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Measuring Central Bank Communication : An Automated Approach with Application to FOMC Statements

Lucca, David O. - 2010

communication about future interest rate decisions based on information from the Internet and news sources. We apply the methodology … announcements, whereas longer-dated Treasuries mainly react to changes in policy communication. Using lower frequency data, we find …, we find communication to be a more important determinant of Treasury rates than contemporaneous policy rate decisions …

Persistent link: https://www.econbiz.de/10013150907

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

A Skeptical View of the Impact of the Fed's Balance Sheet

Greenlaw, David - 2018

We review the recent U.S. monetary policy experience with large scale asset purchases (LSAPs) and draw lessons for monetary policy going forward. A rough consensus from previous studies is that LSAP purchases reduced yields on 10-year Treasuries by about 100 basis points. We argue that the...

Persistent link: https://www.econbiz.de/10012916898

Simple and Robust Rules for Monetary Policy

Taylor, John B. - 2010

This paper focuses on simple rules for monetary policy which central banks have used in various ways to guide their interest rate decisions. Such rules, which can be evaluated using simulation and optimization techniques, were first derived from research on empirical monetary models with...

Persistent link: https://www.econbiz.de/10013144750

Generalizing the Taylor Principle

Davig, Troy - 2013

The paper generalizes the Taylor principle---the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation---to an environment in which reaction coefficients in the monetary policy rule evolve...

Persistent link: https://www.econbiz.de/10012754428

Achieving Price Stability by Manipulating the Central Bank's Payment on Reserves

Hall, Robert E. - 2016

Today, all major central banks pay or collect interest on reserves, and stand ready to use the interest rate as an instrument of monetary policy. We show that by paying an appropriate rate on reserves, the central bank can pin the price level uniquely to a target. The essential idea is to index...

Persistent link: https://www.econbiz.de/10012980673

Quantitative Easing : A Rationale and Some Evidence from Japan

Wieland, Volker - 2010

This paper reviews the rationale for quantitative easing when central bank policy rates reach near zero levels in light of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal Reserve and the European Central Bank. Empirical evidence...

Persistent link: https://www.econbiz.de/10013149980

Ben Bernanke and the Zero Bound

Ball, Laurence - 2012

From 2000 to 2003, when Ben Bernanke was a professor and then a Fed Governor, he wrote extensively about monetary policy at the zero bound on interest rates. He advocated aggressive stimulus policies, such as a money-financed tax cut and an inflation target of 3-4%. Yet, since U.S. interest...

Persistent link: https://www.econbiz.de/10013110926

Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?

Friedman, Benjamin M. - 2010

Central banks no longer set the short-term interest rates that they use for monetary policy purposes by manipulating the supply of banking system reserves, as in conventional economics textbooks; today this process involves little or no variation in the supply of central bank liabilities. In...

Persistent link: https://www.econbiz.de/10013141286

Central Bank Communication and Expectations Stabilization

Eusepi, Stefano - 2010

This paper analyzes the value of communication in the implementation of monetary policy. The central bank is uncertain … communication strategies are contemplated: i) communicating the precise details of the monetary policy -- that is, the variables and …

Persistent link: https://www.econbiz.de/10012759936

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