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A dynamic evaluation of central bank credibility
Çakmaklı, Cem; Demiralp, Selva - 2020
parameters modeling structure, we show that the credibility of the Central Bank of the Republic of Turkey (CBRT) has declined …Central bank credibility is critical for the effectiveness of monetary policy. The measures of credibility that are … alternative measure that allows us to track the evolution of credibility in an inflationary environment. Credibility is defined as …
Persistent link: https://www.econbiz.de/10012292071
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The central bank strikes back! : credibility of monetary policy under fiscal influence
Camous, Antoine; Matveev, Dmitry - 2022 - Last updated: March 4, 2022
importantly, the additional fiscal conditionality can enhance the credibility of the central bank to achieve price stability. We … emphasize how the level and structure of government debt emerge as key factors affecting the credibility of monetary policy with …
Persistent link: https://www.econbiz.de/10012886819
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The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10009503821
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Central Bank Financial Independence
Martinez Resano, Jose Ramon - 2021
Central bank independence is a multifaceted institutional design. The financial component has been seldom analysed. This paper intends to set a comprehensive conceptual background for central bank financial independence. Quite often central banks are modelled as robot-like maximizers of some...
Persistent link: https://www.econbiz.de/10013314169
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Implications of G20 Central Bank Governors’ Professional Qualification Profiles
Sancak, Ibrahim E. - 2021
Central bank governors and their professional competency have attracted reasonable interest in the monetary policy world. However, data and methods to measure the professional qualifications of central bank governors based on their experience, higher education, and other professional attributes...
Persistent link: https://www.econbiz.de/10013314231
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The European Central Bank and Why Things are the Way They Are : A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity
Dubois, Robert - 2012
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10013109818
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Ideology and monetary policy : the role of political parties' stances in the ECB's parliamentary hearings
Fraccaroli, Nicolò; Giovannini, Alessandro; Jamet, … - 2022
We investigate whether ideology drives the sentiments of parliamentarians when they speak to the central bank they hold accountable. To this end, we collect textual data on the quarterly hearings of the ECB President before the European Parliament from 1999 to 2019. We apply sentiment analysis...
Persistent link: https://www.econbiz.de/10012939688
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Interpreting Monetary Policy Surprises : Does Central Bank Credibility Matter?
Oliveira, Sebastiao; Simon, Pedro - 2023
This paper uses the Brazilian central bank’s loss of credibility episode under President Dilma Rousseff … depending on the level of central bank’s credibility. With credibility, they understand a monetary policy surprise as a monetary … policy shock and decrease their inflation expectations 12 months ahead by -0.25%. With no credibility, they interpret it as …
Persistent link: https://www.econbiz.de/10014355112
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Inflation targeting in Colombia, 2002 - 2012
Urrutia, Miguel; Hofstetter Gascón, Marcel; Hamann S., … - 2014
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10011285649
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Inflation Targeting in Colombia, 2002-2012
Urrutia, Miguel - 2014
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10013057337