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This paper analyzes the heterogeneous effects of monetary policy on workers with differing levels of labor force attachment. Exploiting variation in labor market tightness across metropolitan areas, we show that the employment of populations with lower labor force attachment—Blacks, high...
Persistent link: https://www.econbiz.de/10013177546
The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the...
Persistent link: https://www.econbiz.de/10010261156
There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper …. Furthermore, it reviews the theoretical literature on monetary policy transparency and relevant empirical findings. The focus is …
Persistent link: https://www.econbiz.de/10010333377
. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic …
Persistent link: https://www.econbiz.de/10010333384
Transparency has become one of the main features of monetary policymaking during the last decade. This paper … establishes some stylized facts. In addition, it provides a systematic overview of the practice of monetary policy transparency … framework, including inflation targeting. Nevertheless, the paper finds significant differences in transparency across monetary …
Persistent link: https://www.econbiz.de/10010274033
communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary …Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank … inflation and economic development have undergone larger increases in transparency. Moreover, it shows that greater transparency …
Persistent link: https://www.econbiz.de/10010274045
This paper reports the results of a survey among private sector economists about credibility and transparency of …
Persistent link: https://www.econbiz.de/10010315933
We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy...
Persistent link: https://www.econbiz.de/10010261407
High-frequency changes in interest rates around FOMC announcements are a standard method of measuring monetary policy shocks. However, some recent studies have documented puzzling effects of these shocks on private-sector forecasts of GDP, unemployment, or inflation that are opposite in sign to...
Persistent link: https://www.econbiz.de/10012207916
considers the evidence on return predictability, risk aversion and market efficiency. The paper then focuses on the theoretical …
Persistent link: https://www.econbiz.de/10010276273