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Reputational risk management in central banks
Vardy, Jill - 2015
world, including the Bank of Canada. Finally, it presents a model for integrating reputational risk into policy analysis and …
Persistent link: https://www.econbiz.de/10011384150
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Openness, imperfect exchange rate pass-through and monetary policy
Smets, Frank; Wouters, Rafael - 2002
This paper analyses the implications of imperfect exchange rate passthrough for optimal monetary policy in a linearised open-economy dynamic general equilibrium model calibrated to euro area data. Imperfect exchange rate pass through is modelled by assuming sticky import price behaviour. The...
Persistent link: https://www.econbiz.de/10011623407
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Credibility gains from communicating with the public : evidence from the ECB's new monetary policy strategy
Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff - 2023
elements of the strategy can enhance the perceived credibility that price stability will be maintained in the medium … strongest positive impact on credibility, boosting credibility also among the less financially literate and generating more … persistent credibility gains, even after inflation increased. …
Persistent link: https://www.econbiz.de/10013553462
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Openness and optimal monetary policy
Lombardo, Giovanni; Ravenna, Federico - 2010
We show that the composition of imports has important implications for the optimal volatility of the exchange rate. Using input-output data for 25 countries we document substantial differences in the import and non-tradable content of final demand components, and in the role played by imported...
Persistent link: https://www.econbiz.de/10009640512
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Singapore's Unique Monetary Policy : How Does it Work?
Parrado, Eric - 2006
The Monetary Authority of Singapore, instead of relying on short-term interest rates or monetary aggregates as its monetary policy instrument, conducts policy by managing the trade-weighted exchange rate index (TWI). This paper investigates how this operating procedure actually works. For...
Persistent link: https://www.econbiz.de/10012783242
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Presidential Antagonism and Central Bank Credibility
Binder, Carola - 2020
This paper uses an online survey experiment to study how President Trump's criticism of the Federal Reserve may affect consumers' long-run inflation expectations, confidence in the Fed, and responsiveness to information about inflation. A random subset of respondents view one of President...
Persistent link: https://www.econbiz.de/10012840586
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Looking into the rear-view mirror : lessons from Japan for the Eurozone and the U.S?
Siklos, Pierre L. - In: Asia and the global economy : AGE 1 (2021) 1, pp. 1-20
This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank...
Persistent link: https://www.econbiz.de/10012816140
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Deflation Risk in the Euro Area and Central Bank Credibility
Galati, Gabriele - 2016
what this risk implies for the credibility of the ECB. We use a novel data set on market participants' perceptions of short …
Persistent link: https://www.econbiz.de/10012995366
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Credibility Gains from Communicating with the Public : Evidence from the ECB's New Monetary Policy Strategy
Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff - 2023
elements of the strategy can enhance the perceived credibility that price stability will be maintained in the medium … strongest positive impact on credibility, boosting credibility also among the less financially literate and generating more … persistent credibility gains, even after inflation increased …
Persistent link: https://www.econbiz.de/10014254531
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Interpreting Monetary Policy Surprises : Does Central Bank Credibility Matter?
Oliveira, Sebastiao; Simon, Pedro - 2023
This paper uses the Brazilian central bank’s loss of credibility episode under President Dilma Rousseff … depending on the level of central bank’s credibility. With credibility, they understand a monetary policy surprise as a monetary … policy shock and decrease their inflation expectations 12 months ahead by -0.25%. With no credibility, they interpret it as …
Persistent link: https://www.econbiz.de/10014355112