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Eijffinger, Sylvester C W; Stadhouders, Patrick - C.E.P.R. Discussion Papers - 2003

extension of the existing empirical research about the relationship between inflation and the institutional design of monetary … the rate of inflation, central bank reforms and the transition process. Legal Transition Indicators will be used as proxy …

Persistent link: https://www.econbiz.de/10005497964

Monetary Committee Size and Special Interest Influence

Colla De Robertis, Esteban - Centro de Estudios Monetarios Latinoamericanos (CEMLA) - 2010

inflation rate and output are an average of the ones preferred by the committee and the special interest groups; thus, size of a …). The reason is that special interest group’s weights on equilibrium inflation rate under influence is lower the higher the … stable inflation rate will appoint a larger committee; ii) larger committees deliver lower and more stable inflation rates. …

Persistent link: https://www.econbiz.de/10011279221

Central Banks Voting Records, Financial Crisis and Future Monetary Policy

Horvath, Roman; Jonášová, Júlia - Institut ekonomických studií, Univerzita Karlova v Praze - 2014

We examine whether central banks’ voting records help predict the future course of monetary policy in the Czech Republic, Hungary, Poland, Sweden and the United Kingdom, controlling for financial market expectations. Unlike previous research, first, we examine the period of the global...

Persistent link: https://www.econbiz.de/10011099987

On the Optimality of Decisions

Berk, Jan Marc; Bierut, Beata - Tinbergen Instituut - 2004

Most monetary policy committees decide on interest rates using a simple majority voting rule. Given the inherent heterogeneity of committee members, this voting rule is suboptimal in terms of the quality of the interest rate decision, but popular for other (political) reasons. We show that a...

Persistent link: https://www.econbiz.de/10011257329

First Impressions Matter: Signalling as a Source of Policy Dynamics

Hansen, Stephen; McMahon, Michael - C.E.P.R. Discussion Papers - 2013

. Signalling leads all bankers to be tougher on inflation initially, but to become less tough with experience. This evolution is …

Persistent link: https://www.econbiz.de/10011084410

Transparency and Deliberation within the FOMC: a Computational Linguistics Approach

Hansen, Stephen; McMahon, Michael; Prat, Andrea - C.E.P.R. Discussion Papers - 2014

How does transparency, a key feature of central bank design, affect the deliberation of monetary policymakers? We exploit a natural experiment in the Federal Open Market Committee in 1993 together with computational linguistic models (particularly Latent Dirichlet Allocation) to measure the...

Persistent link: https://www.econbiz.de/10011084486

The dilemma of central bank transparency

Hansen, Stephen; McMahon, Michael; Prat, Andrea - Centre for Economic Performance, LSE - 2015

If central banks publish the transcripts of their internal policy debates, will discussions be enhanced or inhibited? Michael McMahon and colleagues use tools from computational linguistics to analyse the positive and negative effects of transparency on deliberations of the monetary policymakers...

Persistent link: https://www.econbiz.de/10011123599

Transparency and deliberation within the FOMC: a computational linguistics approach

Hansen, Stephen; McMahon, Michael; Prat, Andrea - London School of Economics (LSE) - 2014

Persistent link: https://www.econbiz.de/10011126043

Transparency and deliberation within the FOMC: a computational linguistics approach

Hansen, Stephen; McMahon, Michael; Prat, Andrea - London School of Economics (LSE) - 2014

Persistent link: https://www.econbiz.de/10011126095

Central bank intervention in large value payment systems: An experimental approach

Heemeijer, Peter; Heijmans, Ronald - de Nederlandsche Bank - 2015

This experimental study investigates the behavior of banks in a large value payment system. More specifically, we look at 1) the reactions of banks to disruptions in the payment system and 2) the way banks behavior changes to incentives of the central bank. The game used in this experiment is a...

Persistent link: https://www.econbiz.de/10011199952