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Horváth, Roman - 2020

respect to transparency. Previous literature has argued that domestic factors such as macroeconomic stability were behind the … trend toward greater transparency. In contrast, our results indicate that transparency primarily increased because of a … from each other's experiences regarding transparency. To our knowledge, our paper is the first econometric analysis of peer …

Persistent link: https://www.econbiz.de/10012256102

Transparency, expectations, and forecasts

Bauer, Andrew; Eisenbeis, Robert; Waggoner, Daniel; Zha, Tao - 2006

, implying the possible effects of the FOMC’s transparency. On the other hand, we find little evidence that the common forecast …

Persistent link: https://www.econbiz.de/10011604683

How much does the public know about the ECB's monetary policy? Evidence from a survey of Dutch households

van der Cruijsen, Carin; Jansen, David-Jan; de Haan, Jakob - 2010

Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge on the ECB’s objectives is far from perfect. Both a...

Persistent link: https://www.econbiz.de/10011605311

Information Acquisition by Price-Setters and Monetary Policy

Hahn, Volker - 2007

output above its long-run level. Transparency of central banks about economic shocks has ambiguous e ects on welfare. If an … extreme level of opacity is feasible, it represents the social optimum. Otherwise full transparency may be a second …

Persistent link: https://www.econbiz.de/10011753137

Forward Guidance for Monetary Policy: Is It Desirable?

Gersbach, Hans; Hahn, Volker - 2008

In this paper we assess whether forward guidance for monetary policy regarding the future path of interest rates is desirable. We distinguish between two cases where forward guidance for monetary policy may be helpful. First, forward guidance may reveal private information of the central bank....

Persistent link: https://www.econbiz.de/10011753148

Why the Publication of Socially Harmful Information May Be Socially Desirable

Hahn, Volker - 2009

signaling incentives under opacity. Our model may also explain the recent trend towards more transparency in monetary policy. …

Persistent link: https://www.econbiz.de/10011753186

Inflation Forecast Contracts

Gersbach, Hans; Hahn, Volker - 2011

We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more...

Persistent link: https://www.econbiz.de/10011753213