Showing 1 - 10 of 2,572
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
Every monetary policy decision by the Reserve Bank of New Zealand (RBNZ) is accompanied by a written statement about the state of the economy and the policy outlook, but only every second decision by a published interest rate forecast. We exploit this difference to study the relative influences...
Persistent link: https://www.econbiz.de/10012892035
We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a credit wedge in the IS curve. The “divine...
Persistent link: https://www.econbiz.de/10014357043
How should central banks optimally aggregate sectoral inflation rates in the presence of imperfect labor mobility across sectors? We study this issue in a two-sector New-Keynesian model and show that a lower degree of sectoral labor mobility, ceteris paribus, increases the optimal weight on...
Persistent link: https://www.econbiz.de/10013315148
a decentralized way. In our benchmark model the two countries always agree on a centralized regulation policy. In …
Persistent link: https://www.econbiz.de/10013236197
The paper empirically examines the implementation record of international financial regulation of the banking sector … record is particularly strong in countries where large banking sectors and big banks are both present, and where regulation …
Persistent link: https://www.econbiz.de/10012824593
stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the …
Persistent link: https://www.econbiz.de/10013405970
Conditional yield skewness is an important summary statistic of the state of the economy. It exhibits pronounced variation over the business cycle and with the stance of monetary policy, and a tight relationship with the slope of the yield curve. Most importantly, variation in yield skewness has...
Persistent link: https://www.econbiz.de/10013222193
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
We study how different forms of communication influence the inflation expectations of individuals in a randomized controlled trial. We first solicit individuals’ inflation expectations in the Nielsen Homescan panel and then provide eight different forms of information regarding inflation....
Persistent link: https://www.econbiz.de/10012892124