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Establishing a hawkish reputation : interest rate setting by newly appointed central bank governors

Neuenkirch, Matthias - In: Applied economics letters 22 (2015) 4/6, pp. 391-396

Persistent link: https://www.econbiz.de/10010506721

The determinants of disagreement between the FOMC and the Fed's staff : new insights based on a counterfactual interest rate

Bennani, Hamza; Kranz, Tobias; Neuenkirch, Matthias - 2017

We examine the degree and sources of disagreement between the Federal Open Market Committee (FOMC) and the Federal Reserve's (Fed's) staff about the appropriate policy rate for the period 1987-2011. For that purpose, we compute a counterfactual interest rate for the Fed's staff , based on its...

Persistent link: https://www.econbiz.de/10011752222

Do Federal Reserve Communications Help Predict Federal Funds Target Rate Decisions?

Hayo, Bernd - 2010

We explain federal funds target rate decisions using macroeconomic variables and Federal Reserve 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 our communication...

Persistent link: https://www.econbiz.de/10013152778

Establishing a Hawkish Reputation : Interest Rate Setting by Newly Appointed Central Bank Governors

Neuenkirch, Matthias - 2013

1974–2008. We find, first, that newly appointed governors fight inflation more aggressively during the first four to eight … quarters of their tenure in an effort to establish a reputation for being inflation averse. Second, we find a significantly … stronger reaction to inflation by newly appointed governors working within monetary policy frameworks comprised of an at least …

Persistent link: https://www.econbiz.de/10013089640

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

Neuenkirch, Matthias - 2010

In this paper, we study the influence of central bank transparency and informal central bank communication on the money market adjustment process between two interest rate decisions. The sample covers nine major central banks for the period from January 1999 to July 2007. We find, first, that...

Persistent link: https://www.econbiz.de/10008695544

Establishing a hawkish reputation : interest rate setting by newly appointed central bank governors

Neuenkirch, Matthias - 2012 - This version: 5 December 2012

1974-2008. We find, first, that newly appointed governors fight inflation more aggressively during the first four to eight … quarters of their tenure in an effort to establish a reputation for being inflation averse. Second, we find a significantly … stronger reaction to inflation by newly appointed governors working within monetary policy frameworks comprised of an at least …

Persistent link: https://www.econbiz.de/10009738035

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/10003852257

Disagreement between FOMC members and the Fed's staff : new insights based on a counterfactual interest rate

Bennani, Hamza; Kranz, Tobias; Neuenkirch, Matthias - In: Journal of macroeconomics 58 (2018), pp. 139-153

Persistent link: https://www.econbiz.de/10012128303

Disagreement between the FOMC and the Fed's Staff : New Insights Based on a Counterfactual Interest Rate

Bennani, Hamza - 2018

We examine the degree and sources of disagreement between the members of the Federal Open Market Committee (FOMC) and the Federal Reserve's (Fed's) staff about the appropriate policy rate for the period 1994-2011. For that purpose, we compute a recommended interest rate for the Fed's staff based...

Persistent link: https://www.econbiz.de/10012931934

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

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

period) in money market expectations. The effect is larger for non-inflation targeters, countries with low income, and … countries with low financial depth. However, the biasreducing effect of transparency prevails only if inflation is relatively …

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