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Central bank transparency and private information in a dynamic macroeconomic model
Pearlman, Joseph G. - 2005
We investigate the role of economic transparency within the framework of one of Townsend’s models of ‘forecasting the …
Persistent link: https://www.econbiz.de/10011604501
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Necessity as the mother of invention: Monetary policy after the crisis
Blinder, Alan; Ehrmann, Michael; de Haan, Jakob; … - 2017
We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys - one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to...
Persistent link: https://www.econbiz.de/10011667191
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Which kind of transparency? On the need for clarity in monetary policy-making
Winkler, Bernhard - 2000
In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple … potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of … this perspective transparency primarily hinges on a shared mode of interpretation ('common understanding') between the …
Persistent link: https://www.econbiz.de/10011604072
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On the indeterminacy of new-Keynesian economics
Beyer, Andreas; Farmer, Roger E. A. - 2004
We study identiÞcation in a class of three-equation monetary models. We argue that these models are typically not identiÞed. For any given exactly identiÞed model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to...
Persistent link: https://www.econbiz.de/10011604369
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Transparency, disclosure and the federal reserve
Ehrmann, Michael; Fratzscher, Marcel - 2005
indeed have improved transparency in the sense that information is now released to the markets at an earlier time and with …
Persistent link: https://www.econbiz.de/10011604503
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Monetary policy in the media
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
Media coverage of monetary policy actions is a central channel of a central bank’s communication with the wider public, and thus an important factor for its credibility and policy effectiveness. This paper analyses the coverage which ECB monetary policy decisions receive in the print media,...
Persistent link: https://www.econbiz.de/10011604725
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Social value of public information: testing the limits to transparency
Ehrmann, Michael; Fratzscher, Marcel - 2007
Transparency has become an almost universal virtue among central banks. The paper tests empirically, for the case of … the Federal Reserve, two hypotheses about central bank transparency derived from the debate of Morris and Shin (2002) and …, but may reduce it when uncertainty is low. The findings underline the limits to transparency and stress the need for …
Persistent link: https://www.econbiz.de/10011604867
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Purdah: on the rationale for central bank silence around policy meetings
Ehrmann, Michael; Fratzscher, Marcel - 2008
. This practice is remarkable, as it seems to contradict the virtue of transparency by requiring central banks to withhold … the limits to central bank transparency. …
Persistent link: https://www.econbiz.de/10011604914
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How much does the public know about the ECB's monetary policy? Evidence from a survey of Dutch households
van der Cruijsen, Carin; Jansen, David-Jan; de Haan, Jakob - 2010
Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge on the ECB’s objectives is far from perfect. Both a...
Persistent link: https://www.econbiz.de/10011605311
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How robust is the result that the cost of "leaning against the wind" exceeds the benefit? Response to Adrian and Liang
Svensson, Lars E.O. - 2017
The main result in Svensson (2017) and its previous versions is that, given current knowledge and empirical estimates, the cost of using monetary policy to "lean against the wind" for financialstability purposes exceeds the benefit by a substantial margin. Adrian and Liang (2016a) conduct a...
Persistent link: https://www.econbiz.de/10011667207