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Central banks' predictability : an assessment by financial market participants

Hayo, Bernd; Neuenkirch, Matthias - In: International journal of central banking : IJCB 14 (2018) 4, pp. 162-185

Persistent link: https://www.econbiz.de/10011929485

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

Neuenkirch, Matthias - In: Open economies review 31 (2020) 1, pp. 79-94

Persistent link: https://www.econbiz.de/10012229701

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

Neuenkirch, Matthias - In: Economic Systems 37 (2013) 4, pp. 598-609

In this paper, we study how central bank transparency influences 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 …. Second, an intermediate level of transparency is found to have the most favorable influence on money market expectations …

Persistent link: https://www.econbiz.de/10010729360

Communication matters: US monetary policy and commodity price volatility

Hayo, Bernd; Kutan, Ali M.; Neuenkirch, Matthias - In: Economics Letters 117 (2012) 1, pp. 247-249

We analyze the influence of US monetary policy on commodity price volatility. Expected target rate changes and communications decrease volatility, whereas target rate surprises and unorthodox measures increase it. The “calming” effect of communication is reduced during the financial crisis.

Persistent link: https://www.econbiz.de/10011041671

Inflation targeting, credibility, and non-linear Taylor rules

Neuenkirch, Matthias; Tillmann, Peter - In: Journal of International Money and Finance 41 (2014) C, pp. 30-45

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

Persistent link: https://www.econbiz.de/10011048528

Do Federal Reserve presidents communicate with a regional bias?

Hayo, Bernd; Neuenkirch, Matthias - In: Journal of Macroeconomics 35 (2013) C, pp. 62-72

In this paper, we analyze the determinants of US monetary policy stance as expressed in speeches by Federal Reserve (Fed) officials over the period January 1998–September 2009. Econometrically, we use a probit model with regional and national macroeconomic variables to explain the content of...

Persistent link: https://www.econbiz.de/10010617295

Managing financial market expectations: The role of central bank transparency and central bank communication

Neuenkirch, Matthias - In: European Journal of Political Economy 28 (2012) 1, pp. 1-13

In this paper, we study the influence of central bank transparency and informal central bank communication on the …, first, that transparency reduces the bias in money market expectations and dampens their variation. Second, informal … the Eijffinger and Geraats (2006) transparency index lead to a smaller bias in expectations (in particular, evaluation of …

Persistent link: https://www.econbiz.de/10010574390

Are public preferences reflected in monetary policy reaction functions?

Neuenkirch, Matthias - In: Journal of Macroeconomics 40 (2014) C, pp. 60-68

In this paper, we test whether public preferences for price stability (obtained from the Eurobarometer survey) were actually reflected in the interest rates set by eight central banks. We estimate augmented Taylor (1993) rules for the period 1976Q2–1994Q1 using the dynamic GMM estimator. We...

Persistent link: https://www.econbiz.de/10010777109

The (home) bias of European central bankers : new evidence based on speeches

Bennani, Hamza; Neuenkirch, Matthias - In: Applied economics 49 (2017) 11, pp. 1114-1131

Persistent link: https://www.econbiz.de/10011811173

The risk-taking channel of monetary policy transmission in the euro area

Neuenkirch, Matthias; Nöckel, Matthias - In: Journal of banking & finance 93 (2018), pp. 71-91

Persistent link: https://www.econbiz.de/10011964627