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The sensitivity of long-term interest rates to economic news: Comment
Barnes, Michelle L.; Pancost, N. Aaron - 2010
overly sensitive to monetary policy shocks, and that this is consistent with a model where long-term inflation expectations … inflation target - imperfect information about the target plays only a small role in un-anchoring expectations in their model. …
Persistent link: https://www.econbiz.de/10010280916
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Assessing central bank commitment to inflation targeting: Evidence from financial market expectations in India
Garga, Vaishali; Lakdawala, Aeimit; Sengupta, Rajeswari - 2022
We propose a novel framework to gauge the credibility of central banks' commitment to an inflation-targeting regime. Our framework combines survey data on macroeconomic forecasts with high-frequency financial market data to understand how inflation targeting makes economic agents change their...
Persistent link: https://www.econbiz.de/10014442954
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Central Bank Independence and its Effect on Inflation in the ESCWA Countries
Abou Hamia, Mohamad A. - 2011
In this study, we measure the central bank independence for all fourteen ESCWA countries using two indicators: the legal independence and accountability measure (the de jure measure) and the turnover rates of central bank governors (the de facto measure). The entire sample of countries is split...
Persistent link: https://www.econbiz.de/10011984912
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Central Bank Independence and Transparency: Evolution and Effectiveness
Crowe, Christopher; Meade, Ellen E. - 2007
While central banks have existed since the seventeenth century, their purpose, functions, and operations have evolved over time. Over the past two decades, the pace of reforms in terms of institutional independence and transparency has been particularly brisk. This paper examines the current...
Persistent link: https://www.econbiz.de/10005673436
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Disagreement, Regional Representation,and Federal Reserve Transcript Publication
Meade, Ellen E. - 2007
This short paper looks at disagreement within the Federal Reserve's monetary policy committee, the Federal Open Market Committee or FOMC, following a change in transparency practices taken in 1993 to publish verbatim transcripts of FOMC meetings. Other literature has examined the effects of...
Persistent link: https://www.econbiz.de/10005673433
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Fiscal policy and inflation: Understanding the role of expectations in Mexico
Lopez-Martin, Bernabe; Ramírez de Aguilar, Alberto; … - 2018
creation and by expectations dynamics. The baseline model, proposed by Sargent et al. (2009) is able to distinguish between … inflation expectations. The estimated sequence of monetized deficits provides an adequate account of inflation for the period … 196994. The paper then extends the model to analyze the possibility that fiscal policy can affect inflation expectations in a …
Persistent link: https://www.econbiz.de/10012616363
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On the drivers of inflation in different monetary regimes
Garcés Díaz, Daniel G. - 2020
This document proposes a general macroeconomic framework to analyze the behavior of inflation. This approach has two characteristics. The first is the distinction of monetary regimes based on the number of shocks that have a permanent effect on the price level. When all shocks have a permanent...
Persistent link: https://www.econbiz.de/10012616409
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Changes in inflation predictability in major Latin American countries
Garcés Díaz, Daniel G. - 2016
Forecasts of inflation in the United States since the mid eighties have had smaller errors than in the past, but those conditional on commonly used variables cannot consistently beat the ones from univariate models. This paper shows through simple modifications to the classical monetary model...
Persistent link: https://www.econbiz.de/10011788944
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In noise we trust? Optimal monetary policy with random targets
Cohen-Cole, Ethan; Cosmaciuc, Bogdan - 2006
potentially faster-expectations convergence than with a fixed target. The randomized target achieves faster convergence in …
Persistent link: https://www.econbiz.de/10010280889
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Changes in the Federal Reserve's inflation target: Causes and consequences
Ireland, Peter N. - 2005
This paper estimates a New Keynesian model to draw inferences about the behavior of the Federal Reserve's unobserved inflation target. The results indicate that the target rose from 1-1/4 percent in 1959 to over 8 percent in the mid-to-late 1970s before falling back below 2-1/2 percent in 2004....
Persistent link: https://www.econbiz.de/10010280949