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Talking about monetary policy: the virtues (and vice?) of central bank communication
Blinder, Alan S. - Bank für Internationalen Zahlungsausgleich <Basel> - 2009
evidence, reviewed selectively here, suggests that communication can move financial markets, enhance the predictability of … greater communication are also reviewed here. None seems very important in practice. That said, no consensus has yet emerged … regarding what constitutes "optimal" communication strategy - either in quantity or nature.This is part of a series of BIS …
Persistent link: https://www.econbiz.de/10009138505
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DSGE models and central banks
Tovar, Camilo - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...
Persistent link: https://www.econbiz.de/10009305062
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Globalisation and the determinants of domestic inflation
White, William - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found to be inadequate. This includes the view that this outcome has been solely the result of more...
Persistent link: https://www.econbiz.de/10009305090
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PRICE-LEVEL DETERMINATION UNDER DISPERSED INFORMATION AND MONETARY POLICY
Aoki, Kosuke - London School of Economics and Political Science - 2006
This paper considers the determination of aggregate price level under dispersed information.A Central Bank sets policy in response to its noisy measure of the price level, andeach agent makes its decisions by observing a subset of data. Information revealed to theagents and the bank is...
Persistent link: https://www.econbiz.de/10005870374
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Central bank’s two-way communication with the public and inflation dynamics
Aoki, Kosuke; Kimura, Takeshi - Centre for Economic Performance <London> - 2008
two-way communication between the central bankand the public affects inflation dynamics. When inflation target is … uncertaintyfacing the bank crucially depends on how two-way communication works.[...] …
Persistent link: https://www.econbiz.de/10005870381
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Central Bank Communication and Exchange Rate Volatility:A GARCH Analysis
Fišer, Radovan; Horváth, Roman - William Davidson Institute <Ann Arbor, Mich.> - 2009
We examine the effects of the Czech National Bank communication, macroeconomic newsand interest rate differential on …, too, as financial markets respond more to the communication before thepolicy meetings than after them. Next, macroeconomic …
Persistent link: https://www.econbiz.de/10009360506
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The bank lending channel revisited
Disyatat, Piti - Bank für Internationalen Zahlungsausgleich <Basel> - 2010
A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the...
Persistent link: https://www.econbiz.de/10005871023
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Unconventional monetary policies: an appraisal
Borio, Claudio E. V.; Disyatat, Piti - Bank for International Settlements / Monetary and … - 2009
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10009138460
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ROBUST MONETARY POLICY IN THE NEW KEYNESIAN FRAMEWORK
Leitemo, Kai; Söderström, Ulf - Università Commerciale Luigi Bocconi <Milano> - 2007
We study the effects of model uncertainty in a simple New Keynesian model using robustcontrol techniques. Due to the simple model structure, we are able to find closed-formsolutions for the robust control problem, analyzing both instrument rules and targetingrules under different timing...
Persistent link: https://www.econbiz.de/10009138471
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Has the monetary transmission process in the euro area changed? Evidence based on VAR estimates
Weber, Axel A.; Gerke, Rafael; Worms, Andreas - Bank für Internationalen Zahlungsausgleich <Basel> - 2009
Empirical evidence on whether the euro area monetary transmission process has changed is, at best, mixed. We argue that this inconclusiveness is likely to be due to the fact that existing empirical studies concentrate on the effects of a particular development on a specific transmission channel....
Persistent link: https://www.econbiz.de/10009138503