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The Informative Value of Central Banks Talks : A Topic Model Application to Sentiment Analysis

Priola, Maria Paola; Molino, Annalisa; Tizzanini, Giacomo; … - 2022

Nowadays communication is acknowledged as a central bank tool to guide markets expectations. Speeches vary in topics, which are not discriminated ex-ante by text analysis. In this paper we develop a topic-weighted central bank sentiment index as a combination of machine learning and text...

Persistent link: https://www.econbiz.de/10013313963

Implications of G20 Central Bank Governors’ Professional Qualification Profiles

Sancak, Ibrahim E. - 2021

Central bank governors and their professional competency have attracted reasonable interest in the monetary policy world. However, data and methods to measure the professional qualifications of central bank governors based on their experience, higher education, and other professional attributes...

Persistent link: https://www.econbiz.de/10013314231

Introducing Dominant Currency Pricing in the ECB's Global Macroeconomic Model

Georgiadis, Georgios; Mösle, Saskia - 2021

A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter’s or the … rate is a major driver of global trade, even for transactions that do not involve the US. In order to illustrate the … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …

Persistent link: https://www.econbiz.de/10013315335

Equilibrium Contracts for the Central Bank of a Monetary Union

Dixit, Avinash; Jensen, Henrik - 2021

We consider the political economy of a monetary union where member governments attempt to influence the policy of the common central bank. Modeling this as a common agency with incentive contracts, we show that if incentives are all that matters for the bank, the equilibrium implements a...

Persistent link: https://www.econbiz.de/10013321203

Central bank information effects and transatlantic spillovers

Jarociński, Marek - 2020

The news about the economy contained in a central bank announcement can affect public expectations. This paper shows, using both event studies and vector autoregressions, that such central bank information effects are an important channel of the transatlantic spillover of monetary policy. They...

Persistent link: https://www.econbiz.de/10012298995

The failure of ECB monetary policy from a Mises-Hayek perspective

Schnabl, Gunther - 2017

The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...

Persistent link: https://www.econbiz.de/10011619626

Building the Foundations for a New Central Bank Doctrine : Redefining Central Banks’ Missions in the 21st Century

Pichet, Eric - 2013

The 2007-2008 financial crisis demonstrated both the responsibilities that central bankers, alongside other actors, bear for turbulences of this kind as well as how economics can be used to provide central bankers and governments with the understanding and tools that they need to prevent the...

Persistent link: https://www.econbiz.de/10014160305

To What Degree and through Which Channel Do Central Banks Other Than the Federal Reserve Cause Spillovers?

Cotton, Christopher - 2022

Spillovers play a crucial role in driving monetary policy around the world. The literature focuses predominantly on spillovers from the Federal Reserve. Less attention has been paid to spillovers from other central banks. I measure the degree to which 20 central banks cause spillovers. I show...

Persistent link: https://www.econbiz.de/10014239657

Central Bank Digital Currency as New Public Money

Skinner, Christina Parajon - 2023

Today, nearly every central bank around the world is considering whether to create a new form of digital public money, referred to as central bank digital currency, “CBDC.” Although CBDC is often discussed as a way to make payments more efficient, enhance financial inclusion, or reduce the...

Persistent link: https://www.econbiz.de/10014253954

Are Euro Interest Rates Led by Fed Announcements?

Monticini, Andrea; Vaciago, Giacomo - 2005

This paper investigates, for the first time, the reactions of markets to the monetary policy decisions of their own Central Bank and to the decisions of the Central Banks of other countries. In particular, using daily interest rates to estimate the impact of the monetary policy announcements of...

Persistent link: https://www.econbiz.de/10014070608