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Should Central Banks Communicate Uncertainty in Their Projections?

Rholes, Ryan - 2020

This paper provides original empirical evidence on the emerging practice by central banks of communicating uncertainty in their inflation projections. We compare the effects of point and density projections in a learning-to-forecast laboratory experiment where participants' aggregated...

Persistent link: https://www.econbiz.de/10012842567

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

Incentive Schemes for Central Bankers Under Uncertainty : Inflation Targets Versus Contracts

Schaling, Eric; Hoeberichts, Marco; Eijffinger, … - 2011

The implications of uncertain policy preferences for the targeting and contracting approaches to monetary policy are investigated. It is shown that, in the presence of uncertain preferences, a linear incentive contract in the sense of Walsh performs better than an explicit inflation target as...

Persistent link: https://www.econbiz.de/10014206428

Monetary Policy Uncertainty and Central Bank Accountability

Nolan, Charles; Schaling, Eric - 1998

There is a considerable academic literature on the relationship between Central Bank independence and inflation but the issue of Central Bank accountability and its effect of inflation performance has received very little attention. This paper looks at the issue of accountability in a simple...

Persistent link: https://www.econbiz.de/10014064062

Four essays in econometrics and macroeconomics

Born, Benjamin - 2011

Persistent link: https://www.econbiz.de/10009422848

Stock Market Reaction to Monetary Policy Surprises Under Uncertainty

Benchimol, Jonathan; Saadon, Yossi; Segev, Nimrod - 2023

This article investigates how uncertainty impacts the effect of monetary policy surprises on stock returns. Using high-frequency US data, we demonstrate that stock markets respond more aggressively to monetary policy surprises during periods of high uncertainty. We also show that uncertainty...

Persistent link: https://www.econbiz.de/10014348626

Relief Rallies after FOMC Announcements as a Resolution of Uncertainty

Gu, Chen - 2018

We find substantial positive average stock returns after FOMC announcements accompanied by the release of the Summary of Economic Projections (SEP) and press conference by the Fed Chair. Both SEPs and press conferences contain new information that moves financial markets. We show that several...

Persistent link: https://www.econbiz.de/10012935873

Central bank policies and climate change : where do we stand?

Vollmer, Uwe - In: Credit and capital markets : Kredit und Kapital 55 (2022) 3, pp. 381-411

The article reviews the literature on the relationship between climate change and central bank policies. Central banks conduct monetary policy and are responsible for macroprudential supervision. The article focuses on the consequences of transition and physical risks for financial stability and...

Persistent link: https://www.econbiz.de/10014518593

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

Precommitment, Transparency and Monetary Policy

Geraats, Petra M. - 2016

Persistent link: https://www.econbiz.de/10012991297

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