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Does central bank transparency and communication affect financial and macroeconomic forecasts?

Lustenberger, Thomas; Rossi, Enzo - 2018

In a large sample of countries across different geographic regions and over a long period of time, we find limited country- and variable-specific effects of central bank transparency on forecast accuracy and their dispersion among a large set of professional forecasts of financial and...

Persistent link: https://www.econbiz.de/10011790688

Do fiscal rules matter? : a survey on recent evidence

Brändle, Thomas; Elsener, Marc - 2023

Fiscal rules are argued to be important for sound and sustainable fiscal policies and have been increasingly adopted over the last 20 years. However, as increased fiscal pressure and fiscal risks urge countries to address the public debt legacy left by recent economic crises, fiscal rules come...

Persistent link: https://www.econbiz.de/10014343085

GDP data revisions and forward-looking monetary policy in Switzerland

Kugler, Peter; Jordan, Thomas; Lenz, Carlos; Savioz, Marcel - 2005 - Last revision January 2005

This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR model consisting of four variables taking into account data revisions for GDP. First, the paper develops an analytical method to analyze the effect of data revision errors in GDP on the ex ante or...

Persistent link: https://www.econbiz.de/10011570301

Collateral framework: liquidity premia and multiple equilibria

Lengwiler, Yvan; Orphanides, Athanasios - 2021

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations …. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting …

Persistent link: https://www.econbiz.de/10012511460

Unilateral climate policy and optimal containtment in an open economy

Krysiak, Frank C.; Csordás, Stefan - 2009

In the absence of a broad international agreement, national climate policies are less efficient, due to carbon leakage, and more costly, due to causing unemployment and a loss of competitiveness on international markets. As, in many countries, a substantial fraction of emissions results from the...

Persistent link: https://www.econbiz.de/10003891478

Credit risk transfer, hedge funds, and the supply of liquidity

Zimmermann, Heinz (contributor) - 2007

perspective of global liquidity. The CRT market is enormously growing and exhibits major structural shifts in terms of buyers and … sellers of protection. I try to address these issues from an options perspective by suggesting that liquidity providing can be … per se, as often claimed, which causes liquidity related systemic risk, but rather the potential coordination failures of …

Persistent link: https://www.econbiz.de/10003666358

Exchange rates and prices : evidence from the 2015 Swiss Franc appreciation

Auer, Raphael A.; Burstein, Ariel T.; Lein-Rupprecht, … - 2018

The removal of the lower bound on the EUR/CHF exchange rate in January 2015 provides a unique setting to study the implications of a large and sudden appreciation in an otherwise stable macroeconomic environment. Using transaction-level data on non-durable goods purchases by Swiss consumers, we...

Persistent link: https://www.econbiz.de/10011900831

The influence of free-trade on the environmental effects of transportation : scale-, technique- and compositions-effects

Vannoni, Stefan (contributor) - 2007

Persistent link: https://www.econbiz.de/10003664991

The success of currency reforms to end great inflations : an empirical analysis of 34 high inflations

Bernholz, Peter (contributor); Kugler, Peter (contributor) - 2007

The estimation of an ordered probit model for currency reforms trying to end 31 hyperinflations and three big inflations of the 20th century shows that the introduction of an independent central bank and the adoption of a credibly fixed exchange rate are crucial for the success of a currency...

Persistent link: https://www.econbiz.de/10003666987

Commodity price shocks and the business cycle : structural evidence for the US

Gubler, Matthias; Hertweck, Matthias S. - 2011 - This version: March 28, 2011

This paper develops a 9-dimensional SVAR to investigate the sources of the U.S. business cycle. We extend the standard set of identified shocks to include unexpected changes in commodity prices. Our main result is that commodity price shocks are a very important driving force of macroeconomic...

Persistent link: https://www.econbiz.de/10009008065