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An international analysis of earnings, stock prices and bond yields
Durré, Alain; Giot, Pierre - 2005
This paper assesses the possible contemporaneous relationship between stock index prices, earnings and long-term government bond yields for a large number of countries and over a time period that spans several decades. In a cointegration framework, our analysis looks at three hypotheses. First,...
Persistent link: https://www.econbiz.de/10011604561
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Feedback to the ECB's monetary analysis: the Bank of Russia's experience with some key tools
Ponomarenko, Alexey; Vasilieva, Elena; Schobert, Franziska - 2012
for inflation and for real economic development. …
Persistent link: https://www.econbiz.de/10011605516
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Is quantity theory still alive?
Teles, Pedro; Uhlig, Harald - 2013
countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …
Persistent link: https://www.econbiz.de/10011605650
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Welfare Costs of Inflation and the Circulation of US Currency Abroad
Calza, Alessandro - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet … minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in …
Persistent link: https://www.econbiz.de/10013127698
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Purdah: on the rationale for central bank silence around policy meetings
Ehrmann, Michael; Fratzscher, Marcel - 2008
Despite substantial differences in monetary policy and communication strategies, many central banks share the practice of purdah, a self-imposed guideline of abstaining from communication around policy meetings or other important events. This practice is remarkable, as it seems to contradict the...
Persistent link: https://www.econbiz.de/10011604914
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The reception of public signals in financial markets - what if central bank communication becomes stale?
Ehrmann, Michael; Sondermann, David - 2009
-term interest rates to the Bank of England’s inflation report and to macroeconomic announcements. Due to the quarterly frequency at … predicts that, the more time has elapsed since the latest release of an inflation report, market volatility should increase …
Persistent link: https://www.econbiz.de/10011605123
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Money talks
Hoerova, Marie; Monnet, Cyril; Temzelides, Ted - 2009
We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of transmitting information have very different consequences. Since...
Persistent link: https://www.econbiz.de/10011605137
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Bank leverage and monetary policy's risk-taking channel: evidence from the United States
Dell’Ariccia, Giovanni; Laeven, Luc; Suarez, Gustavo A. - 2016
We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on banks’ internal ratings on loans to businesses over the period 1997 to 2011 from the Federal Reserve’s survey of terms of business lending. We find that ex-ante risk...
Persistent link: https://www.econbiz.de/10011605948
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Central Bank Digital Currency in an Open Economy
Ferrari, Massimo Minesso; Mehl, Arnaud; Stracca, Livio - 2021
We examine the open-economy implications of the introduction of a central bank digital currency (CBDC).We add a CBDC to the menu of monetary assets available in a standard two-country DSGE model with financial frictions and consider a broad set of alternative technical features in CBDC design....
Persistent link: https://www.econbiz.de/10013210616