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stellte sich heraus, daß für knapp die Hälfte der Befragten das Geldmengenziel keinen hohen Informationsgehalt besaß. Eine … der Lage waren, das Geldmengenziel insbesondere in Hinblick auf die von der Zentralbank angestrebte Inflationsrate zu … überwältigende Mehrheit der Befragten sprach sich für eine Mischstrategie aus Geldmengen- und Inflationsziel aus. …
Persistent link: https://www.econbiz.de/10011540784
stellte sich heraus, daß für knapp die Hälfte der Befragten das Geldmengenziel keinen hohen Informationsgehalt besaß. Eine … der Lage waren, das Geldmengenziel insbesondere in Hinblick auf die von der Zentralbank angestrebte Inflationsrate zu … überwältigende Mehrheit der Befragten sprach sich für eine Mischstrategie aus Geldmengen- und Inflationsziel aus. …
Persistent link: https://www.econbiz.de/10010319347
This paper assesses the effectiveness of monetary policy communication of the Central Bank of Turkey (CBT) by quantifying the information content of the policy statements released right after the monthly Monetary Policy Committee meetings. First, we quantify the signal regarding the next...
Persistent link: https://www.econbiz.de/10009407649
This paper assesses the effectiveness of monetary policy communication of the Central Bank of Turkey (CBT) by quantifying the information content of the policy statements released right after the monthly Monetary Policy Committee meetings. First, we quantify the signal regarding the next...
Persistent link: https://www.econbiz.de/10009315687
Persistent link: https://www.econbiz.de/10013420218
The present paper uses survey data on expected consumer price developments to analyse the role of inflation expectations in the inflation process. The survey measures of price expectations are derived from the European Commission's Consumer Survey and from the surveys of professional experts...
Persistent link: https://www.econbiz.de/10011419361
Wordscores uses word frequencies to extract information from texts with known policy positions. Wordscores uses this information to estimate the unknown policy positions of so - called virgin texts. We apply Wordscores to the ECB President's introductory statements following Governing Council...
Persistent link: https://www.econbiz.de/10013119142
One characteristic feature of central banks today is that policy decisions are almost exclusively made by a committee rather than by a single policy maker. Another is that central banks are considerably more transparent than they used to be. Together, this has brought to the fore an important...
Persistent link: https://www.econbiz.de/10013104579
We consider a directed search environment where capacity constrained sellers reach uncoordinated buyers through costly advertising while buyers observed all prices probabilistically. We show that: (i) the equilibrium advertising intensity has an inverted U-shape in market tightness, (ii) the...
Persistent link: https://www.econbiz.de/10013107630
Do Federal Open Market Committee (FOMC) discussions contain additional information for Taylor rule estimation? While researchers usually estimate a Taylor rule with official forecasts of the output gap and inflation, this paper sheds light on the importance of additional information contained in...
Persistent link: https://www.econbiz.de/10012834525