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Monetary policy transparency, public commentary, and market perceptions about monetary policy in Canada
Siklos, Pierre L. - 2000
Die Einführung von Inflationszielen in Kanada im Jahr 1991 verdeutlichte angeblich das Ziel der Geldpolitik, nämlich … Preisstabilität. Mit der neuen Politik sollte unter anderem die Öffentlichkeit fortan den Erfolg der Geldpolitik leichter daran messen … in der öffentlichen Kommentierung der Geldpolitik seit 1991 fairer beurteilt werden.' Anhand von Kommentaren in den …
Persistent link: https://www.econbiz.de/10010295696
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Communication, decision-making and the optimal degree of transparency of monetary policy committees
Weber, Anke - 2008
This paper develops a theoretical model of dynamic decision-making of a monetary policy committee with heterogeneous members. It investigates the optimal transparency, and the optimal way of transmitting information of committees, by analysing the effects different communication strategies have...
Persistent link: https://www.econbiz.de/10010295874
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Monetary Ease: A Factor behind Financial Crises? Some Evidence from OECD Countries
Ahrend, Rudiger - 2008
This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly...
Persistent link: https://www.econbiz.de/10010298580
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Optimal monetary policy in a small open economy with financial frictions
Merola, Rossana - 2010
I analyze how the introduction of financial frictions can affect the trade-off between output stabilization and inflation stability and whether, in the presence of financial frictions, the optimal outcome can be realized or approached more closely if monetary policy is allowed to react to...
Persistent link: https://www.econbiz.de/10010299951
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Geldpolitik am Scheideweg
Schnabl, Gunther - In: Wirtschaftsdienst 87 (2007) 9, pp. 558-559
Persistent link: https://www.econbiz.de/10010303595
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Do financial markets react to Bank of England communication?
Reeves, Rachel; Sawicki, Michael - 2005
The effectiveness of a central bank's monetary policymaking is determined by the merit of its policy actions and their perceived credibility. Since the 1990s central banks have placed more emphasis on clear communications and transparency as additional levers to help achieve their goals. In this...
Persistent link: https://www.econbiz.de/10010323557
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Financial Turmoil and Choice of Exchange Rate Regime
Hausmann, Ricardo; Gavin, Michael; Pagés-Serra, Carmen; … - 1999
Financial turmoil is becoming a fact of life in Latin America. The 1990s have been characterized by enormous volatility in the magnitude and cost of capital flows. The correlation of capital swings across disparate countries suggests that the quality of emerging market policies in addition to...
Persistent link: https://www.econbiz.de/10010326956
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Costa Rica: The Next Stage-Reform without Volatility. A Report
Zamora, Rodrigo Bolaños - 1999
This study assesses macroeconomic volatility in Costa Rica, based largely on politically weak governments` inability or unwillingness to effect key reforms. Notable problems include volatility-prone fiscal and monetary policy, structurally weak public finances due to large domestic debts and...
Persistent link: https://www.econbiz.de/10010327135
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Optimal monetary policy with uncertainty about financial frictions
Moessner, Richhild - 2006
This paper studies optimal discretionary monetary policy in the presence of uncertainty about the degree of financial frictions. Changes in the degree of financial frictions are modelled as changes in parameters of a hybrid New-Keynesian model calibrated for the UK, following Bean, Larsen and...
Persistent link: https://www.econbiz.de/10011604685
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Optimal monetary policy in a model of the credit channel
De Fiore, Fiorella; Tristani, Oreste - 2009
We consider a simple extension of the basic new-Keynesian setup in which we relax the assumption of frictionless financial markets. In our economy, asymmetric information and default risk lead banks to optimally charge a lending rate above the risk-free rate. Our contribution is threefold....
Persistent link: https://www.econbiz.de/10011605089