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An Index for Transparency for Inflation-Targeting Central Banks : Application to the Czech National Bank

Al-Mashat, Rania - 2018

This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting...

Persistent link: https://www.econbiz.de/10012909410

What Measure of Inflation Should a Developing Country Central Bank Target?

Anand, Rahul - 2015

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained...

Persistent link: https://www.econbiz.de/10013011206

Inflation Reports and Models : How Well Do Central Banks Really Write?

Bulíř, Aleš - 2014

We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature, which mostly evaluates the formal quality of these reports, we evaluate their economic content by comparing inflation factors reported by the central banks with ex-post...

Persistent link: https://www.econbiz.de/10013051913

ECB Euro Liquidity Lines

Albrizio, Silvia; Kataryniuk, Iván; Molina, Luis; … - 2023

Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity … management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback … effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX …

Persistent link: https://www.econbiz.de/10014354526

Treasury Bills And/Or Central Bank Bills for Absorbing Surplus Liquidity : The Main Considerations

Nyawata, Obert - 2012

for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central …

Persistent link: https://www.econbiz.de/10013110099

Quasi-Fiscal Implications of Central Bank Crisis Interventions : Case Studies

Hooley, John; Lattie, Claney; Stella, Peter - 2023

This paper presents case studies of central bank crisis interventions during the Covid-19 and the Global Financial Crises in four jurisdictions (Canada, Chile, the United Kingdom, and the United States). The paper serves as an Annex to the main IMF Working Paper WP/23/114 ‘Quasi-Fiscal...

Persistent link: https://www.econbiz.de/10014354110

Quasi-Fiscal Implications of Central Bank Crisis Interventions

Hooley, John; Khan, Ashraf; Lattie, Claney; Mak, Istvan; … - 2023

We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from...

Persistent link: https://www.econbiz.de/10014354111

Testing the Transparency Benefits of Inflation Targeting : Evidence from Private Sector Forecasts

Crowe, Christopher - 2007

I test whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries. IT adoption promotes convergence in forecast errors, suggesting that it enhances transparency. This effect is robust to dropping observations, is strengthened by using...

Persistent link: https://www.econbiz.de/10012777944

Disagreement About Future Inflation : Understanding the Benefits of Inflation Targeting and Transparency

Brito, Steve - 2018

We estimate the determinants of disagreement about future inflation in a large and diversesample of countries, focusing on the role of monetary policy frameworks. We offer novelinsights that allow us to reconcile mixed findings in the literature on the benefits of inflationtargeting regimes and...

Persistent link: https://www.econbiz.de/10012925001

Issuance of Central Bank Securities : International Experiences and Guidelines

Gray, Simon - 2015

The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different approaches taken by those CBs which do issue, as well as suggesting reasons why some...

Persistent link: https://www.econbiz.de/10013021444