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Breaking Monetary Policy News : The Role of Mass Media Coverage of ECB Announcements for Public Inflation Expectations

Hirsch, Patrick; Feld, Lars P.; Koehler, Ekkehard A. - 2023

Using the variation in national television news of four major member states in the Eurozone, we find causal effects of coverage of high-frequency identified monetary policy announcements on households’ inflation expectations in an event study and a generalized Difference-in-Differences...

Persistent link: https://www.econbiz.de/10014260707

The stress of having a single monetary policy in Europe

Sturm, Jan-Egbert; Wollmershäuser, Timo - 2008

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the European Monetary Union (EMU) member countries. Notable differences...

Persistent link: https://www.econbiz.de/10010264325

The effects of monetary policy on unemployment dynamics under model uncertainty: evidence from the US and the Euro area

Altavilla, Carlo; Ciccarelli, Matteo - 2009

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10010264579

Monetary policy analysis in real-time: Vintage combination from a real-time dataset

Altavilla, Carlo; Ciccarelli, Matteo - 2011

This paper provides a general strategy for analyzing monetary policy in real time which accounts for data uncertainty without explicitly modelling the revision process. The strategy makes use of all the data available from a real-time data matrix and averages model estimates across all data...

Persistent link: https://www.econbiz.de/10010274753

Time-Varying Parameters in Monetary Policy Rules : A GMM Approach

Anderl, Christina; Caporale, Guglielmo Maria - 2023

This paper assesses time variation in monetary policy rules by applying a Time-Varying Parameter Generalised Methods of Moments (TVP-GMM) framework. Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada, Australia, New Zealand, Sweden) and five countries...

Persistent link: https://www.econbiz.de/10014348141

Point Targets, Tolerance Bands, or Target Ranges? Inflation Target Types and the Anchoring of Inflation Expectations

Ehrmann, Michael - 2021

Inflation targeting is implemented in different ways – most often by adopting point targets, by having tolerance bands around a point target, or by specifying target ranges. Using data for 20 economies, this paper tests whether the various target types affect the anchoring of inflation...

Persistent link: https://www.econbiz.de/10013231960

Exchange Rate and Inflation Under Weak Monetary Policy : Turkey Verifies Theory

Gürkaynak, Refet S.; Kısacıkoğlu, Burçin; Lee, … - 2022

For the academic audience, this paper presents the outcome of a well-identified, large change in the monetary policy rule from the lens of a standard New Keynesian model and asks whether the model properly captures the effects. For policymakers, it presents a cautionary tale of the dismal...

Persistent link: https://www.econbiz.de/10014083478

Does central bank communication really lead to better forecasts of policy decisions? : new evidence based on a Taylor rule model for the ECB

Sturm, Jan-Egbert; de Haan, Jakob - 2009

central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the … ECB communication that are all based on the ECB President's introductory statement at the press conference following an … included in our Taylor rule model, the ECB communication indicators remain significant. …

Persistent link: https://www.econbiz.de/10010274048

Does money matter in the ECB strategy? : New evidence based on ECB communication

Berger, Helge; de Haan, Jakob; Sturm, Jan-Egbert - 2006

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

The Importance of Being Vigilant : Has ECB Communication Influenced Euro Area Inflation Expectations?

Jansen, David-Jan; de Haan, Jakob - 2021

Using daily data on inflation-indexed bonds, we find evidence of a negative relationship between ECB communication … start of a tightening of ECB monetary policy was increasingly likely. This suggests that communication should be closely in … communication has been small …

Persistent link: https://www.econbiz.de/10013316794

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