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Central bank independence in New Zealand : public knowledge about and attitude towards the policy target agreement
Hayo, Bernd; Neumeier, Florian - 2018 - This version: 2 October 2018
Employing unique representative survey data from New Zealand collected in 2016, we study public knowledge about and attitude towards a specific monetary policy institution, the Policy Target Agreement (PTA). The PTA contains the inflation target for the Reserve Bank of New Zealand (RBNZ). First,...
Persistent link: https://www.econbiz.de/10011906352
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Central bank independence and conservatism under uncertainty : substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2010
This paper revisits the trade-of between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity …. -- Central bank independence ; Conservatism ; Transparency of monetary policy …
Persistent link: https://www.econbiz.de/10003950407
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Stable money and central bank independence : implementing monetary institutions in postwar Germany
Hefeker, Carsten - 2019
Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This was...
Persistent link: https://www.econbiz.de/10012104198
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Assessing spill-over effects of US monetary policy and macroeconomic announcements on financial markets in Argentina
Hayo, Bernd; Neuenkirch, Matthias - 2008
We study the effects of U.S. monetary policy and macroeconomic announcements on Argentine money, stock and foreign exchange markets’ returns and volatility over the period 1998 to 2006 using a GARCH model. Firstly, we show that both types of news have a significant impact on all markets....
Persistent link: https://www.econbiz.de/10003865937
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The impact of U.S. monetary policy normalization on capital flows to emerging-market economies
Dahlhaus, Tatjana; Vasishtha, Garima - 2014
The Federal Reserve's path for withdrawal of monetary stimulus and eventually increasing interest rates could have substantial repercussions for capital flows to emerging-market economies (EMEs). This paper examines the potential impact of U.S. monetary policy normalization on portfolio flows to...
Persistent link: https://www.econbiz.de/10010437964
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The Taylor rule and financial stability : a literature review with application for the eurozone
Käfer, Benjamin - 2014
The question of whether central banks should bear responsibility for financial stability is still unan-swered. Regarding interest rate implementation, it is thus not clear if and how the Taylor rule should be augmented by an additional financial stability term. This paper reviews the normative...
Persistent link: https://www.econbiz.de/10010344311
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Monetary policy lag, zero lower bound, and inflation targeting
Nishiyama, Shin-Ichi (contributor) - 2009
Although the concept of monetary policy lag has historical roots deep in the monetary economics literature, relatively little attention has been paid to the idea. In this paper, we build on Svensson's (1997) inflation targeting framework by explicitly taking into account the lagged effect of...
Persistent link: https://www.econbiz.de/10003790614
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Optimal policy under commitment and price level stationarity
Cateau, Gino - 2009
This paper proposes a simple analytical method to determine the stationarity of an unnormalized variable from the solution to a normalized model i.e. a model whose variables must be expressed in relative terms or must be differenced for a solution to exist. The paper then applies the methodto...
Persistent link: https://www.econbiz.de/10003823126
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Does FOMC communication help predicting federal funds target rate changes?
Hayo, Bernd; Neuenkirch, Matthias - 2009
We explain changes in the federal funds target rate using macroeconomic variables and Federal Open Market Committee (FOMC) communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to predict 75 target rate decisions between 1998 and 2006. We find, first, that...
Persistent link: https://www.econbiz.de/10003852257
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Bank of Canada communication and the predictability of Canadian monetary policy
Hayo, Bernd; Neuenkirch, Matthias - 2009
We explain changes in the Canadian target rate using macroeconomic variables and Bank of Canada (BOC) communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to predict 60 target rate decisions between 1998 and 2006. We find that BOC communication is...
Persistent link: https://www.econbiz.de/10003889007