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Geography or skills: what explains Fed Wachters' forecast accuracy of US monetary policy?
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2008
FOMC decisions varies 5 to 10 basis points between the best and worstperformers across the sample. This heterogeneity is … important as it leads to greater financial market volatility after FOMC meetings. Finally, policy-makers are not impotent in …
Persistent link: https://www.econbiz.de/10010299141
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Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy?
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 … financial market volatility after FOMC meetings. Finally, Fed communication may exert an influence on forecast accuracy. …
Persistent link: https://www.econbiz.de/10011604741
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The timing of central bank communication
Ehrmann, Michael; Fratzscher, Marcel - 2005
This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...
Persistent link: https://www.econbiz.de/10011604611
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Central Bank communication and monetary policy: a survey of theory and evidence
Blinder, Alan S.; Ehrmann, Michael; de Haan, Jakob; … - 2008
Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it written in this decade. We survey this...
Persistent link: https://www.econbiz.de/10011604944
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The Political and Technical Aspects of Controlling Inflation
Gros, Daniel - In: Intereconomics 58 (2023) 3, pp. 133-135
After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Price pressures are now increasingly broadening to...
Persistent link: https://www.econbiz.de/10014334696
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Reversing the Great Monetary Expansion
Angeloni, Ignazio - In: Intereconomics 58 (2023) 3, pp. 142-147
Persistent link: https://www.econbiz.de/10014334698
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How abundant are reserves? Evidence from the wholesale payment system
Afonso, Gara; Duffie, Darrell; Rigon, Lorenzo; Shin, … - 2022
Before the era of large central bank balance sheets, banks relied on incoming payments to fund outgoing payments in order to conserve scarce liquidity. Even in the era of large central bank balance sheets, rather than funding payments with abundant reserve balances, we show that outgoing...
Persistent link: https://www.econbiz.de/10014302762
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Economic projections and rules-of-thumb for monetary policy
Orphanides, Athanasios; Wieland, Volker - 2008
proposition in the context of FOMC policy decisions over the past 20 years using publicly available FOMC projections from the … biannual monetary policy reports to the Congress (Humphrey-Hawkins reports). Our results indicate that FOMC decisions can … indeed be predominantly explained in terms of the FOMC's own projections rather than observed outcomes. Thus, a forecast …
Persistent link: https://www.econbiz.de/10010298399
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How should large and small countries be represented in a currency union?
Berger, Helge; Mueller, Till - 2004
The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...
Persistent link: https://www.econbiz.de/10010261091
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Delegation, time inconsistency and sustainable equilibrium
Basso, Henrique S. - 2008
This paper analyzes the effectiveness of delegation in solving the time inconsistency problem of monetary policy using a microfounded general equilibrium model where delegation and reappointment are explicitly included into the government's strategy. The method of Chari and Kehoe (1990) is...
Persistent link: https://www.econbiz.de/10010321435