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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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Distributional effects of monetary policy
Bonifacio, Valentina; Brandao Marques, Luis; Budina, Nina; … - 2021
As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels...
Persistent link: https://www.econbiz.de/10012605530
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Anticipation and Surprises in Central Bank Interest Rate Policy : The Case of the Bundesbank
International Monetary Fund - 1998
Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes and is...
Persistent link: https://www.econbiz.de/10014400820
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Central Bank Collateral Frameworks : Principles and Policies
McCaughrin, Rebecca - 2008
Central bank collateral policies came under pressure with the 2007-08 financial market crisis. This paper addresses the rationale for and constraints in taking collateral, and recent practices in different collateral frameworks. It then considers the risks of adverse selection. The paper...
Persistent link: https://www.econbiz.de/10014401630
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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 … private sector''s learning about its policy response function. We show how clear central bank communication, which facilitates …
Persistent link: https://www.econbiz.de/10014398309
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Central bank communication and monetary policy surprises in Chile
Pescatori, Andrea - 2018
This paper assesses the quality of the CBC's communication policy by looking at the predictability and effectiveness of … for the three major communication channels of the CBC: the release of policy meetings' statements, minutes, and monetary … monetary policy surprises associated with meeting statements and the impact of the above communication channels on asset …
Persistent link: https://www.econbiz.de/10011878683
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Imperfect Central Bank Communication : Information Versus Distraction
Orphanides, Athanasios - 2008
; this means that the central bank may prefer to focus its communication policies on the information it knows most about …
Persistent link: https://www.econbiz.de/10014401641
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Inflation Reports and Models : How Well Do Central Banks Really Write?
Bulir, Ales - 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/10014411339
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Fiscal implications of interest rate normalization in the United States
Bi, Huixin; Shen, Wenyi; Yang, Shu-Chun S. - 2019
This paper studies the main channels through which interest rate normalization has fiscal implications in the United States. While unexpected inflation reduces the real value of government liabilities, a rising policy rate increases government financing needs because of higher interest payments...
Persistent link: https://www.econbiz.de/10012019865
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U.S. Monetary Shocks and Global Stock Prices
Laeven, Luc - 2010
This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...
Persistent link: https://www.econbiz.de/10014402649