Showing 1 - 10 of 3,320
central banks' (i) credibility, (ii) unorthodox measures, and (iii) independence. We utilise a survey of more than 500 … that the Fed communicates best, followed by the BoE, ECB, and BoJ. Similar rankings are found on the issues of credibility … credibility, increases satisfaction with unorthodox measures, and fosters perceived independence of central banks. …
Persistent link: https://www.econbiz.de/10010356195
central banks’ (i) credibility, (ii) unorthodox measures, and (iii) independence. We utilise a survey of more than 500 … that the Fed communicates best, followed by the BoE, ECB, and BoJ. Similar rankings are found on the issues of credibility … credibility, increases satisfaction with unorthodox measures, and fosters perceived independence of central banks. …
Persistent link: https://www.econbiz.de/10010226327
The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in the early 1990s acted as the catalyst for enhanced transparency and communications in the conduct of monetary policy. In the wake of the 2007 - 09 global financial crisis, this...
Persistent link: https://www.econbiz.de/10010202233
This paper studies the determinants of inflation expectations and credibility in the European Central Bank (ECB) during … the first decade of European monetary policy. As a measure of credibility we use the gap between the professional … of inflation expectations and credibility have changed during the recent financial crisis. Within a panel data approach …
Persistent link: https://www.econbiz.de/10012857399
Beginning with the global financial crisis (2008) the correlation between crude oil prices and medium-term and forward inflation expectations increased leading to fears of their un-anchoring. Using the first principal component of commodity prices as a measure for global aggregate demand, we...
Persistent link: https://www.econbiz.de/10012916305
This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the...
Persistent link: https://www.econbiz.de/10011408880
We show that a .scal expansion by the core economies of the euro area would have a large and positive impact on periphery GDP assuming that policy rates remain low for a prolonged period. Under our preferred model speci.cation, an expansion of core government spending equal to one percent of...
Persistent link: https://www.econbiz.de/10011294265
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626
The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...
Persistent link: https://www.econbiz.de/10011622637
This paper investigates the impact of banking prudential regulation on sovereign risk. We show that prudential regulation reduces sovereign risk and induces governments to spend more. As a result, countries with tight prudential regulation have lower primary budget balances and accumulate more...
Persistent link: https://www.econbiz.de/10014281475