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Central Bank Transparency and Financial Market Expectations: The Case of Emerging Markets
Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 2011
In this paper, we study how central bank transparency influences the formation of money market expectations in emerging … markets. The sample covers 25 countries for the period from January 1998 to December 2009. We find, first, that transparency …. Second, an intermediate level of transparency is found to have the most favorable influence on money market expectations …
Persistent link: https://www.econbiz.de/10009293546
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Monetary Policy Transmission in Vector Autoregressions: A New Approach Using Central Bank Communication
Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 2011
In this paper, we study the role played by central bank communication in monetary policy transmission. We employ the Swiss Economic Institute’s Monetary Policy Communicator to measure the future stance of the European Central Bank’s monetary policy. Our results indicate, first, that...
Persistent link: https://www.econbiz.de/10009324229
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Do Federal Reserve Communications Help Predict Federal Funds Target Rate Decisions?
Hayo, Bernd; Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 2009
We explain federal funds target rate decisions using macroeconomic variables and Federal Reserve 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 our communication...
Persistent link: https://www.econbiz.de/10005012484
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Federal Reserve Communications and Newswire Coverage
Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 2013
In this paper, we explore the determinants of newswire coverage of Federal Reserve (Fed) communications. Our sample covers all 344 forward-looking communications made in the period May 1999-May 2004. We find, first, that there is a higher likelihood of newswire coverage for monetary policy...
Persistent link: https://www.econbiz.de/10010684546
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Managing Financial Market Expectations: The Role of Central Bank Transparency and Central Bank Communication
Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 2010
In this paper, we study the influence of central bank transparency and informal central bank communication on the …, first, that transparency reduces the bias in money market expectations and dampens their variation. Second, informal … the Eijffinger and Geraats (2006) transparency index lead to a smaller bias in expectations (in particular, evaluation of …
Persistent link: https://www.econbiz.de/10008683522
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Do Federal Reserve Presidents Communicate with a Regional Bias?
Hayo, Bernd; Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 2011
In this paper, we analyze the determinants of U.S. monetary policy stance as expressed in speeches by Federal Reserve (Fed) officials over the period January 1998 to September 2009. Econometrically, we use a probit model with regional and national macroeconomic variables to explain the content...
Persistent link: https://www.econbiz.de/10008833976
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Self Monitoring or Reliance on Media Reporting: How Do Financial Market Participants Process Central Bank News?
Hayo, Bernd; Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 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 195 financial market participants from around the world....
Persistent link: https://www.econbiz.de/10011132921
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Central Bank Communication in the Financial Crisis: Evidence from a Survey of Financial Market Participants
Hayo, Bernd; Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 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 550 financial market participants from around the world...
Persistent link: https://www.econbiz.de/10011096546
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Does a Good Central Banker make a Difference?
Neuenkirch, Matthias; Tillmann, Peter - Volkswirtschaft Abteilung, Fachbereich … - 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/10011106535
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Are Public Preferences Reflected in Monetary Policy Reaction Functions?
Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 2013
In this paper, we test whether public preferences for price stability (obtained from the Eurobarometer survey) are actually reflected in the interest rates set by eight central banks. We estimate augmented Taylor (1993) rules for the period 1976-1993 using the dynamic GMM estimator. We find,...
Persistent link: https://www.econbiz.de/10010897849