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quarters of their tenure in an effort to establish a reputation for being inflation averse. Second, we find a significantly …
Persistent link: https://www.econbiz.de/10013089640
quarters of their tenure in an effort to establish a reputation for being inflation averse. Second, we find a significantly … ; monetary policy ; reputation ; Taylor rules …
Persistent link: https://www.econbiz.de/10009738035
Central banks often face tradeoffs in how their monetary policy decisions impact economic activity (including employment), inflation and the price level. This paper assesses how these tradeoffs have evolved over time and varied across countries, with a focus on understanding the post-pandemic...
Persistent link: https://www.econbiz.de/10015409857
Central banks often face tradeoffs in how their monetary policy decisions impact economic activity (including employment), inflation and the price level. This paper assesses how these tradeoffs have evolved over time and varied across countries, with a focus on understanding the post-pandemic...
Persistent link: https://www.econbiz.de/10015405430
reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, they …
Persistent link: https://www.econbiz.de/10012835734
Using novel data on speeches held by members of the European Central Bank's Executive Board, we investigate whether monetary policy transparency has increased over time. With respect to the general public as the target audience, our findings suggest that the European Central Bank successfully...
Persistent link: https://www.econbiz.de/10013245165
We analyze the economic impact of central banks sensed by business executives in a sample of 61 countries from 1998 to 2016. Based on a survey conducted by the Institute for Management Development (IMD), we find compelling evidence that intensive central bank communication worsens the perceived...
Persistent link: https://www.econbiz.de/10012822449
Many economists, including former Fed chairman Ben Bernanke, believe that the gold standard generates poor economic outcomes including output volatility, price instability, financial panics, the spread of recessions via the exchange rate, and speculation-induced collapse. These problems,...
Persistent link: https://www.econbiz.de/10012904585
I consider whether a rules-based fiat money system can outperform the gold standard in delivering economic stability. I discuss the potential objectives of monetary policy in Section 1 and the means for achieving the objective in Section 2. I turn to questions of political economy in Section 3....
Persistent link: https://www.econbiz.de/10013214079
This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank's balance sheet through...
Persistent link: https://www.econbiz.de/10011384133