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Monetary policy uncertainty and the response of the yield curve to policy shocks

Tillmann, Peter - 2017

This paper studies the non-linear response of the term structure of interest rates to monetary policy shocks. We show that uncertainty about monetary policy changes the way the term structure responds to monetary policy. A policy tightening leads to a significantly smaller increase in long-term...

Persistent link: https://www.econbiz.de/10011661992

Quantitative easing and tapering uncertainty : evidence from Twitter

Meinusch, Annette; Tillmann, Peter - 2015

In this paper we analyze the extent to which peoples' changing beliefs about the timing of the exit from Quantitative Easing ("tapering") impact asset prices. To quantify beliefs of market participants, we use data from Twitter, the social media application. Our data set covers the entire...

Persistent link: https://www.econbiz.de/10010494862

Pushing on a string : state-owned enterprises and monetary policy transmission in China

Chen, Hongyi; Li, Ran; Tillmann, Peter - 2018 - October 2018 (updated)

Persistent link: https://www.econbiz.de/10012201938

The great recession and its effects on monetary policy : from policy transmission to target dynamics

Dany-Knedlik, Geraldine - 2018

; inflation dynamics; Phillips curve; inflation expectations; nonlinear unobserved component model; structural TVP-VAR; Great … evidence that accounts for non-linearities of the relevant economic relations. The first and second chapters examine inflation … inflation processes are mainly driven by the development of long-term inflation expectations. The third chapter investigates the …

Persistent link: https://www.econbiz.de/10012154729

Macroeconomic surprises and the demand for information about monetary policy

Tillmann, Peter - 2020

This paper studies the demand for information about monetary policy, while the literature on central bank transparency and communication typically studies the supply of information by the central bank or the reception of the information provided. We use a new data set on the number of views of...

Persistent link: https://www.econbiz.de/10012159070

The macroeconomic impact of unconventional monetary policy shocks

Meinusch, Annette; Tillmann, Peter - In: Journal of macroeconomics 47 (2016), pp. 58-67

Persistent link: https://www.econbiz.de/10011707496

Quantitative easing and tapering uncertainty : evidence from Twitter

Meinusch, Annette; Tillmann, Peter - In: International journal of central banking : IJCB 13 (2017) 4, pp. 227-258

Persistent link: https://www.econbiz.de/10011785097

Pushing on a string : state-owned enterprises and monetary policy transmission in China

Chen, Hongyi; Li, Ran; Tillmann, Peter - 2018 - This version: February 06, 2018

This paper studies whether monetary transmission in China is asymmetric. While researchers found an asymmetric transmission in the U.S. and other economies, China offers a specific rationale for asymmetries: the presence of state-owned enterprises (SOEs) enjoying preferential access to...

Persistent link: https://www.econbiz.de/10011803747

ECB vs Bundesbank : diverging tones and policy effectiveness

Tillmann, Peter; Walter, Andreas - 2018

The present paper studies the consequences of conflicting narratives for the transmission of monetary policy shocks. We focus on conflict between the presidents of the ECB and the Bundesbank, the main protagonists of monetary policy in the euro area, who often disagreed on policy over the past...

Persistent link: https://www.econbiz.de/10011858943

The effectiveness of monetary policy in China : evidence from a Qual VAR

Chen, Hongyi; Chow, Kenneth K.; Tillmann, Peter - In: China economic review : an international journal 43 (2017), pp. 216-231

Persistent link: https://www.econbiz.de/10011911290