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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/10010281576
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Stale forward guidance
Detmers, Gunda-Alexandra; Nautz, Dieter - 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/10010427055
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Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters
Andersson, Magnus; Hofmann, Boris - 2009
This paper conducts a comparative analysis of the performances of the forward guidance strategies adopted by the Reserve Bank of New Zealand, the Norges Bank and the Riksbank, with the aim to gauge whether forward guidance via publication of an own interest rate path enhances a central bank’s...
Persistent link: https://www.econbiz.de/10011605144
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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/10010281466
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The Norges Bank's key rate projections and the news element of monetary policy: A wavelet based jump detection approach
Winkelmann, Lars - 2010
This paper investigates the information content of the Norges Bank's key rate projections. Wavelet spectrum estimates provide the basis for estimating jump probabilities of short- and long-term interest rates on monetary policy announcement days before and after the introduction of key rate...
Persistent link: https://www.econbiz.de/10010281508
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A double-edged sword: High interest rates in capital-control regimes
2009
Persistent link: https://www.econbiz.de/10014306479
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Zinserhöhung der EZB: Wie groß ist die Inflationsgefahr?
Mayer, Thomas; Schmieding, Holger; Jäger-Ambrozewicz, … - In: ifo Schnelldienst 64 (2011) 14, pp. 3-26
werden. Es wäre somit wünschenswert, wenn die EZB ihre begonnene restriktive Geldpolitik fortsetzen würde. Hans Wolfgang …
Persistent link: https://www.econbiz.de/10011693203
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The information content of central bank minutes
Apel, Mikael; Blix Grimaldi, Marianna - 2012
One characteristic feature of central banks today is that policy decisions are almost exclusively made by a committee rather than by a single policy maker. Another is that central banks are considerably more transparent than they used to be. Together, this has brought to the fore an important...
Persistent link: https://www.econbiz.de/10010320739
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What Might Central Banks Lose or Gain in Case of Euro Adoption – A GARCH-Analysis of Money Market Rates for Sweden, Denmark and the UK
Buscher, Herbert S.; Gabrisch, Hubert - 2011
This study deals with the question whether the central banks of Sweden, Denmark and the UK can really influence short … case of adverse monetary shocks to the economy for Sweden and Denmark, compared to the Euro area. We conclude that the … den Märkten. Die Ergebnisse zeigen, dass die Politik der Europäischen Zentralbank (EZB) einen beträchtlichen Einfluss auf …
Persistent link: https://www.econbiz.de/10010286027
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Money talks
Hoerova, Marie; Monnet, Cyril; Temzelides, Ted - 2009
We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of transmitting information have very different consequences. Since...
Persistent link: https://www.econbiz.de/10011605137