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Intervening Against the Fed
Rodnyansky, Alexander; Timmer, Yannick; Yago, Naoki - 2023
This paper studies the spillovers of US monetary policy and the mitigating role of foreign exchange interventions (FXI) by combining deviations from a daily FXI policy rule with high-frequency US monetary policy shocks, daily exchange rates, and firm-level stock prices, as well as firm-level...
Persistent link: https://www.econbiz.de/10014345962
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Inflation Literacy, Inflation Expectations, and Trust in the Central Bank : A Survey Experiment
Dräger, Lena; Nghiem, Giang - 2023
This paper studies the causal effect of inflation literacy on inflation expectations and trust in the central bank using a randomized control trial (RCT) on a representative sample of the German population. In an experiment with two steps, we first test the effect of non-numerical information...
Persistent link: https://www.econbiz.de/10014346849
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A Monetary Equilibrium with the Lender of Last Resort
Matsuoka, Tarishi; Watanabe, Makoto - 2023
reserves (a liquidity crisis) occurs endogenously. We show that discount window lending by the LLR is welfare-improving but … reduces banks’ ex-ante incentive to hold monetary reserves, which increases the probability of a liquidity crisis, and can …
Persistent link: https://www.econbiz.de/10014356320
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The Central Bank Governor and Interest Rate Setting by Committee
Ommeren, Emile van - 2019
This paper examines the role of central bank governors in monetary policy decisions taken by a committee. To carry out this analysis, we constructed a novel dataset of committee voting behaviour for six OECD countries for up to three decades. Using a range of Taylor-rule specifications, we show...
Persistent link: https://www.econbiz.de/10012861451
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The Fed's Response to Economic News Explains the 'Fed Information Effect'
Bauer, Michael - 2020
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/10012839776
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Monetary Policy Surprises and Exchange Rate Behavior
Gürkaynak, Refet S. - 2020
Central banks unexpectedly tightening policy rates often observe the exchange value of their currency depreciate, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using eventstudies and ask whether an information effect, where the public...
Persistent link: https://www.econbiz.de/10012822502
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What Do Central Bankers Do? Evidence from the European Central Banks' Executive Board
Badinger, Harald - 2019
This paper examines how managers at the top of a public institution, central bank executives, allocate their working time. Using detailed information from personal diaries of the six members of the European Central Bank’s Executive Board over a period of two years, we codify and analyze more...
Persistent link: https://www.econbiz.de/10012892122
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Central Bank Policies and Financial Markets : Lessons from the Euro Crisis
Mody, Ashoka - 2019
identify financial markets’ response to the ECB’s liquidity injections and its more pro-active monetary stimulus between … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in … bond markets and improved economic sentiment, as reflected in higher equity prices. In contrast, passive euro liquidity …
Persistent link: https://www.econbiz.de/10012892183
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The ECB's Policy, the Recovery Fund and the Importance of Trust : The Case of Greece
Dimakopoulou, Vasiliki; Economides, George; … - 2021
This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to...
Persistent link: https://www.econbiz.de/10013323086
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Central Bank Digital Currency : When Price and Bank Stability Collide
Schilling, Linda; Fernández-Villaverde, Jesús; Uhlig, … - 2021
transformation while providing liquidity to private customers who suffer “spending” shocks. We analyze these issues in a nominal …
Persistent link: https://www.econbiz.de/10013314768