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Central Bank communication and monetary policy predictability under uncertain economic conditions
Lehtimäki, Jonne O.; Palmu, Marianne - In: Journal of central banking theory and practice 8 (2019) 2, pp. 3-32
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
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CentralBankRoBERTa : A fine-tuned large language model for central bank communications
Pfeifer, Moritz; Marohl, Vincent P. - In: The Journal of finance and data science : JFDS 9 (2023), pp. 1-11
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 These outdated bag-of-words methods often ignore context and cannot distinguish who...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
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The effects of quantitative easing announcements on the mortgage market : an event study approach
Wang, Gang - In: International Journal of Financial Studies : open … 7 (2019) 1/9, pp. 1-30
This paper uses event study analysis to estimate the impact of the United States Federal Reserve Bank’s (Fed) quantitative easing (QE) announcements on the mortgage market during the zero lower bound (ZLB) period. A total of 35 QE announcements are identified and their effects are evaluated....
Persistent link: https://www.econbiz.de/10012038419
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Who should you listen to in a crisis? : differences in communication of central bank policymakers
Lehtimäki, Jonne; Palmu, Marianne - In: Journal of central banking theory and practice 11 (2022) 3, pp. 33-57
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
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A text mining analysis of central bank monetary policy communication in Nigeria
Tumala, Mohammed M.; Omotosho, Babatunde S. - In: CBN journal of applied statistics 10 (2019) 2, pp. 73-107
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
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Central bank communication and monetary policy : a survey of theory and evidence
Blinder, Alan S.; Ehrmann, Michael; Fratzscher, Marcel; … - In: Journal of economic literature 46 (2008) 4, pp. 910-945
Persistent link: https://www.econbiz.de/10003864720
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Monetary base controllability after an exit from quantitative easing
Tanaka, Atsushi - In: Journal of central banking theory and practice 9 (2020) 3, pp. 122-134
This study examines the problem that a central bank may face after exiting a monetary quantitative easing policy. It develops a simple dynamic optimization model of a central bank, which finds that if the bank needs to absorb a substantial amount of excess reserves when exiting, the monetary...
Persistent link: https://www.econbiz.de/10012306856
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Do financial markets allow the independence of central banks?
Miró, Damià Rey; Piffaut, Pedro; Zurdo, Ricardo Palomo - In: Journal of central banking theory and practice 13 (2024) 1, pp. 5-26
The research work presented below addresses the possible concern of central bank independence through the development and application of econometric models. The complexity of the modelling has allowed a step further in corroborating that financial independence is not only linked to the...
Persistent link: https://www.econbiz.de/10014496228
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Green money without inflation
De Grauwe, Paul - In: Vierteljahrshefte zur Wirtschaftsforschung 88 (2019) 2, pp. 51-54
The ECB has announced that when government and corporate bonds come to maturity in the context of its QE-program, new bonds will be bought in the market so as to keep the money stock (money base) unchanged. This creates a "window of opportunities" for the ECB. It could replace the old bonds with...
Persistent link: https://www.econbiz.de/10012154787
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Understanding the natural rate of interest for a small open economy
Zarazúa Juárez, Carlos Alberto - In: Latin American journal of central banking : LAJCB 4 (2023) 3, pp. 1-25
In this paper, we develop a structural model to estimate the current level of the natural rate for a small open economy, featuring a rich set of shocks to provide economic intuition for its underlying drivers. The model follows the New Keynesian tradition with several frictions and is able to...
Persistent link: https://www.econbiz.de/10014382958