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Central bank communication on fiscal policy

Allard, Julien; Catenaro, Marco; Vidal, Jean-Pierre; … - In: European Journal of Political Economy 30 (2013) C, pp. 1-14

The issue of central bank communication on fiscal policy has so far received very little attention in the literature. This article aims to shed light on the determinants of central bank communication on fiscal policy by analysing the intensity of central banks’ fiscal communication for five...

Persistent link: https://www.econbiz.de/10010664751

The role of central bank independence on optimal taxation and seigniorage

Nolivos, Roberto Delhy; Vuletin, Guillermo - In: European Journal of Political Economy 34 (2014) C, pp. 440-458

Should inflation be thought of as “just another tax?” The theoretical basis for doing so dates back to Phelps (1973) and has been greatly refined ever since. Since optimal taxation minimizes the deadweight loss by equalizing the marginal distortions of all available taxes, including the...

Persistent link: https://www.econbiz.de/10011056286

A simple and flexible alternative to Stability and Growth Pact deficit ceilings. Is it at hand?

Muscatelli, Vito A.; Natale, Piergiovanna; Tirelli, Patrizio - In: European Journal of Political Economy 28 (2012) 1, pp. 14-26

shocks. This is partly achieved by increasing the transparency of the decision-making process. We therefore call for more …

Persistent link: https://www.econbiz.de/10011056280

The role of political institutions for the effectiveness of central bank independence

Hielscher, Kai; Markwardt, Gunther - In: European Journal of Political Economy 28 (2012) 3, pp. 286-301

This paper empirically studies the impact of the quality of political institutions on the link between central bank independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible nonlinearities, we employ interaction models to...

Persistent link: https://www.econbiz.de/10010688302

Monetary policy communication in Turkey

Demiralp, Selva; Kara, Hakan; Özlü, Pınar - In: European Journal of Political Economy 28 (2012) 4, pp. 540-556

This paper assesses the effectiveness of monetary policy communication of the Central Bank of Turkey (CBT) by quantifying the information content of its policy statements released right after the monthly Monetary Policy Committee meetings. First, we quantify the signal regarding the next...

Persistent link: https://www.econbiz.de/10011056257

Heterogeneity in money holdings across euro area countries: The role of housing

Setzer, Ralph; van den Noord, Paul; Wolff, Guntram B. - In: European Journal of Political Economy 27 (2011) 4, pp. 764-780

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show...

Persistent link: https://www.econbiz.de/10010574387

Preference heterogeneity in the CEE inflation-targeting countries

Jung, Alexander; Kiss, Gergely - In: European Journal of Political Economy 28 (2012) 4, pp. 445-460

The aim of this paper is to study preference heterogeneity in monetary policy committees of inflation-targeting (IT) countries in Central and Eastern Europe (CEE) during the period 2005–2010. It employs (individual) voting records of the Monetary Council of the Hungarian National Bank and of...

Persistent link: https://www.econbiz.de/10010588385

Managing financial market expectations: The role of central bank transparency and central bank communication

Neuenkirch, Matthias - In: European Journal of Political Economy 28 (2012) 1, pp. 1-13

In this paper, we study the influence of central bank transparency and informal central bank communication on the …, first, that transparency reduces the bias in money market expectations and dampens their variation. Second, informal … the Eijffinger and Geraats (2006) transparency index lead to a smaller bias in expectations (in particular, evaluation of …

Persistent link: https://www.econbiz.de/10010574390

Communication in a monetary policy committee

Berk, Jan Marc; Bierut, Beata K. - In: European Journal of Political Economy 27 (2011) 4, pp. 791-801

We model monetary policy decisions as being taken by a group of heterogeneous policy makers, organized in a committee. Intuitively, when MPC members disclose and discuss the arguments behind their view on the interest rate, the quality of the collective decision should be higher compared to...

Persistent link: https://www.econbiz.de/10010577681

What's in a second opinion? Shadowing the ECB and the Bank of England

Neuenkirch, Matthias; Siklos, Pierre L. - In: European Journal of Political Economy 32 (2013) C, pp. 135-148

One way of evaluating how well monetary authorities perform is to provide the public with a regular and independent second opinion. The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professional and academic economists who provide a separate policy rate recommendation...

Persistent link: https://www.econbiz.de/10010719638