Showing 1 - 10 of 6,531
This paper compares the effectiveness of date- and state-based forward guidance issued by the Federal Reserve since mid-2011 accounting for the influence of disagreement within the FOMC. Effectiveness is investigated through the lens of interest rates’ sensitivity to macroeconomic news and I...
Persistent link: https://www.econbiz.de/10011550316
The aim of this paper is to review the historical development of monetary policy theory since the 1980s using as focal point the nexus among central bank governance, central banker preferences and monetary policy effectiveness. Assuming a positive perspective the review highlights three...
Persistent link: https://www.econbiz.de/10012210748
We quantify the informational content of statements issued by the interest-rate setting committee of the Central Bank of Brazil (COPOM), building on the methodology developed by Lucca and Trebbi (2011). Using Google search queries, we measure the extent to which each COPOM statement is perceived...
Persistent link: https://www.econbiz.de/10010199541
This paper summarizes the results of a Survey on Monetary policy Communication conducted among central banks in Central … transparency and communication strategies of the central banks. The results of the Survey reveal that today the central banks pay … process. The overall conclusion of the Monetary policy communication Survey is that the communication and the transparency of …
Persistent link: https://www.econbiz.de/10011717595
that communication plays a significant role in enhancing the accuracy when trying to estimate the bank's reaction function. …
Persistent link: https://www.econbiz.de/10011669467
central banks. Overall, our results suggest that central bank communication contains systematic biases that could lead to …
Persistent link: https://www.econbiz.de/10011911134
. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and … how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence …
Persistent link: https://www.econbiz.de/10013329414
talk about the economy? We propose a simple framework that allows us to estimate communication rules in the United States … based on text analysis with regularized regressions. We find strong evidence for systematic communication rules that vary …'s communication rule and use it to investigate how much of the disagreement between the market and the Fed come from disagreement …
Persistent link: https://www.econbiz.de/10013485936
Using voting data from the Bank of England, we show that different individual assessments of the economy strongly influence votes after controlling for individual policy preferences. We estimate that internal members form more precise assessments than externals and are also more hawkish, though...
Persistent link: https://www.econbiz.de/10009733019
We examine whether central banks' voting records help predict the future course of monetary policy in the Czech republic, Hungary, Poland, Sweden and the United Kingdom, controlling for financial market expectations. Unlike previous research, first, we examine the period of the global financial...
Persistent link: https://www.econbiz.de/10010461227