In Africa, a number of countries like South Africa have adopted inflation targeting. In Nigeria, different monetary … policy regimes have been adopted over the years with rather unsatisfactory success. This study examines inflation targeting … 2016. The study unravels evidence of a significant response of inflation and squared inflation to policy interest rates in …

(underpredict) inflation at intermediate forecast horizons when inflation is below (above) target. The magnitude of the bias is …We test for bias and efficiency of the ECB inflation forecasts using a confidential dataset of ECB macroeconomic … quarterly projections. We investigate whether the properties of the forecasts depend on the level of inflation, by …

(underpredict) inflation at intermediate forecast horizons when inflation is below (above) target. The magnitude of the bias is …We test for bias and efficiency of the ECB inflation forecasts using a confidential dataset of ECB macroeconomic … quarterly projections. We investigate whether the properties of the forecasts depend on the level of inflation, by …

We test for state-dependent bias in the European Central Bank's inflation projections. We show that the ECB tends to … underpredict when the observed inflation rate at the time of forecasting is higher than an estimated threshold of 1.8%. The bias is … most pronounced at intermediate forecasting horizons. This suggests that inflation is projected to revert towards the …

: the deterioration of bond market liquidity, the increased bond specialness on the repurchase agreement market, and the …

: the deterioration of bond market liquidity, the increased bond specialness on the repurchase agreement market, and the …

The excess liquidity in the euro area is a product of a long period of quantitative easing. It changed the operational … system (ARS). To eliminate excess liquidity and return to the SRS, the ECB must intensify quantitative tightening, which is …