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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

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

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

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

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

Is there wisdom in a second opinion? : shadowing the ECB and the Bank of England

Neuenkirch, Matthias; Siklos, Pierre L. - 2011 - This draft: August 2011

The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professionals and academic economists who provide a separate policy rate recommendation in advance of the central bank's announcement. We explore differences between shadow and actual committee decisions based on an...

Persistent link: https://www.econbiz.de/10009235966

Monetary policy committee transparency : measurement, determinants, and economic effects

Hayo, Bernd; Mazhar, Ummad - 2011 - This version: 28 September 2011

This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers … variables and institutional transparency, as well as instrumenting MPCT in various ways. -- Monetary Policy Committee … ; Transparency ; Monetary Policy Transparency ; Monetary Policy ; Central Banks …

Persistent link: https://www.econbiz.de/10009305845

Self-monitoring or reliance on newswire services : how do financial market participants process central bank news?

Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 26 March 2014

We study how financial market participants process news from four major central banks - the Bank of England (BoE), the Bank of Japan (BoJ), the European Central Bank (ECB), and the Federal Reserve (Fed), using a novel survey of 450 financial market participants from around the world. Our results...

Persistent link: https://www.econbiz.de/10010336192

Superstar central bankers

Neuenkirch, Matthias; Tillmann, Peter - 2013

The personalities of central bankers moved center stage during the recent financial crisis. Some central bankers even gained "superstar" status. In this paper, we evaluate the pivotal role of superstar central bankers by assessing the difference an outstanding governor makes to economic...

Persistent link: https://www.econbiz.de/10010223512

Central bank communication in the financial crisis : evidence from a survey of financial market participants

Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 9 January 2014

In this paper, we study whether central bank communication has a positive effect on market participants’ perception of central banks’ (i) credibility, (ii) unorthodox measures, and (iii) independence. We utilise a survey of more than 500 financial market participants from around the world...

Persistent link: https://www.econbiz.de/10010226327