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Communication of central bank thinking and inflation dynamics
Tang, Man-Keung; Yu, Xiangrong - 2011
Persistent link: https://www.econbiz.de/10009423219
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Communication of Central Bank Thinking and Inflation Dynamics
Tang, Man-Keung - 2011
This paper studies the role of central bank communication of its economic assessment in shaping inflation dynamics … agents'' understanding of policy reasoning, could bring about less volatile inflation and interest rate dynamics, and afford …
Persistent link: https://www.econbiz.de/10014398309
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Price expectations and the U.S. housing boom
Towbin, Pascal; Weber, Sebastian - 2015
Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by observable fundamentals, many observers have emphasized the role of speculation, id est expectations about future price developments. The...
Persistent link: https://www.econbiz.de/10011373920
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Trust what you hear : policy communication, expectations, and fiscal credibility
End, Nicolas; Hong, Gee Hee - 2022
How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the...
Persistent link: https://www.econbiz.de/10013170265
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Monetary policy surprises and inflation expectation dispersion
Grigoli, Francesco; Gruss, Bertrand; Lizarazo, Sandra - 2020
Anchoring of inflation expectations is of paramount importance for central banks' ability to deliver stable inflation … and minimize price dispersion. Relying on daily interest rates and inflation forecasts from major financial institutions … the dispersion of inflation expectations, a proxy for the extent of anchoring, which is based on the same analysts …
Persistent link: https://www.econbiz.de/10012392613
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Following Germany'S Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policyon the Economy
International Monetary Fund - 2005
Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...
Persistent link: https://www.econbiz.de/10014400699
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Co-Movements in Long-Term Interest Rates and the Role of PPP-Based Exchange Rate Expectations
Knot, Klaas - 1999
This paper investigates international co-movement in bond yields by testing for uncovered interest parity (UIP). Existing work is supplemented by focusing on long instead of short-term interest rates and by employing exchange rate expectations derived from purchasing power parity (PPP) instead...
Persistent link: https://www.econbiz.de/10014400703
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Expected Devaluation and Economic Fundamentals
Thomas, Alun H. - 1993
Recent incidents of exchange rate collapse have provoked interest in the extent to which such events are determined by economic fundamentals. This paper considers whether interest rate differentials are appropriate measures of the risk of devaluation and whether this measure of devaluation risk...
Persistent link: https://www.econbiz.de/10014396130
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Realignment Expectations, Forward Rate Bias, and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization
Isard, Peter - 1994
The paper models an adjustable peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the assumptions that market participants are rational, risk averse, and fully...
Persistent link: https://www.econbiz.de/10014395996
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Spreading Currency Crises : The Role of Economic Interdependence
Berger, Wolfram - 2002
We analyze in this paper how the mutual dependence of private sector expectations in different countries on one another influences the stability of fixed exchange rate regimes. The crisis probabilities of countries trading with one another are interdependent because wage setters react to an...
Persistent link: https://www.econbiz.de/10014399568