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Persistent link: https://www.econbiz.de/10014273728
The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking process in the committee. The paper shows that the Federal...
Persistent link: https://www.econbiz.de/10003014292
instruments to these indicators through ex-ante evaluation studies, and analyzing the effects of these policies through ex …-post evaluation studies. We argue that the infrastructure for this policy process can be further improved by providing data for policy … evaluation, establishing or strengthening legal mandates for policy evaluation, establishing mechanisms for international …
Persistent link: https://www.econbiz.de/10013248985
Persistent link: https://www.econbiz.de/10014575526
The dynamic properties of the The New Keynesian Phillips curve (NPC) is analysed within the framework of a small system of linear di.erence equations.We evaluate the empirical results of existing studies which uses ‘Euroland’ and US data. The debate has been centered around the...
Persistent link: https://www.econbiz.de/10010284235
The paper shows that there is a substantial degree of heterogeneity in the ability of Fed watchers to forecast US monetary policy decisions. Based on a novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 basis points between the...
Persistent link: https://www.econbiz.de/10003726321
"This paper compares the P-bar model of price adjustment with the currently dominant Calvo specification. Theoretically, the P-bar model is more attractive as it depends upon adjustment costs for physical quantities rather than nominal prices, while incorporating a one-period information lag....
Persistent link: https://www.econbiz.de/10003739210
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