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Communication and decision-making by central bank committees : different strategies, same effectiveness?
Ehrmann, Michael (contributor);  … - 2005
strategy amid a collegial approach to decision-making, while the Bank of England is using a collegial communication strategy …The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central … Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking …
Persistent link: https://www.econbiz.de/10003014292
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Social value of public information : testing the limits to transparency
Ehrmann, Michael (contributor);  … - 2007
the Federal Reserve, two hypotheses about central bank transparency derived from the debate of Morris and Shin (2002) and …
Persistent link: https://www.econbiz.de/10003599312
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The operational target of monetary policy and the rise and fall of reserve position doctrine
Bindseil, Ulrich (contributor) - 2004
Persistent link: https://www.econbiz.de/10002233649
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The optimal quantity of CBDC in a bank-based economy
Burlon, Lorenzo; Montes-Galdón, Carlos; Muñoz, Manuel A. - 2022
We provide evidence on the estimated effects of digital euro news on bank valuations and lending and find that they … bank intermediation and the economy. Under empirically-relevant assumptions (i.e., central bank collateral requirements and … through an expansion of the central bank balance sheet and profits. The issuance of CBDC exerts a smoothing effect on lending …
Persistent link: https://www.econbiz.de/10013328782
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Macroprudential policy measures : macroeconomic impact and interaction with monetary policy
Cozzi, Guido; Darracq Pariès, Matthieu; Karadi, Peter; … - 2020
models used at the European Central Bank, that in the long run, a 1% bank capital requirement increase has a small impact on … transmission mechanism. Higher bank leverage increases the economy's vulnerability to shocks but also monetary policy's ability to …
Persistent link: https://www.econbiz.de/10012165315
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International transmission and monetary policy cooperation
Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008
We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...
Persistent link: https://www.econbiz.de/10003636288
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Optimal fiscal and monetary policy in a medium-scale macroeconomic model
Schmitt-Grohé, Stephanie (contributor);  … - 2006
In this paper, we study Ramsey-optimal fiscal and monetary policy in a mediumscale model of the U.S. business cycle. The model features a rich array of real and nominal rigidities that have been identified in the recent empirical literature as salient in explaining observed aggregate...
Persistent link: https://www.econbiz.de/10003320648
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Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
De Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 2009
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10003831761
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Policy rate decisions and unbiased parameter estimation in typical monetary policy rules
Podpiera, Jiří (contributor) - 2007
co-driven by a decision to follow a rule or not. Consequently, some observations are censored and cause bias in …
Persistent link: https://www.econbiz.de/10003484204
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U.S. evolving macroeconomic dynamics : a structural investigation
Benati, Luca (contributor); Mumtaz, Haroon (contributor) - 2007
We fit a Bayesian time-varying parameters structural VAR with stochastic volatility to the Federal Funds rate, GDP deflator inflation, real GDP growth, and the rate of growth of M2. We identify 4 shocksmonetary policy, demand non-policy, supply, and money demandby imposing sign restrictions on...
Persistent link: https://www.econbiz.de/10003457008