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Digitales Zentralbankgeld : warum wagt niemand den ersten Schritt?
Thiel, Luzie; Michaelis, Jochen - 2023 - Version: 02. Juni 2023
Trotz rund sechs Jahren intensiver Forschung hat bisher keine Zentralbank der Industrienationen digitales Zentralbankgeld (Central Bank Digital Currency, CBDC) eingeführt. In diesem Artikel befassen wir uns mit den Gründen. Wir geben einen kurzen Überblick über den aktuellen Stand der...
Persistent link: https://www.econbiz.de/10014286332
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Central banks' predictability : an assessment by financial market participants
Hayo, Bernd; Neuenkirch, Matthias - 2016 - This version: 6 April 2016
transparency-enhancing measures will improve central bank predictability. …
Persistent link: https://www.econbiz.de/10011447633
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What's that noise? : analysing sentiment-based variation in central bank communication
Hayo, Bernd; Zahner, Johannes - 2022 - Draft: 27th October 2022
To which degree can variation in sentiment-based indicators of central bank communication be attributed to changes in macroeconomic, financial, and monetary variables; idiosyncratic speaker effects; sentiment persistence; and random "noise" ? Using the Loughran and McDonald (2011) dictionary on a...
Persistent link: https://www.econbiz.de/10013415558
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Does FOMC communication help predicting federal funds target rate changes?
Hayo, Bernd; Neuenkirch, Matthias - 2009
We explain changes in the federal funds target rate using macroeconomic variables and Federal Open Market Committee (FOMC) communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to predict 75 target rate decisions between 1998 and 2006. We find, first, that...
Persistent link: https://www.econbiz.de/10003852257
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Bank of Canada communication and the predictability of Canadian monetary policy
Hayo, Bernd; Neuenkirch, Matthias - 2009
We explain changes in the Canadian target rate using macroeconomic variables and Bank of Canada (BOC) communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to predict 60 target rate decisions between 1998 and 2006. We find that BOC communication is...
Persistent link: https://www.econbiz.de/10003889007
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Managing financial market expectations : the role of central bank transparency and central bank communication
Neuenkirch, Matthias - 2010
In this paper, we study the influence of central bank transparency and informal central bank communication on the money … January 1999 to July 2007. We find, first, that both transparency and communication facilitate understanding upcoming interest … rate decisions. Second, transparency, as measured by various subcategories of the Eijffinger and Geraats (2006) index …
Persistent link: https://www.econbiz.de/10008695544
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Explaining ECB and Fed interest rate correlation : economic interdependence and optimal monetary policy
Mandler, Martin - 2010
This paper studies whether the observed high correlation between monetary policy in the U.S. and the Euro area can be explained by economic fundamentals, i.e. by macroeconomic interdependence between the two regions. We show that an optimal monetary policy reaction function for the ECB that...
Persistent link: https://www.econbiz.de/10008695549
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Communication matters : US monetary policy and commodity price volatility
Hayo, Bernd; Kutan, Ali Mustafa; Neuenkirch, Matthias - 2011 - This version: March 4, 2011
Using a GARCH model, we analyze the influence of U.S. monetary policy action and communication on the price volatility of commodities for the period 1998-2009. We find, first, that U.S. monetary policy events have an economically significant impact on price volatility. Second, expected target...
Persistent link: https://www.econbiz.de/10008859667
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Central bank independence and conservatism under uncertainty : substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2010
. -- Central bank independence ; Conservatism ; Transparency of monetary policy …
Persistent link: https://www.econbiz.de/10003950407
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Regime-dependent effects of monetary policy shocks : evidence from threshold vector autoregressions
Mandler, Martin - 2010
This paper studies regime dependence in the effects of monetary policy shocks for the U.S. using a threshold vector autoregressive model. In a high inflation regime the standard results from the literature obtain. In a low inflation regime output shows no significant response to monetary policy...
Persistent link: https://www.econbiz.de/10003950519