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Rate forward guidance in an environment of large central bank balance sheets: A Eurosystem stock-taking assessment
2022
In the aftermath of the global financial crisis, central banks started being confronted with severe challenges that led to an unprecedented policy response in terms of the size and variety of monetary policy measures. One such measure centred on central banks communicating to the public more...
Persistent link: https://www.econbiz.de/10013331897
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Clear, consistent and engaging: ECB monetary policy communication in a changing world
2021
This paper examines the importance of central bank communication in ensuring the effectiveness of monetary policy and … communication has become a monetary policy tool in itself; one example of this being forward guidance, given its impact on inflation … expectations, economic behaviour and inflation. The paper explains why and how consistent, clear and effective communication to …
Persistent link: https://www.econbiz.de/10012661656
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Does the crisis experience call for a new paradigm in monetary policy?
Taylor, John B. - 2010
This paper shows that the monetary policy paradigm that was in place before the financial crisis worked very well and that the crisis occurred only after policy makers deviated from that paradigm. The paper also evaluates monetary policy during the financial crisis by dividing the crisis into...
Persistent link: https://www.econbiz.de/10011430849
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The effects of the ECB's pandemic-related monetary policy measures
Nelimarkka, Jaakko; Laine, Olli-Matti - 2021
We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic effects are measured using structural vector autoregressions. In the...
Persistent link: https://www.econbiz.de/10012626268
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News and uncertainty about COVID-19: Survey evidence and short-run economic impact
Dietrich, Alexander M.; Kuester, Keith; Müller, Gernot J. - 2020
We solicit household expectations about the economic costs of the COVID-19 pandemic. Households expect output to decrease by about 6 percent and inflation to increase by 5 percentage points in the 12 months following March 2020. We also document that the uncertainty about the overall effect is...
Persistent link: https://www.econbiz.de/10013535574
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Critique of accommodating central bank policies and the 'expropriation of the saver' - A review
Bindseil, Ulrich; Domnick, Clemens; Zeuner, Jörg - 2015
In parts of the German media, with the support of a number of German economists, the ECB’s low nominal interest rate policy is criticised as unnecessary, ineffective and as expropriating the German saver. This paper provides a review of the relevant arguments. It is recalled that returns on...
Persistent link: https://www.econbiz.de/10011606313
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Inflation Targeting and its Effects on Macroeconomic Performance
Petursson, Thorarinn G. - 2005
An increasing number of countries have adopted inflation targeting since New Zealand first adopted this framework in early 1990. Currently there are 21 countries using inflation targeting in every continent of the world. This paper discusses the characteristics of these countries and how the...
Persistent link: https://www.econbiz.de/10011689922
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The financial crisis and the dynamics of the money market rates
Hasler, Nicole - 2014
This paper contributes to the ongoing debate about the changing dynamics in the money market rates after 2007. It aims to analyse the interest rate channel of monetary policy transmission until the federal funds target rate reached the zero lower bound. A set of different model explains both...
Persistent link: https://www.econbiz.de/10011428820
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Assessing the efficacy, efficiency and potential side effects of the ECB's monetary policy instruments since 2014
Altavilla, Carlo; Lemke, Wolfgang; Linzert, Tobias; … - 2021
This paper summarises the work done by Eurosystem staff in the context of the Strategy Review Seminar on Monetary Policy Instruments. More specifically, it focuses on the efficacy, efficiency and potential side effects of the key monetary policy instruments employed by the European Central Bank...
Persistent link: https://www.econbiz.de/10012661660
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Two-tier system for remunerating excess reserve holdings
Boucinha, Miguel; Burlon, Lorenzo; Corsi, Marco; Della … - 2022
This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a portion of banks' excess liquidity (EL) holdings from the negative interest rate of the ECB's deposit facility. The two-tier system aimed to support the bank-based transmission...
Persistent link: https://www.econbiz.de/10013480191