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The Use and Meaning of Words in Central Banking : Inflation Targeting, Credibility, and Transparency
Friedman, Benjamin M. - 2002
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/10012469742
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The European Central Bank : Reshaping Monetary Politics in Europe
Alesina, Alberto - 1991
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/10012475129
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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 banks and a comprehensive classification of events, we decompose news conveyed by central banks into news about monetary policy, economic growth, and separately, shocks to risk...
Persistent link: https://www.econbiz.de/10012480685
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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/10012456960
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Establishing Credibility : Evolving Perceptions of the European Central Bank
Goldberg, Linda S. - 2005
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/10012466879
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Constrained Discretion and Central Bank Transparency
Bianchi, Francesco - 2014
We develop and estimate a general equilibrium model in which monetary policy can deviate from active inflation stabilization and agents face uncertainty about the nature of these deviations. When observing a deviation, agents conduct Bayesian learning to infer its likely duration. Under...
Persistent link: https://www.econbiz.de/10012458099
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Inflation Announcements and Social Dynamics
Hachem, Kinda - 2014
We propose a new framework for understanding the effectiveness of central bank announcements when firms have heterogeneous inflation expectations. Expectations are updated through social dynamics and, with heterogeneity, not all firms choose to operate, putting downward pressure on realized...
Persistent link: https://www.econbiz.de/10012458503
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Informal Central Bank Communication
Vissing-Jorgensen, Annette - 2020
, because it reduces policy flexibility and harms the central bank's credibility and decision-making process. Central banks may …
Persistent link: https://www.econbiz.de/10012482494
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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/10012453069
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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/10012453195