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Central Bank Liquidity Provision, Risk-Taking and Economic Efficiency

Bindseil, Ulrich - 2013

After the Lehman default, but also during the euro area sovereign debt crisis, central banks have tended to extend the ability of banks to take recourse to central bank credit operations through changes of the collateral framework (e.g. CGFS, 2008 – in consistence with previous narratives,...

Persistent link: https://www.econbiz.de/10013083125

Policy uncertainty, lender of last resort and the real economy

Jasova, Martina; Mendicino, Caterina; Supera, Dominik - 2021

We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and propagates to investment and employment. We exploita unique policy that reduced uncertainty regarding the availability of future LOLRfunding for banks as a quasi-natural experiment....

Persistent link: https://www.econbiz.de/10012426306

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

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

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

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

Density-conditional forecasts in dynamic multivariate models

Andersson, Michael K.; Palmqvist, Stefan Ulf; Waggoner, … - 2010

When generating conditional forecasts in dynamic models it is common to impose the conditions as restrictions on future structural shocks. However, these conditional forecasts often ignore that there may be uncertainty about the future development of the restricted variables. Our paper therefore...

Persistent link: https://www.econbiz.de/10009792830

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

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

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