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Nonlinear reaction functions : evidence from India
Ajaz, Taufeeq - In: Journal of central banking theory and practice 8 (2019) 1, pp. 111-132
This paper uses time-series data from India and tests for asymmetries in policy preferences of the Reserve Bank of India (the Central Bank of India, hereafter RBI). The results show evidence in favour of preference asymmetries in monetary policy reaction function in India and hence...
Persistent link: https://www.econbiz.de/10011965222
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Heterogeneous effects of unconventional monetary policyon the bond yields across the euro area
Demir, İshak; Eroğlu, Burak Alparslan; … - 2021
This paper investigates the impact of the European Central Bank's unconventionalmonetary policies (UMP) between 2008-2019 on the European government bond yields.It adopts a novel econometric approach that combines a data-rich factor analysis andVAR with heteroskadasiticy based identification....
Persistent link: https://www.econbiz.de/10012496467
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What's on the ECB's mind? : monetary policy before and after the global financial crisis
Zahner, Johannes; Groß, Jonas - 2020
This paper analyzes the interest rate setting of the European Central Bank (ECB) both before and after the outbreak of … uncertainty driven by heterogeneity in the ECB decision-making body, the governing council. Our results suggest the following …: First, the ECB acts according to its official mandate to maintain price stability and therefore to focus its decisions on …
Persistent link: https://www.econbiz.de/10012162640
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The effects of the ECB's pandemic-related monetary policy measures
Nelimarkka, Jaakko; Laine, Olli-Matti - 2021
We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on …
Persistent link: https://www.econbiz.de/10012622376
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How the Bundesbank really conducted monetary policy: An analysis based on real-time data
Gerberding, Christina; Worms, Andreas; Seitz, Franz - 2004
Papers estimating the reaction function of the Bundesbank generally find that its monetary policy from the 1970s to … deviations of inflation from target, but not to monetary growth. This result is at odds with the Bundesbank's claim that it … explanatory variables. Accordingly, we compile a real-time data set for Germany including the Bundesbank?s own estimates of …
Persistent link: https://www.econbiz.de/10010295652
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Forecasting ECB policy rates with different monetary policy rules
Belke, Ansgar; Klose, Jens - 2019
This article compares two types of monetary policy rules - the Taylor-Rule and the Orphanides-Rule - with respect to their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results from estimated models and augmented rules are compared....
Persistent link: https://www.econbiz.de/10012063951
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Forecasting ECB policy rates with different monetary policy rules
Belke, Ansgar; Klose, Jens - 2019
This article compares two types of monetary policy rules - the Taylor-Rule and the Orphanides-Rule - with respect to their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results from estimated models and augmented rules are compared....
Persistent link: https://www.econbiz.de/10012034314
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Is the Tunisian Central Bank Following a Linear or a Nonlinear Augmented Taylor Rule ?
beldi, lamia - 2020
The political transition in the Arab Spring countries has been accompanied by a deterioration of economic and financial indicators like the Tunisian case. Therefore, this paper aims to get a deeper understanding the nature of the rule that reflects the behavior of the Tunisian monetary authority...
Persistent link: https://www.econbiz.de/10012840968
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Do Actions Speak Louder than Words? Evaluating Monetary Policy at the Bundesbank
Siklos, Pierre L.; Bohl, Martin T. - 2005
This paper proposes that an important instrument of monetary policy of the Bundesbank, is how it communicates with the … the Bundesbank's President dealing with inflation help explain both interest rate movements as well as the central bank …
Persistent link: https://www.econbiz.de/10014061630
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The role of structural breaks and time-varying conditions in the evolution of the reaction function of the Central Bank of Nigeria : (evolution of CB reaction function in Nigeria)
Adegboye, Abidemi C.; Emoedume, Queeneth I. - In: West African journal of monetary and economic integration 22 (2022) 2, pp. 1-32
n this study, we examine the evolution of the Central Bank of Nigeria's (CBN) reaction function since the adoption of the structural Adjustment Programme (SAP). We consider the role of structural breaks in the reaction function, the leading composition, as well as the driving factors behind...
Persistent link: https://www.econbiz.de/10014516037