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Central Bank communication and monetary policy predictability under uncertain economic conditions
Lehtimäki, Jonne O.; Palmu, Marianne - In: Journal of central banking theory and practice 8 (2019) 2, pp. 3-32
Modern central banks increasingly value monetary policy transparency, and attempt to build credibility by communicating their decisions to the public. This paper studies whether the communication of central banks can be used to explain upcoming changes in their most important monetary policy...
Persistent link: https://www.econbiz.de/10012016799
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Communication, Decision-Making and the Optimal Degree of Transparency of Monetary Policy Committees
Weber, Anke - 2016
This paper develops a theoretical model of dynamic decision-making of a monetary policy committee with heterogeneous members. It investigates the optimal transparency, and the optimal way of transmitting information of committees, by analysing the effects different communication strategies have...
Persistent link: https://www.econbiz.de/10012991250
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Forward guidance contracts
Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015 - This version: May 2015
We examine "Forward Guidance Contracts", which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity trap....
Persistent link: https://www.econbiz.de/10010528970
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Rational Inattention to News : The Perils of Forward Guidance
Gaballo, Gaetano - 2013
This paper studies the social value of information about the future when agents are rationally inattentive. In a stylized OLG model of inflation the central bank (CB) can set money supply in response to the current price. The CB has perfect foresight about the future T shocks and releases this...
Persistent link: https://www.econbiz.de/10013088906
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Optimal degrees of transparency in monetary policymaking
Jensen, Henrik - 2001
Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …
Persistent link: https://www.econbiz.de/10011419293
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Monetary policy transparency
Geraats, Petra M. - 2014
There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper provides an overview of the ways in which central banks have been providing more information about their monetary policymaking. Furthermore, it reviews the theoretical literature on...
Persistent link: https://www.econbiz.de/10010237274
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The macroeconomic effects of forward communication
Brubakk, Leif; Ellen, Saskia ter; Robstad, Ørjan; Xu, Hong - 2019
This paper provides an empirical assessment of the power of forward guidance at different horizons, shedding new light on the strength of the "forward guidance puzzle". Our identification strategy allows us to disentangle the change in future interest rates stemming from deviations from the...
Persistent link: https://www.econbiz.de/10012214409
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A Literature Overview of the Central Bank's Knowledge Transparency
Guler, Mustafa Haluk - 2013
Central bank transparency has received great deal of attention in recent years. However, the theoretical literature has not yet reached a consensus on the effect a higher degree of transparency has on economic welfare. In this paper, we focus one aspect of transparency, the transparency of...
Persistent link: https://www.econbiz.de/10013085555
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Central Bank Transparency, Exchange Rates, and Demand Imbalances
Candian, Giacomo - 2020
Do the benefits of central bank transparency depend on the structure of financial markets? We address this question in a two-country model with dispersed information among price-setting firms. The volatility of the real exchange rate is non-monotonic in the precision of public communications....
Persistent link: https://www.econbiz.de/10012836140
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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