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Ideology and monetary policy : the role of political parties' stances in the ECB's parliamentary hearings
Fraccaroli, Nicolò; Giovannini, Alessandro; Jamet, … - 2022
We investigate whether ideology drives the sentiments of parliamentarians when they speak to the central bank they hold accountable. To this end, we collect textual data on the quarterly hearings of the ECB President before the European Parliament from 1999 to 2019. We apply sentiment analysis...
Persistent link: https://www.econbiz.de/10012939688
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Caution and conservatism in the making of monetary policy
Schellekens, Philip - 2000
Persistent link: https://www.econbiz.de/10001554413
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Transforming "sympathetic interlocutors" into veto players
Reinsberg, Bernhard; Kern, Andreas; Rau-Goehring, Matthias - 2021
International organizations (IOs) often drive policy change in member countries. Given IOs' limited political leverage over a member country, previous research argues that IOs rely on a combination of hard pressures (i.e., conditionality) and soft pressures (i.e., socialization) to attain their...
Persistent link: https://www.econbiz.de/10012421091
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The role of IMF conditionality for central bank independence
Kern, Andreas; Reinsberg, Bernhard; Rau-Goehring, Matthias - 2020
This paper studies the role of the International Monetary Fund (IMF) in promoting central bank independence (CBI). While anecdotal evidence suggests that the IMF has been playing a vital role for CBI, the underlying mechanisms of this influence are not well understood. We argue that the IMF has...
Persistent link: https://www.econbiz.de/10012271557
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Fiscal policy effectiveness and neutrality results in a non-Ricardian world
Detken, Carsten - 1999
Persistent link: https://www.econbiz.de/10004555307
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Monetary policy, asset prices and consumption in China
Koivu, Tuuli - 2010
This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a … loosening of China's monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption …. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still …
Persistent link: https://www.econbiz.de/10008657121
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Credit, financial conditions and the business cycle in China
Lodge, David; Soudan, Michel - 2019
This paper presents empirical evidence of the role of financial conditions in China's business cycle. We estimate a … Bayesian-VAR for the Chinese economy, incorporating a financial conditions index for China that captures movements across a … China's business cycle. Using conditional scenarios, we examine the role of credit in shaping economic outcomes in China …
Persistent link: https://www.econbiz.de/10011975616
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Consumer inflation expectations in Poland
£yziak, Tomasz - 2003
Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the transmission of monetary policy impulses and their impact on...
Persistent link: https://www.econbiz.de/10009635882
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On the international spillovers of US quantitative easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013
Persistent link: https://www.econbiz.de/10009766400
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Macroeconomic reversal rate in a low interest rate environment
End, Jan-Willem van den; Konietschke, Paul; Samarina, Anna - 2021
This paper investigates how the monetary policy transmission channels change once the economy is in a low interest rate environment. We estimate a nonlinear model for the euro area and its five largest countries over the period 1999q2-2019q1 and allow for the effects of monetary policy shocks to...
Persistent link: https://www.econbiz.de/10012705461