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Reading between the lines : using text analysis to estimate the loss function of the ECB
Paloviita, Maritta; Haavio, Markus; Jalasjoki, Pirkka; … - 2020
We measure the tone (sentiment) of the ECB's Governing Council regarding economic outlook at the time of each monetary … policy meeting and use this information together with the Eurosystem/ECB staff macroeconomic projections to directly estimate … estimations, that the ECB has been either more averse to inflation above 2% ceiling or that the de facto inflation aim has been …
Persistent link: https://www.econbiz.de/10012239727
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Monetary policy between stability and growth
Fabris, Nikola - In: Journal of central banking theory and practice 13 (2024) 1, pp. 27-42
turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and …
Persistent link: https://www.econbiz.de/10014496247
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Monetary policy between stability and growth
Fabris, Nikola - In: Journal of Central Banking Theory and Practice 13 (2024) 1, pp. 27-42
turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and …
Persistent link: https://www.econbiz.de/10014558486
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How anchored are inflation expectations in EMU countries?
van der Cruijsen, Carin; Demertzis, Maria - In: Economic Modelling 28 (2011) 1, pp. 281-298
Anchored inflation expectations help stabilize inflation. Previous results indicate that monetary policy has been effective in breaking the link between actual and expected inflation at the euro area level. In this paper we examine whether this is also true at the national level. We define the...
Persistent link: https://www.econbiz.de/10010577069
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House Prices, Fundamentals and Inflation
Black, Angela; Fraser, Patricia; Hoesli, Martin - Swiss Finance Institute - 2005
This paper studies actual house prices relative to fundamental house prices. Using UK data and a time-varying present value approach, we find that deviations of house prices fromtheir fundamental value (as warranted by real disposable income) are significant but not dominated by speculative...
Persistent link: https://www.econbiz.de/10005264586
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Can opacity of a credible central bank explain excessive inflation?
Baeriswyl, Romain; Cornand, Camille - 2007 - First version: January 2006 - This version: December 2006
literature considers transparency a means to establish central bank's credibility. The contribution of this paper is twofold …. Indeed, the degree of central bank's transparency influences the effectiveness of its policy to stabilize inflation in terms …-push shocks. Second, it stresses that transparency is not just a means to achieve credibility but is essential per se for the …
Persistent link: https://www.econbiz.de/10003470500
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Can Opacity of a Credible Central Bank Explain Excessive Inflation?
Baeriswyl, Romain; Cornand, Camille - 2007
literature considers transparency a means to establish central bank’s credibility. The contribution of this paper is twofold …. Indeed, the degree of central bank’s transparency influences the effectiveness of its policy to stabilize inflation in terms …-push shocks. Second, it stresses that transparency is not just a means to achieve credibility but is essential per se for the …
Persistent link: https://www.econbiz.de/10010427482
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Monetary policy committee transparency: Measurement, determinants, and economic effects
Hayo, Bernd; Mazhar, Ummad - 2011
This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers … variables and institutional transparency, as well as instrumenting MPCT in various ways. …
Persistent link: https://www.econbiz.de/10010286350
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Precommitment, transparency and monetary policy
Geraats, Petra M. - 2001
caused by uncertainty about the economic disturbances to which the central bank responds. Only perfect transparency about …
Persistent link: https://www.econbiz.de/10011419400
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ECB communication as a stabilization and coordination device: evidence from ex-ante inflation uncertainty
Fernandes, Cecilia Melo - 2021
This paper investigates the impact of ECB communication of its assessment of the economic outlook on ex-ante inflation … uncertainty and sheds light on how central bank information shocks operate. The paper finds that ECB communication of new outlook … they are also useful for policymakers to define a communication strategy that attenuates ex-ante inflation uncertainty in …
Persistent link: https://www.econbiz.de/10012603073