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Inflation targeting, credibility and non-linear Taylor rules

Neuenkirch, Matthias; Tillmann, Peter - 2012

In this paper we systematically evaluate how central banks respond to inflation deviations from target. We present a stylized New Keynesian model in which agents' inflation expectations are sensitive to inflation deviations from target. To (re-)establish credibility, optimal monetary policy...

Persistent link: https://www.econbiz.de/10009564263

Global economic recovery progresses overall

Gern, Klaus-Jürgen; Hauber, Philipp; Kooths, Stefan; … - 2020

In the third quarter of 2020, the global economy rebounded strongly from the steep fall in output suffered in the first half of the year amid the covid-19 pandemic. Currently, the recovery is being slowed down by another wave of infections and policy measures to contain it, but on aggregate...

Persistent link: https://www.econbiz.de/10012392680

Gradual recovery after partial rebound

Gern, Klaus-Jürgen; Hauber, Philipp; Kooths, Stefan; … - 2020

The world economy contracted by close to 10 percent in the first half of 2020 as the COVID-10 pandemic unfolded. After a 3 percent drop in activity in the first quarter, global output contacted by some 7 percent as governments around the world implemented measures to contain the virus and...

Persistent link: https://www.econbiz.de/10012302343

Communicating with many tongues : FOMC speeches and US financial market reaction

Hayo, Bernd; Kutan, Ali Mustafa; Neuenkirch, Matthias - 2008

This paper studies the effects of FOMC communication on U.S. financial markets’ returns and volatility using a GARCH model over the period from 1998 to 2006. We build a new data set that includes information on all FOMC speeches, post-meeting statements, monetary policy reports and...

Persistent link: https://www.econbiz.de/10003864447

Assessing spill-over effects of US monetary policy and macroeconomic announcements on financial markets in Argentina

Hayo, Bernd; Neuenkirch, Matthias - 2008

We study the effects of U.S. monetary policy and macroeconomic announcements on Argentine money, stock and foreign exchange markets’ returns and volatility over the period 1998 to 2006 using a GARCH model. Firstly, we show that both types of news have a significant impact on all markets....

Persistent link: https://www.econbiz.de/10003865937

Domestic or U.S. news : what drives Canadian financial markets?

Hayo, Bernd; Neuenkirch, Matthias - 2009

Using a GARCH model, we study the effects of Canadian and U.S. central bank communication and macroeconomic news on Canadian bond, stock, and foreign exchange market returns and volatility. First, news in both categories and from both countries has an impact on all financial markets. Canadian...

Persistent link: https://www.econbiz.de/10003849833

Bank of Canada communication, media coverage, and financial market reactions

Hayo, Bernd; Neuenkirch, Matthias - 2010

We examine the impact of Bank of Canada communications and media reporting on them on Canadian (short- and medium-term) bond and stock market returns using a GARCH model. Communications are rather uniformly distributed over the sample period (1998–2006); however, media coverage is particularly...

Persistent link: https://www.econbiz.de/10003980577

An unconventional approach to evaluate the Bank of England's asset purchase program

Neuenkirch, Matthias - 2016 - This version: November 2, 2016

Empirical papers analysing the transmission of (unconventional) monetary policy typically rely on a vector autoregressive framework. In this paper, I complement these studies and employ a matching approach to examine the impact of the Bank of England's asset purchase program on macroeconomic...

Persistent link: https://www.econbiz.de/10011553983

Central bank transparency and financial market expectations : the case of emerging markets

Neuenkirch, Matthias - 2011 - This version: 07 September 2011

In this paper, we study the influence of central bank transparency on the formation of money market expectations in emerging markets. The sample covers 25 countries for the period from January 1998 to December 2009. We find, first, that transparency reduces the bias (the difference between the...

Persistent link: https://www.econbiz.de/10009295655

Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion

Kooths, Stefan; Schwarzmüller, Tim; Scheide, Joachim; … - 2014

In Reaktion auf die Finanzkrise hat das Eurosystem seine Geldpolitik massiv gelockert. So hat die Europäische … budgets in several countries of the euro area. This has led to large liquidity flows into Germany. This situation is expected … to continue for some time to come. With huge amounts of excess liquidity already accumulated in the German banking sector …

Persistent link: https://www.econbiz.de/10010343472

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