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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/10011717595
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Keep it simple : central bank communication and asset prices
Mumtaz, Haroon; Saleheen, Jumana; Spitznagel, Roxane - 2023 - This version: July 16, 2023
) communication on asset prices (stock prices, gilt yields and interest rate futures) from 1999-2023. We extend MPC communication to … communication leads to greater asset price volatility than simple and clear communication. Central banks that want to avoid … monetary policy communication, the previous literature has disregarded an important source of variation in asset prices. …
Persistent link: https://www.econbiz.de/10014314314
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What does monetary policy reveal about central bank's preferences?
Castelnuovo, Efrem; Surico, Paolo - 2002
The design of monetary policy depends upon the targeting strategy adopted by the central bank. This strategy describes a set of policy preferences, which are actually the structural parameters to analyse monetary policy making. Accordingly, we develop a novel calibration method to identify...
Persistent link: https://www.econbiz.de/10011594051
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Tight money-tight credit : coordination failure in the conduct of monetary and financial policies
Carrillo, Julio A.; Mendoza, Enrique G.; Nuguer, Victoria; … - 2019
Violations of Tinbergen's Rule and strategic interaction undermine monetary and financial policies significantly in a New Keynesian model with the Bernanke-Gertler accelerator. Welfare costs of risk shocks are large because of efficiency losses and income effects of costly monitoring, but they...
Persistent link: https://www.econbiz.de/10012127412
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Monetary policy and economic performance since the financial crisis
Caldara, Dario; Gagnon, Etienne; Martínez-García, Enrique - 2020
We review macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve's dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We...
Persistent link: https://www.econbiz.de/10012308081
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Forward guidance matters : disentangling monetary policy shocks
Ferreira, Leonardo Nogueira - 2020
Central banks have usually employed short-term rates as the main instrument of monetary policy. In the last decades, however, forward guidance has also become a central tool for monetary policy. In an innovative way this paper combines two sources of extraneous information - high frequency...
Persistent link: https://www.econbiz.de/10012295693
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Central bank exit strategies : domestic transmission and international spillovers
Erceg, Christopher J.; Kolasa, Marcin; Lindé, Jesper; … - 2024 - This version: April 3, 2024
We study alternative approaches to the withdrawal of prolonged unconventional monetary stimulus ("exit strategies") by central banks in large, advanced economies. We first show empirically that large-scale asset purchases affect the exchange rate and domestic and foreign term premiums more...
Persistent link: https://www.econbiz.de/10015066986
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Central bank liquidity management and "unconventional" monetary policies
Garcia-Cicco, Javier; Kawamura, Enrique - 2014
This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...
Persistent link: https://www.econbiz.de/10011285637
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Inflation targeting in Colombia, 2002 - 2012
Urrutia, Miguel; Hofstetter Gascón, Marcel; Hamann S., … - 2014
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10011285649
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Salient features of measuring, interpreting and addressing Indian inflation
Gupta, Kirti; Siddiqui, Fahad - 2014
The paper reviews the calculation of Indian wholesale and consumer price indices and suggests improvements in the light of past experience and international best practices. It confirms that food inflation has been the driver of domestic inflation. The paper studies the recommendations of the...
Persistent link: https://www.econbiz.de/10010404663