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Gáti, Laura; Handlan, Amy - 2022

talk about the economy? We propose a simple framework that allows us to estimate communication rules in the United States … based on text analysis with regularized regressions. We find strong evidence for systematic communication rules that vary …'s communication rule and use it to investigate how much of the disagreement between the market and the Fed come from disagreement …

Persistent link: https://www.econbiz.de/10014374396

How does monetary policy change? Evidence on inflation targeting countries

Baxa, Jaromír; Horváth, Roman; Vašíček, Bořek - 2010

We examine the evolution of monetary policy rules in a group of inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom), applying a moment-based estimator in a time-varying parameter model with endogenous regressors. Using this novel flexible framework, our...

Persistent link: https://www.econbiz.de/10010322229

Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...

Persistent link: https://www.econbiz.de/10011605066

Forecasting ECB monetary policy: accuracy is (still) a matter of geography

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006

Monetary policy in the euro area is conducted within a multi-country, multi-cultural, and multi-lingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the ECB? Using a...

Persistent link: https://www.econbiz.de/10010299102

Does the crisis experience call for a new paradigm in monetary policy?

Taylor, John B. - 2010

This paper shows that the monetary policy paradigm that was in place before the financial crisis worked very well and that the crisis occurred only after policy makers deviated from that paradigm. The paper also evaluates monetary policy during the financial crisis by dividing the crisis into...

Persistent link: https://www.econbiz.de/10011430849

Inflation targeting, credibility and non-linear Taylor rules

Neuenkirch, Matthias; Tillmann, Peter - 2012

In this paper we systematically evaluate how central banks respond to inflation deviations from target. We present a stylized New Keynesian model in which agents' inflation expectations are sensitive to inflation deviations from target. To (re-)establish credibility, optimal monetary policy...

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

Determinacy in new Keynesian models: A role for money after all?

Minford, Patrick; Srinivasan, Naveen - 2009

The New-Keynesian Taylor-Rule model of inflation determination with no role for money is incomplete. As Cochrane (2007a) argues, it has no credible mechanism for ruling out bubbles and as a result fails to provide a reason for private agents to pick a unique stable path. We propose a way...

Persistent link: https://www.econbiz.de/10010288779

What does monetary policy reveal about central bank's preferences?

Castelnuovo, Efrem; Surico, Paolo - 2002

The design of monetary policy depends upon the targeting strategy adopted by the central bank. This strategy describes a set of policy preferences, which are actually the structural parameters to analyse monetary policy making. Accordingly, we develop a novel calibration method to identify...

Persistent link: https://www.econbiz.de/10011335670

Opting out of the great inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2008

Persistent link: https://www.econbiz.de/10010303730

Monetary policy with judgment: forecast targeting

Svensson, Lars E. O. - 2005

“Forecast targeting,” forward-looking monetary policy that uses central-bank judgment to construct optimal policy projections of the target variables and the instrument rate, may perform substantially better than monetary policy that disregards judgment and follows a given instrument rule....

Persistent link: https://www.econbiz.de/10011604522

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