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Using evidence from four major central banks, we decompose news conveyed by central-bank communication into news about monetary policy (monetary news), as well as non-monetary news, i.e., news about economic growth and news affecting financial risk premia. Our approach exploits high-frequency...
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data. Since April 2013, the Bank of Japan has executed quantitative easing of an extraordinary magnitude. This is known as … really completely “dead”? This paper utilizes a panel data on balance sheets of Japan's regional banks to answer this …
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This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...
Persistent link: https://www.econbiz.de/10013043621
This note reviews central banks' views on the objectives, methods and effectiveness of foreign exchange intervention, according to their responses to a survey questionnaire. Due to the recent global financial crisis, objectives have shifted to focus more on curbing capital flows and exchange...
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We provide an overview of the operational implementation of negative interest rates in Europe and Japan, drawing …
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the tumultuous five years (2008-2013) during which he served as governor of the Bank of Japan. Many books have been … bubble, the financial crisis, deflation, the rapid aging of the population, and the experiences of Japan on the frontier of … severe natural disaster, such as the earthquake hitting Japan in 2011-are covered. The political economy aspect and …
Persistent link: https://www.econbiz.de/10012586034