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We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on … news and communication along with the estimated exchange rate misalignment on exchange rate as well as its volatility …
Persistent link: https://www.econbiz.de/10013079876
There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper provides an overview of the ways in which central banks have been providing more information about their monetary policymaking. Furthermore, it reviews the theoretical literature on...
Persistent link: https://www.econbiz.de/10013058509
, this paper aims to bridge the gap between the theory and practice of monetary policy transparency …
Persistent link: https://www.econbiz.de/10013318125
This paper presents empirical evidence on one aspect of central bank communication policy - formal pronouncements by … central bank communication policy are addressed (see Figure 1 for a summary). We find that STF's matter for bond market …
Persistent link: https://www.econbiz.de/10013081706
We examine “Forward Guidance Contracts”, which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a flexible commitment device and can improve economic performance when the economy is stuck in a liquidity...
Persistent link: https://www.econbiz.de/10013021419
The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and...
Persistent link: https://www.econbiz.de/10013095572
Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...
Persistent link: https://www.econbiz.de/10013057641
Central bank independence and transparency have become best practice in monetary policy. This paper cautions that transparency about economic information may not be beneficial in the absence of central bank independence. The reason is that it reduces monetary uncertainty, which could make the...
Persistent link: https://www.econbiz.de/10013317033
This paper analyses the stochastic properties of and the bilateral linkages between the central bank policy rates of the US, the Eurozone, Australia, Canada, Japan and the UK using fractional integration and cointegration techniques respectively. The univariate analysis suggests a high degree of...
Persistent link: https://www.econbiz.de/10012958879
This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which...
Persistent link: https://www.econbiz.de/10013058499