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Forward Guidance with Unanchored Expectations

Eusepi, Stefano; Gibbs, Christopher; Preston, Bruce - 2021

We study zero interest-rate policy in response to a large negative demand shock when long-run expectations can fall over time. Because falling expectations make monetary policy less effective by raising real interest rates, the optimal forward guidance policy makes large front-loaded promises to...

Persistent link: https://www.econbiz.de/10013214045

How big is the toolbox of a central banker? : managing expectations with policy-rate forecasts ; evidence from Sweden

Åhl, Magnus - 2017

Some central banks have decided to publish forecasts of their policy rates. Can such forecasts manage market expectations of future policy rates? I use regression analysis on Swedish data to conclude that the answer is yes. The published Riksbank forecasts affect expectations of the future repo...

Persistent link: https://www.econbiz.de/10011657449

The effect of central bank credibility on forward guidance in an estimated New Keynesian model

Cole, Stephen J.; Martínez-García, Enrique - In: Macroeconomic dynamics 27 (2023) 2, pp. 532-570

Persistent link: https://www.econbiz.de/10014247540

Adoption of cloud services in central banks : hindering factors and the recommendations for way forward

Edmond, Darell; Prakash, Vijay; Garg, Lalit; Bawa, Seema - In: Journal of central banking theory and practice 11 (2022) 2, pp. 123-143

Current research on cloud computing often focuses on the technology itself and the benefits that one company can use and choose from cloud services. Most of the research has focused on mainstream enterprises and limited regard to Central Banks' (CBs') Cloud Computing Adoption (CCA). CBs are...

Persistent link: https://www.econbiz.de/10013347060

Price rigidity

Baudry, Laurent; Le Bihan, Hervé; Sevestre, Patrick; … - 2004

Based upon a large fraction of the price records used for computing the French CPI, we document consumer price rigidity … in France. We first provide a methodological discussion of issues involved in estimating average price duration with … months. A strong heterogeneity across sectors both in the average duration of prices and in the pattern of price setting is …

Persistent link: https://www.econbiz.de/10009639438

Price setting in France

Loupias, Claire; Ricart, Roland - 2004

price-setting behavior of French manufacturing companies. Prices are found to adjust infrequently; the median firm modifies … its price only once a year. Price reviews are more frequent than price changes; the median firm reviews its price … of price reviews depends on the probability that changes in the firms’ environment occur. Coordination failure and …

Persistent link: https://www.econbiz.de/10009639484

Pricing payment cards

Bedre-Defolie, Özlem; Calvano, Emilio - 2009

In a payment card association such as Visa, each time a consumer pays by card, the bank of the merchant (acquirer) pays an interchange fee (IF) to the bank of the cardholder (issuer) to carry out the transaction. This paper studies the determinants of socially and privately optimal IFs in a card...

Persistent link: https://www.econbiz.de/10009640439

Regulating two-sided markets

Carbó-Valverde, Santiago; Chakravorti, Sujit; … - 2009

We study the effect of government encouraged or mandated interchange fee ceilings on consumer and merchant adoption and usage of payment cards in an economy where card acceptance is far from complete. We believe that we are the first to use bank-level data to study the impact of interchange fee...

Persistent link: https://www.econbiz.de/10009640441

Does finance bolster superstar companies?

Popov, Alexander - 2009

We study the relative effect of venture capital and bank finance on large manufacturing firms in local U.S. markets. Theory predicts that with venture capital, the firm size distribution should become more stretched-out to the right, but it’s ambiguous on the effect of banks on large firms....

Persistent link: https://www.econbiz.de/10009640458

Wage-setting behavior in France

Montornès, Jérémi; Sauner-Leroy, Jacques-Bernard - 2009

We investigate the wage-setting behavior of French companies using an ad-hoc survey conducted specifically for this study. Our main results are the following. i) Wages are changed infrequently. The mean duration of wage contracts is one year. Wage changesoccur at regular intervals during the...

Persistent link: https://www.econbiz.de/10009640485

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