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Establishing Credibility : Evolving Perceptions of the European Central Bank
Goldberg, Linda S. - 2010
The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high frequency data to test for persistent variation in market perceptions of...
Persistent link: https://www.econbiz.de/10012761892
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Shocks, Structures or Monetary Policies? The Euro Area and Us after 2001
Christiano, Lawrence J. - 2008
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
Persistent link: https://www.econbiz.de/10012773305
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The Ecb's Fiscal Policy
Sinn, Hans-Werner - 2018
While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also...
Persistent link: https://www.econbiz.de/10012918640
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The European Central Bank : A Bank or a Monetary Policy Rule
Folkerts-Landau, David; Garber, Peter M. - 2021
A European central banking institution will be an essential feature of the final stage of the European Economic and Monetary Union. The EC Committee of Central Bank Governors has recently produced a Draft Statute of the European System of Central Banks and of the European Central Bank. The draft...
Persistent link: https://www.econbiz.de/10013222223
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Emu : Ready, or Not?
Obstfeld, Maurice - 2021
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10013235280
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Do Markets Care Who Chairs the Central Bank?
Kuttner, Kenneth N. - 2010
governors suffer from a generic credibility problem. Federal Reserve chairman appointments stand out in terms of their unusually …
Persistent link: https://www.econbiz.de/10012760094
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Central Bank Credibility Before and after the Crisis
Bordo, Michael D. - 2015
A new measure of credibility is constructed as a function of the differential between observed inflation and some … estimate of the inflation rate that the central bank targets. The target is assumed to be met flexibly. Credibility is … credibility and central banks with strong institutional feaures tend to do better when hit by a shock of the magnitude of the 2007 …
Persistent link: https://www.econbiz.de/10013011938
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Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective
Bordo, Michael D. - 2014
This paper examines the historical evolution of central bank credibility using both historical narrative and empirics … for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a … pendulum where credibility was high under the classical gold standard before 1914 before being lost and not fully regained …
Persistent link: https://www.econbiz.de/10013043621
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Central Bank Credibility : Why Do We Care? How Do We Build it?
Blinder, Alan S. - 2021
Central bank credibility plays a pivotal role in much of the modern literature on monetary policy, yet it is difficult … important issues: why credibility matters, and how credibility can be built. The central bankers' answers are compared with the …
Persistent link: https://www.econbiz.de/10013218090
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The Use and Meaning of Words in Central Banking : Inflation Targeting, Credibility, and Transparency
Friedman, Benjamin M. - 2021
Inflation targeting offers the promise of introducing to monetary policy a logic and consistency that some central banks' deliberations sorely missed in the past. At least in today's inherited monetary policymaking context, however, inflation targeting also serves two further objectives that are...
Persistent link: https://www.econbiz.de/10013220387