank - 2009
Since its inception, the European Central Bank (ECB) has regarded communication as anintegral part of its monetary policy. This paper describes and evaluates ECB communications during the first decade of its operation.We conclude that, overall, ECB communication has contributed to the...
Persistent link: https://www.econbiz.de/10004983366
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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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Determinants of the rate of the Dutch unsecured overnight money market
Heijmans, Ronald; Hernández, Lola; Heuver, Richard - de Nederlandsche Bank - 2013
This paper investigates how changes in the monetary policy framework have affected the overnight money market lending rate for the Dutch segment of the euro area during tranquil and crisis times. We present an EGARCH model on the volatility of the overnight lending rate. The results show that...
Persistent link: https://www.econbiz.de/10011004570
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"Leaning Against the Wind" and the Timing of Monetary Pollicy
Agur, Itai; Demertzis, Maria - de Nederlandsche Bank - 2011
If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form, axiomatic framework. Financial stability objectives are shown to make a monetary authority more aggressive. By that we mean that in reaction to negative...
Persistent link: https://www.econbiz.de/10009192030
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Monetary Policy and Excessive Bank Risk Taking
Agur, Itai; Demertzis, Maria - de Nederlandsche Bank - 2010
This paper shows that a rate hike has countervailing effects on banks' risk appetite. It reduces risk when the debt burden of the banking sector is modest. We model a regulator whose trade-off between bank risk and credit supply is derived from a welfare function. We show that the regulator...
Persistent link: https://www.econbiz.de/10008774017
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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