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Has Inflation Targeting Become Less Credible? Oil Prices, Global Aggregate Demand and Inflation Expectations During the Global Financial Crisis
Sussman, Nathan - 2018
inflation expectations increased leading to fears of their un-anchoring. Using the first principal component of commodity prices … expectations reacted more strongly to global aggregate demand conditions embedded in oil prices. Within this framework we cannot … reject the hypothesis that expectations remained anchored …
Persistent link: https://www.econbiz.de/10012916305
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Is Monetary Policy Overburdened?
Orphanides, Athanasios - 2014
responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems … benefits. Overburdening monetary policy may eventually diminish and compromise the independence and credibility of the central …
Persistent link: https://www.econbiz.de/10013060232
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Systematic Monetary Policy and the Forward Premium Puzzle
Tambakis, Demosthenes N. - 2014
Is systematic monetary policy a driver of the forward premium puzzle, i.e. the tendency of high interest-rate currencies to appreciate, thus strongly violating Uncovered Interest Parity (UIP)? We address this question by studying a battery of monetary policy rules in a small open economy that is...
Persistent link: https://www.econbiz.de/10013064800
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Average Inflation Targeting and the Interest Rate Lower Bound
Budianto, Flora - 2020
. Under rational expectations, the welfare-maximizing averaging window is infinitely long, which means that optimal average …, averaging window can attain most of the welfare gain from PLT. Under boundedly-rational expectations, if cognitive limitations …
Persistent link: https://www.econbiz.de/10012837525
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Inflation Targeting and Financial Stability : Providing Policymakers with Relevant Information
Vredin, Anders - 2015
Experience from financial crises and central bank policies in the past decade has led to an intensified debate about the relationship between monetary policy and financial stability. Since there is no established theoretical framework for analysing the links between financial stability and...
Persistent link: https://www.econbiz.de/10013019611
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The Effects of a Central Bank's Inflation Forecasts on Private Sector Forecasts : Recent Evidence from Japan
Hattori, Masazumi - 2016
-term inflation target to help anchor expectations. This paper aims to document how much the release of the forecasts of one major … central bank, the Bank of Japan (BOJ), has influenced private sector expectations of inflation, and whether the degree of …
Persistent link: https://www.econbiz.de/10012982425
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Interventions and Inflation Expectations in an Inflation Targeting Economy
Pincheira, Pablo M. - 2014
In this paper we explore the role that exchange rate interventions may play in determining inflation expectations in … Chile. To that end, we consider a set of nine deciles of inflation expectations coming from the survey of professional …
Persistent link: https://www.econbiz.de/10013059560
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Benign Neglect of the Long-Term Interest Rate
Turner, Philip - 2014
Large-scale central bank purchases of government bonds have made the long-term interest rate key in the monetary policy debate. How central banks react to bond market movements has varied greatly from one episode to another. Driving the term premium in long-term rates negative may stimulate...
Persistent link: https://www.econbiz.de/10013064188
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Unconventional Monetary Policies : An Appraisal
Borio, Claudio E. V. - 2009
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10013153793
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Central Bank Swaps Then and Now : Swaps and Dollar Liquidity in the 1960s
McCauley, Robert N. - 2020
This paper explores the record of central bank swaps to draw out four themes. First, this recent device of central bank cooperation had a sustained pre-history from 1962-1998, surviving the transition from fixed to floating exchange rates. Second, Federal Reserve swap facilities have generally...
Persistent link: https://www.econbiz.de/10012837527