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What's in a Second Opinion? Shadowing the ECB and the Bank of England

Neuenkirch, Matthias; Siklos, Pierre L. - 2013

One way of evaluating how well monetary authorities perform is to provide the public with a regular and independent second opinion. The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professional and academic economists who provide a separate policy rate recommendation...

Persistent link: https://www.econbiz.de/10014179401

What's in a Second Opinion? Shadowing the ECB and the Bank of England

Neuenkirch, Matthias - 2014

Persistent link: https://www.econbiz.de/10013063248

How does monetary policy change? : evidence on inflation targeting countries

Baxa, Jaromír; Horváth, Roman; Vašíček, Bořek - 2010

, pointing to the importance of applying a time-varying estimation framework. Second, the interest rate smoothing parameter is …

Persistent link: https://www.econbiz.de/10008688990

Tracing the impact of the ECB's asset purchase programme on the yield curve

Eser, Fabian; Lemke, Wolfgang; Nyholm, Ken; Radde, Sören; … - 2020

We trace the impact of the European Central Bank (ECB) asset purchase programme (APP) on the yield curve. Exploiting granular information on sectoral asset holdings and ECB asset purchases, we construct a novel measure of the "free-float of duration risk" borne by pricesensitive investors. We...

Persistent link: https://www.econbiz.de/10012424954

Tracing the impact of the ECB's asset purchase programme on the yield curve

Eser, Fabian; Lemke, Wolfgang; Nyholm, Ken; Radde, Sören; … - 2019

We trace the impact of the ECB's asset purchase programme (APP) on the sovereign yield curve. Exploiting granular information on sectoral asset holdings and ECB asset purchases, we construct a novel measure of the "free-float of duration risk" borne by price-sensitive investors. We include this...

Persistent link: https://www.econbiz.de/10012024810

Forecast Uncertainty and the Bank of England Interest Rate Decisions

Schultefrankenfeld, Guido - 2016

To assess the Bank of England Monetary Policy Committee decisions about the Official Bank Rate under forecast … uncertainty, I estimate simple forecast-based interest rate rules augmented by the forecast standard deviations recovered directly … for inflation from target in order to pursue the inflation target. Forecast inflation uncertainty has a strongly …

Persistent link: https://www.econbiz.de/10012991058

Forecast Uncertainty and the Bank of England Interest Rate Decisions

Schultefrankenfeld, Guido - 2015

To assess the Bank of England's Monetary Policy Committee decisions on the official bank rate under forecast … uncertainty, I estimate simple forecast-based interest rate rules augmented by the exact forecast standard deviations recovered … directly from the Inflation Report fan charts. I find that forecast inflation uncertainty strongly intensifies the reaction of …

Persistent link: https://www.econbiz.de/10013019023

From Taylor Rule to Money - Traditional and Unconventional Monetary Policies in the First Years of the Financial Crisis : Evidence from the United Kingdom, the USA and Europe

Carboni, Andrea - 2012

This work examines the role of the Federal Reserve, the Bank of England and the European Central Bank in managing traditional and unconventional tools of monetary policy especially during the first years of the financial crisis. For the traditional approach we estimate a Taylor-type reaction...

Persistent link: https://www.econbiz.de/10013112238

What’s in a Second Opinion? Shadowing the ECB and the Bank of England

Siklos, Pierre L. - 2012

The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professionals and academic economists who provide a separate policy rate recommendation in advance of the central bank's announcement. We explore differences between shadow and actual committee decisions based on an...

Persistent link: https://www.econbiz.de/10013102930

Do central banks have precautionary demands for expansions and for price stability? : theory and evidence

Cukierman, Alex; Muscatelli, V. Anton - 2002

This paper analyses the impact of asymmetric preferences with respect to inflation and output by policymakers on interest-rate reaction functions and test for their existence. A modified New Keynesian framework which makes it possible to identify the dominant type of asymmetry is developed and...

Persistent link: https://www.econbiz.de/10011410664