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It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be...
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In this paper, we study the influence of central bank transparency and informal central bank communication on the money market adjustment process between two interest rate decisions. The sample covers nine major central banks for the period from January 1999 to July 2007. We find, first, that...
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forecast commonly imply that the outturn is expected to lie above [below] the central forecast. Investigating the inflation … informativeness, that is, for a systematic connection between risk assessments and forecast errors. Thus, it seems questionable … whether macroeconomic risk forecasts are meaningful. -- Forecast evaluation ; risk forecasts ; inflation forecasts …
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