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Persistent link: https://www.econbiz.de/10009248386
The economics literature lacks articles that provide a broad roadmap-let alone a logical explanation-of the new set of Federal Reserve policy tools that were created to counter the COVID-19 recession. This study provides an overview of the motivation for these new credit-easing programs-namely...
Persistent link: https://www.econbiz.de/10012800421
their decisions to the public. This paper studies whether the communication of central banks can be used to explain upcoming … central bank communication during times of financial crisis. This is done by constructing an indicator to measure the … bank level during the financial crisis despite the rapid growth of economic uncertainty, and that communication can be a …
Persistent link: https://www.econbiz.de/10012016799
Communication has become a vital part of modern monetary policy, and its importance is even higher during a crisis when … communication from individual central bank policymakers in the European Central Bank and the Federal Reserve during a period of very … of communication. …
Persistent link: https://www.econbiz.de/10013407483
This paper employs text-mining techniques to analyse the communication strategy of the Central Bank of Nigeria (CBN … (MPC) represents an important tool of central bank communication, we construct a corpus based on 87 policy communiques with … readability, sentiments, and topics of the policy documents. While the CBN’s communication has increased substantially over the …
Persistent link: https://www.econbiz.de/10012178168
Central bank communications are an important tool for guiding the economy and fulfilling monetary policy goals. Natural language processing (NLP) algorithms have been used to analyze central bank communications. These outdated bag-of-words methods often ignore context and cannot distinguish who...
Persistent link: https://www.econbiz.de/10014513983
There is now considerable disquiet about the appropriate monetary strategy that central banks should follow in the aftermath of the global financial crisis. Several influential commentators have called for the abandonment of inflation targeting. Empirical research examining three major economies...
Persistent link: https://www.econbiz.de/10012056964
To accompany the economic upturn in the U.S., the Federal Reserve Bank has been raising its benchmark interest rate incrementally. In an increasingly globalized world in which the American economy plays a key role, an action like this has spillover effects on the international level. Based on a...
Persistent link: https://www.econbiz.de/10011812710
Persistent link: https://www.econbiz.de/10003896762
The aim of this article is to investigate the consequences of oil price changes for the economy of the US and the euro area. Oil price transmission channel is assessed using Granger causalities and structural vector autoregressive (VAR) specifications (applying the Cholesky factorization and the...
Persistent link: https://www.econbiz.de/10012651358