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What Do Financial Market Data Tell Us about Monetary Policy Transparency?

Coppel, Jonathan; Connolly, Ellis - Reserve Bank of Australia - 2003

the results for Australia with other countries. We find that interest rate volatility at the short end has fallen … responded to the Reserve Bank of Australia’s (RBA) commentaries on the economy. These results are consistent with an increase in …

Persistent link: https://www.econbiz.de/10005423616

The Impact of Monetary Policy on the Exchange Rate: A Study Using Intraday Data

Kearns, Jonathan; Manners, Phil - Reserve Bank of Australia - 2005

event study with carefully selected sample periods for four countries (Australia, Canada, New Zealand and the United Kingdom …

Persistent link: https://www.econbiz.de/10005423628

Friedman's money supply rule vs optimal interest rate policy

Evans, George W.; Honkapohja, Seppo - Suomen Pankki - 2003

Using New Keynesian models, we compare Friedman’s k-percent money supply rule to optimal interest rate setting, with respect to determinacy, stability under learning and optimality. We first review the recent literature. Open-loop interest rate rules are subject to indeterminacy and...

Persistent link: https://www.econbiz.de/10005423681

Open market operations: beyond the new consensus

Toporowski, Jan - Suomen Pankki - 2006

The emergence of the New Consensus in monetary policy has been followed by a renewal of interest in central banks’ operating procedures, and specifically in the role of open market operations. There is a general view that overnight interest rates are most effectively controlled by standing or...

Persistent link: https://www.econbiz.de/10005423684

The Value of Publishing Official Central Bank Forecasts

Tarkka, Juha; Mayes, David - Suomen Pankki - 1999

The aim of the present analysis is to shed light on the question whether Central Banks should publish their macroeconomic forecasts, and what could possibly be gained in monetary policy if they did so. We show that disclosing the Central Bank’s assessment of the prevailing inflationary...

Persistent link: https://www.econbiz.de/10005423709

Discretion and the transmission lags of monetary policy

Kilponen, Juha; Leitemo, Kai - Suomen Pankki - 2007

Monetary policy transmission lags create credibility problems for the inflation-targeting policy maker who acts under …: for the period monetary policy influences output, inflation is predetermined and the best discretionary policy is to …

Persistent link: https://www.econbiz.de/10005423712

Monetary policy and learning in an open economy

Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - Suomen Pankki - 2004

In this paper, we examine the incentives for central bank activism and caution in a two-country open-economy model with uncertainty and learning. We find that the presence of a strategic interaction between the home and foreign central banks creates an additional motivation for caution in...

Persistent link: https://www.econbiz.de/10005423715

Measuring the long-term perception of monetary policy and the term structure

Rautureau, Nicolas - Suomen Pankki - 2004

January 2003. It also allows us to introduce as the second factor the long-term perception of inflation as a characteristic of …

Persistent link: https://www.econbiz.de/10005423721

Optimal discretionary monetary policy in the open economy: Choosing between CPI and domestic inflation as target variables

Guender, Alfred V. - Suomen Pankki - 2003

In open economy, a choice can be made between two measures of inflation for use as a target variable: CPI inflation or … domestic inflation. This paper considers flexible and strict inflation targeting strategies and explores the circumstances … under which a domestic inflation target is preferred to a CPI inflation target. This is done from the perspectives of the …

Persistent link: https://www.econbiz.de/10005423724

Identifying the interdependence between US monetary policy and the stock market

Bjørnland, Hilde; Leitemo, Kai - Suomen Pankki - 2005

We estimate the interdependence between US monetary policy and the S&P 500 using structural VAR methodology. A solution is proposed to the simultaneity problem of identifying monetary and stock price shocks by using a combination of short-run and long-run restrictions that maintains the...

Persistent link: https://www.econbiz.de/10005423727