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Central Bank Communication and Monetary Policy : A Survey of Theory and Evidence

Blinder, Alan S. - 2008

Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real …-world developments have spawned a huge new scholarly literature on central bank communication -- mostly empirical, and almost all of it … written in this decade. We survey this ever-growing literature. The evidence suggests that communication can be an important …

Persistent link: https://www.econbiz.de/10012464715

Monetary Policy When the Central Bank Shapes Financial-Market Sentiment

Kashyap, Anil K.; Stein, Jeremy C. - National Bureau of Economic Research - 2022

Recent research has found that monetary policy works in part by influencing the risk premiums on both traded financial-market securities and intermediated loans. Research has also shown that when risk premiums are compressed, there is an increased likelihood of a reversal that damages the...

Persistent link: https://www.econbiz.de/10013477243

Monetary-Based Asset Pricing : A Mixed-Frequency Structural Approach

Bianchi, Francesco; Ludvigson, Sydney C.; Ma, Sai - National Bureau of Economic Research - 2022

We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why markets react to central bank communications. We find that...

Persistent link: https://www.econbiz.de/10013210100

Monetary Policy without Moving Interest Rates : The Fed Non-Yield Shock

Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2024

Existing high-frequency monetary policy shocks explain surprisingly little variation in stock prices and exchange rates around FOMC announcements. Further, both of these asset classes display heightened volatility relative to non-announcement times. We use a heteroskedasticity-based procedure to...

Persistent link: https://www.econbiz.de/10014576665

The Macroeconomic Effects of the Federal Reserve's Conventional and Unconventional Monetary Policies

Swanson, Eric T. - National Bureau of Economic Research - 2023

I separately identify and estimate the effects of the Federal Reserve's federal funds rate, forward guidance, and large-scale asset purchase (LSAP) policies on the U.S. economy. I extend the high-frequency identification strategy of Bauer and Swanson (2023b) for monetary policy VARs by allowing...

Persistent link: https://www.econbiz.de/10014337836

Central Banking Post Crises

Kiley, Michael T.; Mishkin, Frederic S. - National Bureau of Economic Research - 2024

overheating economy. Associated challenges imply that central bank communication and transparency are key elements of monetary …

Persistent link: https://www.econbiz.de/10014512091

Asymmetries in Federal Reserve Objectives

Kocherlakota, Narayana Rao - National Bureau of Economic Research - 2023

This paper uses evidence from the Federal Open Market Committee's Summary of Economic Projections to show that US monetary policymakers have objectives over unemployment and inflation outcomes that are not well-approximated through a conventional quadratic loss function. Rather, policymakers...

Persistent link: https://www.econbiz.de/10014247923

Quantifying the Costs and Benefits of Quantitative Easing

Levin, Andrew T.; Lu, Brian L.; Nelson, William R. - National Bureau of Economic Research - 2022

We conduct a systematic analysis of the costs and benefits of large-scale securities purchases, using the Federal Reserve's QE4 program as a concrete example. This program was initiated at the onset of the pandemic in March 2020 and continued for two years, leading to a doubling of the Fed's...

Persistent link: https://www.econbiz.de/10013477241

Fiscal Consequences of Central Bank Losses

Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024

In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...

Persistent link: https://www.econbiz.de/10014544756

Helicopter Drops and Liquidity Traps

Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2023

We show that if the central bank operates without commitment and faces constraints on its balance sheet, helicopter drops can be a useful stabilization tool during a liquidity trap. With commitment, even with balance sheet constraints, helicopter drops are irrelevant

Persistent link: https://www.econbiz.de/10014247967

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