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Communication and decision-making by central bank committees : different strategies, same effectiveness?
Ehrmann, Michael (contributor);  … - 2005
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
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Evaluating Macroprudential Policies
Buch, Claudia; Vogel, Edgar; Weigert, Benjamin - 2021
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
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The rise and persistence of illegal crops: evidence from a naive policy announcement
Mejía, Daniel; Prem, Mounu; Vargas, Juan F. - 2019
Persistent link: https://www.econbiz.de/10012195543
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The quest for stability : the macro view
Balling, Morten (contributor); Buiter, Willem H. (contributor) - 2010
Persistent link: https://www.econbiz.de/10003985500
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Geography or skills : what explains Fed Wachters' forecast accuracy of US monetary policy?
Berger, Helge (contributor); Ehrmann, Michael (contributor);  … - 2008
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
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Reconsideration of the P-bar model of gradual price adjustment
McCallum, Bennett T. - 2008
"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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How central bankers see it : the first decade of ECB policy and beyond
Cecchetti, Stephen G.; Schoenholtz, Kermit L. - 2008
Persistent link: https://www.econbiz.de/10003780264
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Surprising comparative properties of monetary models : results from a new data base
Taylor, John B.; Wieland, Volker - 2009
Persistent link: https://www.econbiz.de/10003848421
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Surprising comparative properties of monetary models : results from a new data base
Taylor, John B.; Wieland, Volker - 2009
In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new data base of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...
Persistent link: https://www.econbiz.de/10003909186