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of their specific occupational background. Third, party members react significantly less to inflation and more to output …
Persistent link: https://www.econbiz.de/10009775039
Persistent link: https://www.econbiz.de/10010506721
quarters of their tenure in an effort to establish a reputation for being inflation averse. Second, we find a significantly … 1974–2008. We find, first, that newly appointed governors fight inflation more aggressively during the first four to eight … stronger reaction to inflation by newly appointed governors working within monetary policy frameworks comprised of an at least …
Persistent link: https://www.econbiz.de/10013089640
quarters of their tenure in an effort to establish a reputation for being inflation averse. Second, we find a significantly … partly independent central bank and an explicit nominal anchor. -- Central bank governors ; credibility ; inflation … 1974-2008. We find, first, that newly appointed governors fight inflation more aggressively during the first four to eight …
Persistent link: https://www.econbiz.de/10009738035
Part of the present inflation is caused by the breakdown of globalization, in particular supply chains, part is caused … the past and in the presence. This paper attributes inflation decisively to the overwhelming money creation by the …
Persistent link: https://www.econbiz.de/10013553631
We document a large return drift around monetary policy announcements by the Federal Open Market Committee. Stock returns start drifting up 25 days before expansionary monetary policy surprises, whereas they decrease before contractionary surprises. The cumulative return difference across...
Persistent link: https://www.econbiz.de/10012853827
We propose a new framework for monetary policy analysis to study monetary policy normalization when exiting a liquidity trap. The optimal combination of reserves and interest rate policy requires an increase in liquidity (reserves) a few quarters after the policy rate is set at the effective...
Persistent link: https://www.econbiz.de/10013193365
of their specific occupational background. Third, party members react significantly less to inflation and more to output …
Persistent link: https://www.econbiz.de/10013078415
We document a large return drift around monetary policy announcements by the Federal Open Market Committee. Stock returns start drifting up 25 days before expansionary monetary policy surprises, whereas they decrease before contractionary surprises. The cumulative return difference across...
Persistent link: https://www.econbiz.de/10011721601
We document a large return drift around monetary policy announcements by the Federal Open Market Committee. Stock returns start drifting up 25 days before expansionary monetary policy surprises, whereas they decrease before contractionary surprises. The cumulative return difference across...
Persistent link: https://www.econbiz.de/10012946927