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U.S. Monetary Policy Normalization and Global Interest Rates
Caceres, Carlos - 2016
As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this...
Persistent link: https://www.econbiz.de/10012977769
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Toward a new comparative public law of central bank legislation : designing legislative mandates for central bank private securities assets purchases and nominal GDP targeting
Michael, Bryane; Osaulenko, Svitlana - In: Journal of central banking theory and practice 10 (2021) 1, pp. 5-38
What role could unconventional monetary policy - and particularly unconventional policies like private asset purchases under a quantitative easing or lender of last resort scheme - play in influencing economic growth directly? A wide literature in economics explores the pros and cons of using...
Persistent link: https://www.econbiz.de/10012548924
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Monetary policy and the stock market : time-series evidence
Neuhierl, Andreas; Weber, Michael - 2016
We construct a slope factor from changes in federal funds futures of different horizons. Slope predicts stock returns at the weekly frequency: faster monetary policy easing positively predicts excess returns. Investors can achieve increases in weekly Sharpe ratios of 20% conditioning on the...
Persistent link: https://www.econbiz.de/10011566444
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Essays on central bank transparency
Weber, Christoph Sebastian - 2017
Persistent link: https://www.econbiz.de/10011861514
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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 …. Furthermore, it reviews the theoretical literature on monetary policy transparency and relevant empirical findings. The focus is …
Persistent link: https://www.econbiz.de/10010237274
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Monetary policy communication : evidence from survey data
Popovska-Kamnar, Neda - 2017
transparency and communication strategies of the central banks. The results of the Survey reveal that today the central banks pay … much attention to the proper transparency and provide significant information about their decisions and policy making … process. The overall conclusion of the Monetary policy communication Survey is that the communication and the transparency of …
Persistent link: https://www.econbiz.de/10011717595
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What bird is that? : central banking and monetary policy in the last forty years
Masciandaro, Donato - 2020
The aim of this paper is to review the historical development of monetary policy theory since the 1980s using as focal point the nexus among central bank governance, central banker preferences and monetary policy effectiveness. Assuming a positive perspective the review highlights three...
Persistent link: https://www.econbiz.de/10012210748
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Central banks' predictability : an assessment by financial market participants
Hayo, Bernd; Neuenkirch, Matthias - 2016 - This version: 3 April 2016
transparency-enhancing measures, such as voting records, transcripts or minutes of policy meetings, and conditional interest rate … transparency-enhancing measures will improve central bank predictability. …
Persistent link: https://www.econbiz.de/10011447433
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Central banks' predictability : an assessment by financial market participants
Hayo, Bernd; Neuenkirch, Matthias - 2016 - This version: 6 April 2016
transparency-enhancing measures will improve central bank predictability. …
Persistent link: https://www.econbiz.de/10011447633
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Central banking for financial stability : some lessons from the recent instability in the United States and euro area
Wall, Larry D. - 2012
Central banks have had an important role in maintaining financial stability through their lender of last resort role. As lender of last resort, the central bank is given enormous power which is normally tempered by a variety of limits. In the most recent crises in both the United States and euro...
Persistent link: https://www.econbiz.de/10009583711