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Inflation Culture, Central Bank Independence and Price Stability
Hayo, Bernd - 1998
This paper proposes that central bank independence alone is insufficient to explain low inflation. It argues instead … that central bank independence may be interconnected with public attitudes towards inflation via a historical feedback … process that has led to an anti-inflation culture and public consensus on monetary stability in countries with low inflation …
Persistent link: https://www.econbiz.de/10014070872
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Inflation Culture, Central Bank Independence and Price Stability
Hayo, Bernd - 2001
important mainstream macroeconomic explanation of differences in inflation rates between countries, here coined the ?orthodox … independent central banks as causes for low inflation might be considered quite strong, it is argued in this paper that the … sensitivity indicator for the inflation awareness in these countries is obtained. It can be shown that these sensitivity …
Persistent link: https://www.econbiz.de/10014066163
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Central bank independence in New Zealand: Public knowledge about and attitude towards the policy target agreement
Hayo, Bernd; Neumeier, Florian - 2018
attitude towards a specific monetary policy institution, the Policy Target Agreement (PTA). The PTA contains the inflation …
Persistent link: https://www.econbiz.de/10012030966
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Central Bank Independence in New Zealand: Public Knowledge About and Attitude Towards the Policy Target Agreement
Hayo, Bernd; Neumeier, Florian - 2018
attitude towards a specific monetary policy institution, the Policy Target Agreement (PTA). The PTA contains the inflation …
Persistent link: https://www.econbiz.de/10011956669
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Central Bank Independence in New Zealand : Public Knowledge About and Attitude Towards the Policy Target Agreement
Hayo, Bernd - 2019
attitude towards a specific monetary policy institution, the Policy Target Agreement (PTA). The PTA contains the inflation …
Persistent link: https://www.econbiz.de/10012894595
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Central bank independence in New Zealand : public knowledge about and attitude towards the policy target agreement
Hayo, Bernd; Neumeier, Florian - 2018 - This version: 2 October 2018
attitude towards a specific monetary policy institution, the Policy Target Agreement (PTA). The PTA contains the inflation …
Persistent link: https://www.econbiz.de/10011906352
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Central Bank independence in New Zealand : public knowledge about and attitude towards the policy target agreement
Hayo, Bernd; Neumeier, Florian - 2018
attitude towards a specific monetary policy institution, the Policy Target Agreement (PTA). The PTA contains the inflation …
Persistent link: https://www.econbiz.de/10011918368
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Estimating the monetary policy interest-rate-to-performance sensitivity of the European banking sector at the zero lower bound
Hayo, Bernd; Henseler, Kai; Rapp, Marc Steffen - 2019
Using an event-study design, we investigate monetary policy interest-rate-to-performance sensitivity of the European banking sector over the 07/2012-06/2017 period when interest rates were (close to) zero. We apply the Wordscores approach to introductory statements of ECB's Governing Council...
Persistent link: https://www.econbiz.de/10012030946
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Bank of Canada communication and the predictability of Canadian monetary policy
Hayo, Bernd; Neuenkirch, Matthias - 2009
We explain changes in the Canadian target rate using macroeconomic variables and Bank of Canada (BOC) communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to predict 60 target rate decisions between 1998 and 2006. We find that BOC communication is...
Persistent link: https://www.econbiz.de/10010271162
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Does FOMC communication help predicting federal funds target rate changes?
Hayo, Bernd; Neuenkirch, Matthias - 2009
We explain changes in the federal funds target rate using macroeconomic variables and Federal Open Market Committee (FOMC) communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to predict 75 target rate decisions between 1998 and 2006. We find, first, that...
Persistent link: https://www.econbiz.de/10010271168