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Transparency of monetary policy : theory and practice

Geraats, Petra Maria - 2005

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

Trends in monetary policy transparency

Geraats, Petra Maria - 2009

Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank … communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary … inflation and economic development have undergone larger increases in transparency. Moreover, it shows that greater transparency …

Persistent link: https://www.econbiz.de/10010274045

Interpreting how others interpret it: Social value of public information

Gizatulina, Alia - 2012

This paper studies the social value of public information in environments without common knowledge of data-generating process. We show that the stronger is the coordination motive behind agents behaviour, the more they would like to interpret private or public signals in the way that they...

Persistent link: https://www.econbiz.de/10010281863

The impact of monetary and commodity fundamentals, macro news and central bank communication on the exchange rate: evidence from South Africa

Égert, Balázs - 2009

This paper studies drivers of high-frequency (daily) dynamics of the South African rand vis-à-vis the dollar from January 2001 to July 2007. We find strong nonlinear effects of commodity prices, perceived country and emerging market risk premium and changes in the dollar-euro exchange rate on...

Persistent link: https://www.econbiz.de/10010273784

The importance of being vigilant: has ECB communication influenced Euro area inflation expectations?

Jansen, David-Jan; de Haan, Jakob - 2007

Using daily data on inflation-indexed bonds, we find evidence of a negative relationship between ECB communication regarding risks to price stability - measured on the basis of the frequency and strength of the keyword vigilance' - and changes in euro area break-even inflation. However, this...

Persistent link: https://www.econbiz.de/10010274042

Anchoring Households' Inflation Expectations When Inflation Is High

Nghiem, Giang; Dräger, Lena; Dalloul, Ami - 2024

This paper explores communication strategies for anchoring households' medium-term inflation expectations in a high inflation environment. We conducted a survey experiment with a representative sample of 4,000 German households at the height of the recent inflation surge in early 2023, with...

Persistent link: https://www.econbiz.de/10014534373

What People Believe about Monetary Finance and What We Can('t) Do about It: Evidence from a Large-Scale, Multi-Country Survey Experiment

Hommes, Cars; Pinter, Julien; Salle, Isabelle - 2023

We conduct an information-provision experiment within a large-scale household survey on public finance in France, The Netherlands and Italy. We elicit prior opinions via open-ended questions and introduce a measure of macroeconomic policy literacy. A central bank (CB) educational blogpost...

Persistent link: https://www.econbiz.de/10014377548

Preaching to the Agnostic: Inflation Reporting Can Increase Trust in the Central Bank but Only among People with Weak Priors

Hayo, Bernd; Méon, Pierre-Guillaume - 2023

Using a randomized controlled trial, we study whether showing German respondents a graph plotting the European Central Bank's inflation target alongside inflation in the euro area from 1999 to 2017 affects respondents' trust in the ECB. The treatment has, on average, no significant effect on the...

Persistent link: https://www.econbiz.de/10014377610

Central Bank Communication with the General Public

Dräger, Lena - 2023

This paper surveys the literature on the role and effects of central bank communication with the general public, particularly regarding the formation of macroeconomic expectations. It starts by giving a brief overview of the recent "communication revolution" in central bank communication. The...

Persistent link: https://www.econbiz.de/10014469757

Consumers' Macroeconomic Expectations

Dräger, Lena; Lamla, Michael J.; Lamla, Michael - 2023

After the financial crisis of 2008, central banks around the world have increased their communication efforts to reach consumers, with the aim of both guiding and anchoring their inflation expectations. For the expectations channel of monetary policy to work as intended, central banks need a...

Persistent link: https://www.econbiz.de/10014469808