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A tale of four tails: Inflation, the policy rate, longer-term rates, and stock prices
Anene, Dominic; D'Amico, Stefania - 2017
We analyze empirical links between the perceived tail-risk of inflation, the policy rate, longer-term interest rates, and equity prices in the U.S. Their simultaneous changes enable us to distinguish between a systematic and "exogenous" response to monetary-policy news. And, those tail...
Persistent link: https://www.econbiz.de/10012030329
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Monetary policy communication: Evidence from Survey Data
Popovska-Kamnar, Neda - 2017
This paper summarizes the results of a Survey on Monetary policy Communication conducted among central banks in Central … transparency and communication strategies of the central banks. The results of the Survey reveal that today the central banks pay … process. The overall conclusion of the Monetary policy communication Survey is that the communication and the transparency of …
Persistent link: https://www.econbiz.de/10011785370
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The coming US interest rate tightening cycle: Smooth sailing or stormy waters?
Arteta, Carlos Ó.; Kose, M. Ayhan; Ohnsorge, Franziska; … - 2015
The U.S. Federal Reserve (Fed) is expected to start raising policy interest rates in the near term and thus commence a tightening cycle for the first time in nearly a decade. The taper tantrum episode of May-June 2013 is a reminder that even a long anticipated change in Fed policies can trigger...
Persistent link: https://www.econbiz.de/10011440126
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The Federal Reserve in times of economic crisis: Paths and choices since 2007
Rüdiger, Sina - 2013
This paper studies the actions of the U.S. Federal Reserve Bank during the financial crisis from 2007-2012. Whereas the first two parts concentrate on asset bubble theory and the development of the housing bubble, the third part rates the performance of the Federal Reserve during the crisis. The...
Persistent link: https://www.econbiz.de/10010322812
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Carbon pricing and inflation expectations: Evidence from France
Hensel, Jannik; Mangiante, Giacomo; Moretti, Luca - 2023
price growth leading to positive forecast errors in the medium- /long-run. We also show that a sizable share of the increase …
Persistent link: https://www.econbiz.de/10014333769
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Narrative monetary policy surprises and the media
Larsen, Vegard Høghaug; Thorsrud, Leif Anders - 2019
communication accompanying interest rate meetings. Our proposed method is fast and simple, and relies on a Singular Value … surprises in central bank communication using this type of data and identification provides surprise measures that are … monetary policy literature associates with the information component of monetary policy communication. Our study highlights the …
Persistent link: https://www.econbiz.de/10012661551
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The Mystique of Central Bank Speak
Geraats, Petra M. - 2006
to create the perception of opacity. The optimal communication strategy for the central bank is to provide clarity about …
Persistent link: https://www.econbiz.de/10013370040
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The problem of excess reserves, then and now
Todd, Walker F. - 2013
This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the Fed) or a potentially inflationary problem for the rest of us. Generally, this analysis shows that both absolute and relative sizes...
Persistent link: https://www.econbiz.de/10010318619
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Do firm expectations respond to monetary policy announcements?
Di Pace, Federico; Mangiante, Giacomo; Masolo, Riccardo - 2023
We study whether firms' expectations react to the Bank of England's monetary policy announcements by comparing the responses to the Decision Maker Panel (DMP) survey filed immediately before and after a Monetary Policy Committee (MPC) meeting. On the one hand, we find that firms' expectations...
Persistent link: https://www.econbiz.de/10014550314
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Explaining Interest Rate Decisions When the MPC Members Believe in Different Stories
Claussen, Carl Andreas; Røisland, Øistein - 2013
Modern central banks do not only announce the interest rate decision, they also communicate a "story" that explains why they reached the particular decision. When decisions are made by a committee, it could be difficult to find a story that is both consistent with the decision and representative...
Persistent link: https://www.econbiz.de/10012143819