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Writing Clearly : ECB's Monetary Policy Communication
Cihak, Martin - 2008
The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case … of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about … available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication …
Persistent link: https://www.econbiz.de/10014409073
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Monetary Policy Pass-Through to Interest Rates: Stylized Facts from 30 European Countries
Beyer, Robert - 2024
The extent to which changes in monetary policy rates lead to changes in loan and deposit rates for households and firms, referred to as 'pass-through', is an important ingredient of monetary policy transmission to output and prices. Using data on seven different bank interest rates in 30...
Persistent link: https://www.econbiz.de/10015058763
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Cost-Benefit Analysis of Leaning Against the Wind : Are Costs Larger Also with Less Effective Macroprudential Policy?
Svensson, Lars E. O. - 2016
'Leaning against the wind' (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a...
Persistent link: https://www.econbiz.de/10014408003
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How Do Adaptive Learning Expectations Rationalize Stronger Monetary Policy Response in Brazil?
Dizioli, Allan - 2023
Phillip's curves with different expectation formation processes for Brazil and the USA. Other than the standard rational … in fitting the data in both Brazil and the USA. In addition, the estimation shows that expectations are more backward …-looking and started to drift away sooner in 2021 in Brazil than in the USA. We then conduct optimal policy exercises that …
Persistent link: https://www.econbiz.de/10015059818
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Inflation Targeting and Communication
Smídková, Katerina - 2008
methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools …
Persistent link: https://www.econbiz.de/10012677665
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Financial Stability Frameworks and the Role of Central Banks
Nier, Erlend - 2009
This paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern...
Persistent link: https://www.econbiz.de/10012677753
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Monetary Policy Implementation
Buzeneca, Inese - 2007
Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an...
Persistent link: https://www.econbiz.de/10012677850
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Monetary Policy and the Central Bank in Jordan
Maziad, Samar - 2009
The Central Bank of Jordan (CBJ) and its operational independence changed over time in line with the evolution of the monetary policy framework and as a result of the currency crisis in the late 1980s. The paper examines the developments of the CBJ, its independence in conducting monetary policy...
Persistent link: https://www.econbiz.de/10012677862
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The Effectiveness of Central Bank Interventions During the First Phase of the Subprime Crisis
Hesse, Heiko - 2009
This paper provides evidence that central bank interventions had a statistically significant impact on easing stress in unsecured interbank markets during the first phase of the subprime crisis which began in July 2007. Extraordinary liquidity provisions, such as the Term Auction Facility by the...
Persistent link: https://www.econbiz.de/10012677877
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Unconventional Central Bank Measures for Emerging Economies
Stone, Mark R. - 2009
Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing...
Persistent link: https://www.econbiz.de/10012677892