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This paper models the month-over-month change in euro-denominated (EUR) long-term interest rate swap yields. It shows that the change in the short-term interest rate has an economically and statistically significant effect on the change in EUR swap yields of different maturity tenors, after...
Persistent link: https://www.econbiz.de/10014438498
CBI is the seemed contradiction between independence and democracy, known as the problem of accountability of the monetary … democracy. This would, in turn, attribute to reconciling the presumed contradiction between CBI and democracy, besides … disentangling the impact of independence and transparency on democracy. To this end, we regress democracy on both CBI and CB …
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The last decades have shown a tendency towards higher central bank transparency. It became customary for central bankers to explain their monetary policy decisions in detail and for them to publish inflation forecasts. This leads to the question of how central bank transparency is entangled with...
Persistent link: https://www.econbiz.de/10011525911
Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the reputation of central banks. Thus, central banks should not...
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In a large sample of countries across different geographic regions and over a long period of time, we find limited country- and variable-specific effects of central bank transparency on forecast accuracy and their dispersion among a large set of professional forecasts of financial and...
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