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How stale central bank interest rate projections affect interest rate uncertainty : conference paper
Detmers, Gunda-Alexandra; Nautz, Dieter - 2013 - This version: August 2013
The Reserve Bank of New Zealand guides interest rate expectations of financial markets by projections of future short-term rates that are updated only once a quarter. As a consequence, projections become stale when time evolves and new information enters the market. This paper investigates the...
Persistent link: https://www.econbiz.de/10010340531
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Why do financial market experts misperceive future monetary policy decisions?
Schmidt, Sandra; Nautz, Dieter - 2010
future interest rate, inflation, and output to discover the sources of individual interest rate forecast errors. Based on a …. However, although experts tend to overestimate the impact of inflation on future interest rates, perceptions of monetary … improved communication has reduced disagreement over the ECB's response to expected inflation during the financial crisis …
Persistent link: https://www.econbiz.de/10008663415
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Stale forward guidance
Detmers, Gunda-Alexandra; Nautz, Dieter - 2014 - This version: May 13, 2014
An increasing number of central banks manage market expectations via interest rate projections. Typically, those projections are updated only quarterly and thus, may become stale when new information enters the market. We use data from New Zealand to investigate the time-varying and...
Persistent link: https://www.econbiz.de/10010354166
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Why do financial market experts misperceive future monetary policy decisions?
Schmidt, Sandra; Nautz, Dieter - 2010
future interest rate, inflation, and output to discover the sources of individual interest rate forecast errors. Based on a …. However, although experts tend to overestimate the impact of inflation on future interest rates, perceptions of monetary … improved communication has reduced disagreement over the ECB's response to expected inflation during the financial crisis …
Persistent link: https://www.econbiz.de/10003989026
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The information content of central bank interest rate projections : evidence from New Zealand
Detmers, Gunda-Alexandra; Nautz, Dieter - 2011
The Reserve Bank of New Zealand (RBNZ) has been the first central bank that began to publish interest rate projections in order to improve its guidance of monetary policy. This paper provides new evidence on the role of interest rate projections for market expectations about future short-term...
Persistent link: https://www.econbiz.de/10009151653
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Why Do Financial Market Experts Misperceive Future Monetary Policy Decisions?
Schmidt, Sandra - 2010
future interest rate, inflation, and output to discover the sources of individual interest rate forecast errors. Based on a …. However, although experts tend to overestimate the impact of inflation on future interest rates, perceptions of monetary … improved communication has reduced disagreement over the ECB's response to expected inflation during the financial crisis …
Persistent link: https://www.econbiz.de/10013139861
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How Stale Central Bank Interest Rate Projections Affect Interest Rate Uncertainty
Detmers, Gunda-Alexandra; Nautz, Dieter - 2022
The Reserve Bank of New Zealand guides interest rate expectations of financial markets by projections of future short-term rates that are updated only once a quarter. As a consequence, projections become stale when time evolves and new information enters the market. This paper investigates the...
Persistent link: https://www.econbiz.de/10013300074
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Inflation target credibility in times of high inflation
Coleman, Winnie; Nautz, Dieter - 2022
We use a representative online survey to investigate the inflation expectations of German consumers and the credibility … of the ECB's inflation target during the recent high inflation period. We find that credibility has trended downwards … since summer 2021, reaching an all-time low in April 2022. The high correlation between inflation expectations and the …
Persistent link: https://www.econbiz.de/10013285915
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Monetary Transmission Right from the Start: The (Dis)Connection Between the Money Market and the ECB’s Main Refinancing Rates
Abbassi, Puriya; Nautz, Dieter - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2010
The relation between the ECB’s main refinancing (MRO) rates and the money market is key for the monetary transmission process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO auctions. Our results confirm a stabilizing level...
Persistent link: https://www.econbiz.de/10008629519
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The information content of central bank interest rate projections: Evidence from New Zealand
Detmers, Gunda-Alexandra; Nautz, Dieter - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2011
The Reserve Bank of New Zealand (RBNZ) has been the first central bank that began to publish interest rate projections in order to improve its guidance of monetary policy. This paper provides new evidence on the role of interest rate projections for market expectations about future shortterm...
Persistent link: https://www.econbiz.de/10009131630