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Forecasting the central bank’s inflation objective is a good rule of thumb

Diron, Marie; Mojon, Benoît - 2005

This paper first shows that the forecast error incurred when assuming that future inflation will be equal to the inflation target announced by the central bank is typically at least as small and often smaller than forecast errors of model-based and published inflation forecasts. It then shows...

Persistent link: https://www.econbiz.de/10011604610

Social Trust and Central-Bank Independence

Berggren, Niclas; Daunfeldt, Sven-Olof; Hellström, Jörgen - 2012

credibility (or lack-of-trust) problem for monetary policy. This indicates a possible and until now unexplored link between social …

Persistent link: https://www.econbiz.de/10010320270

Convergence and anchoring of yield curves in the euro area

Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007

the credibility that financial markets attach to monetary policy in the euro area. …

Persistent link: https://www.econbiz.de/10011604863

Inflation targeting, credibility and non-linear Taylor rules

Neuenkirch, Matthias; Tillmann, Peter - 2012

-)establish credibility, optimal monetary policy under discretion is shown to set higher interest rates today if average inflation exceeded … term in the central bank's optimal instrument rule, which we refer to as the credibility loss. Augmenting a standard Taylor … seven central banks and that this influence is economically meaningful. A deteroriation in credibility forces central …

Persistent link: https://www.econbiz.de/10010294449

Does monetary policy credibility help in anchoring inflation expectations? Evidence from six inflation targeting emerging economies

Güler, Aslı - In: Journal of Central Banking Theory and Practice 10 (2021) 1, pp. 93-111

extent to which inflation expectations are formed by the announced targets. As the credibility of the central bank increases … target. Credibility enables expectation to be formed in a forward-looking way by weakening its connection with the past. This … study aims to contribute to the literature concerning the effects of credibility on monetary policy. For this purpose, using …

Persistent link: https://www.econbiz.de/10014558525

A double-edged sword: High interest rates in capital-control regimes

2009

Persistent link: https://www.econbiz.de/10014306479

How much does the public know about the ECB's monetary policy? Evidence from a survey of Dutch households

van der Cruijsen, Carin; Jansen, David-Jan; de Haan, Jakob - 2010

Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge on the ECB’s objectives is far from perfect. Both a...

Persistent link: https://www.econbiz.de/10011605311

Monetary target announcements, reputation and hysteresis

Grüner, Hans Peter - 1994

Two signaling games of monetary policy are considered: game one examines the effect of hysteresis on the labor market on the results of the repeated monetary policy game. Disciplinary effects of reputation disappear in presence of hysteresis. The second game compares weifare effects of monetary...

Persistent link: https://www.econbiz.de/10010397973

Money talks

Hoerova, Marie; Monnet, Cyril; Temzelides, Ted - 2009

, information transmission through changes in the interest rate creates a distortion, thus, lending an amount of credibility. This …

Persistent link: https://www.econbiz.de/10011605137

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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