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Monetary policy committee transparency : measurement, determinants, and economic effects

Hayo, Bernd; Mazhar, Ummad - 2011 - This version: 28 September 2011

This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers' educational and professional backgrounds as disclosed through central bank websites. Based on a novel cross-sectional data set covering 75 central banks, we investigate the...

Persistent link: https://www.econbiz.de/10009305845

Modern Challenges of Monetary Policy Strategies : Inflation and Devaluation Influence on Economic Development of the Country

Abuselidze, George - 2020

The article discusses causes and socio-economic peculiarities of one of the most difficult and undesirable condition for the economy-inflation and devaluation. The purpose of the research is to analyze the socio-economic results of inflation and devaluation in Georgia and to determine the main...

Persistent link: https://www.econbiz.de/10012835155

Central Bank Transparency and Short Term Interest Rate Forecasting Uncertainty

Hayford, Marc D. - 2008

In 1994 the Federal Reserve System moved to a more transparent reporting of monetary policy. In this paper we first discuss the evolution of Federal Reserve transparency in U.S. and second we test its effectiveness. We assess the empirical impact of monetary policy transparency on the...

Persistent link: https://www.econbiz.de/10012723363

Optimal Central Bank Transparency

van der Cruijsen, Carin - 2011

Should central banks increase their degree of transparency any further? We show that there is likely to be an optimal intermediate degree of central bank transparency. Up to this optimum more transparency is desirable: it improves the quality of private sector inflation forecasts. But beyond the...

Persistent link: https://www.econbiz.de/10012714128

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 information not only reduces professional...

Persistent link: https://www.econbiz.de/10012603073

Precommitment, transparency and monetary policy

Geraats, Petra M.; Geraats, Petra - 2001

Conventional wisdom says that commitment eliminates the inflationary bias of monetary policy. However, this paper shows that the inflation bias can persist even when the central bank commits. A simple model is presented in which the central bank precommits by setting the policy instrument, and...

Persistent link: https://www.econbiz.de/10001612960

Precommitment, transparency and monetary policy

Geraats, Petra M. - 2001

Üblicherweise wird angenommen, dass ein Inflationsbias verschwindet, wenn sich eine Zentralbank glaubwürdig im voraus … Modell dargestellt, in dem die Zentralbank im voraus ihre Instrumente festlegt und die anschließende Anpassung der … Zeitinkonsistenzproblem mehr auftritt. Ursache ist die Unsicherheit über die ökonomischen Störungen, auf die die Zentralbank reagiert. Nur …

Persistent link: https://www.econbiz.de/10011419400

Central bank transparency and inflation (volatility) : new evidence

Weber, Christoph S. - 2016

The last decades have shown a tendency towards higher central bank transparency. It became customary for central bankers to explain their monetary policy decisions in detail and for them to publish inflation forecasts. This leads to the question of how central bank transparency is entangled with...

Persistent link: https://www.econbiz.de/10011525911

Inflation, perception of economic uncertainty and COVID-19 : evidence from Central Bank communication

Silva, Pierre Hítalo Nascimento; Araujo, Jevuks Matheus de - In: Central Bank review / Central Bank of the Republic of Turkey 23 (2023) 1, pp. 1-13

Do extreme events have a significant effect about textual sentiment? The purpose of this article is to highlight the need to correct the estimation of indicators of economic uncertainty. The indicators were constructed from textual data about the perspective of extreme events. For this purpose,...

Persistent link: https://www.econbiz.de/10014281527

The bias and efficiency of the ECB inflation projections : a state dependent analysis

Granziera, Eleonora; Jalasjoki, Pirkka; Paloviita, Maritta - 2021

We test for bias and efficiency of the ECB inflation forecasts using a confidential dataset of ECB macroeconomic quarterly projections. We investigate whether the properties of the forecasts depend on the level of inflation, by distinguishing whether the inflation observed by the ECB at the time...

Persistent link: https://www.econbiz.de/10012544414

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