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Central Bank Communication and Policy Effectiveness
Woodford, Michael - 2021
communication by central banks about their policy decisions, the targets that they seek to achieve through those decisions, and the … central bank's view of the economy's likely future evolution. This paper considers the role of such communication in the …
Persistent link: https://www.econbiz.de/10013252330
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Informal Central Bank Communication
Vissing-Jorgensen, Annette - 2022
informal communication – including unattributed communication -- plays a central role in monetary policy communication. This … contrasts with the standard communications framework in which communication should be public and on-the-record because it serves … to ensure accountability and policy effectiveness. I lay out possible benefits of using unattributed communication as an …
Persistent link: https://www.econbiz.de/10014244427
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Non-Monetary News in Central Bank Communication
Cieslak, Anna - 2018
We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central … composition depending on the communication channel used by central banks. Non-monetary news prevails in about 40% of policy …
Persistent link: https://www.econbiz.de/10012911101
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Forward Guidance
Svensson, Lars E. O. - 2014
Forward guidance about future policy settings, in the form of a published policy-rate path, has for many years been a natural part of normal monetary policy for several central banks, including the Reserve Bank of New Zealand and the Swedish Riksbank. More recently, the Federal Reserve has...
Persistent link: https://www.econbiz.de/10013039629
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Perceived FOMC : The Making of Hawks, Doves and Swingers
Bordo, Michael D. - 2018
Narrative records in US newspapers reveal that about 70 percent of Federal Open Market Committee (FOMC) members who served during the last 55 years are perceived to have had persistent policy preferences over time, as either inflation-fighting hawks or growth-promoting doves. The rest are...
Persistent link: https://www.econbiz.de/10012918077
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Forward Guidance
Hagedorn, Marcus - 2018
We assess the power of forward guidance—promises about future interest rates—as a monetary tool in a liquidity trap using a quantitative incomplete-markets model. Our results suggest the effects of forward guidance are negligible. A commitment to keep future nominal interest rates low for a...
Persistent link: https://www.econbiz.de/10012921508
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Can Central Bank Transparency Go Too Far?
Mishkin, Frederic S. - 2021
to simplify communication with the public and helps generate support for central banks to conduct monetary policy … complicate the communication process and weaken support for a central bank focus on long-run objectives. Transparency can indeed …
Persistent link: https://www.econbiz.de/10013217223
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The European Central Bank : Reshaping Monetary Politics in Europe
Alesina, Alberto F.; Grilli, Vittorio - 2021
This paper studies how the creation of a European Central Bank (ECB) will change the political economy of monetary policy in Europe. The twelve governors of the national Central Banks of the EEC have recently proposed a statute for the ECB which delineates its institutional structure. In this...
Persistent link: https://www.econbiz.de/10013218911
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Gradualism in Monetary Policy : A Time-Consistency Problem?
Stein, Jeremy C.; Sunderam, Aditya - 2021
We develop a model of monetary policy with two key features: (i) the central bank has private information about its long-run target for the policy rate; and (ii) the central bank is averse to bond-market volatility. In this setting, discretionary monetary policy is gradualist, or inertial, in the...
Persistent link: https://www.econbiz.de/10013224344
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Central Bank Transparency : Causes, Consequences and Updates
Dincer, N. Nergiz; Eichengreen, Barry - 2021
We present updated estimates of central bank for 100 countries up through 2006 and use them to analyze both the determinants and consequences of monetary policy transparency in an integrated econometric framework. We establish that there has been significant movement in the direction of greater...
Persistent link: https://www.econbiz.de/10013225595