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How the Bundesbank really conducted monetary policy: An analysis based on real-time data
Gerberding, Christina; Worms, Andreas; Seitz, Franz - 2004
Papers estimating the reaction function of the Bundesbank generally find that its monetary policy from the 1970s to … deviations of inflation from target, but not to monetary growth. This result is at odds with the Bundesbank's claim that it … explanatory variables. Accordingly, we compile a real-time data set for Germany including the Bundesbank?s own estimates of …
Persistent link: https://www.econbiz.de/10010295652
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How the Bundesbank really conducted monetary policy
Gerberding, Christina; Seitz, Franz; Worms, Andreas - Society for Computational Economics - SCE - 2005
Papers estimating the reaction function of the Bundesbank generally find that ist monetary policy from the 1970s to … Bundesbank took its monetary targets seriously, but also responded to deviations of expected inflation and output growth from …
Persistent link: https://www.econbiz.de/10005132654
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What's on the ECB's mind? : monetary policy before and after the global financial crisis
Zahner, Johannes; Groß, Jonas - 2020
This paper analyzes the interest rate setting of the European Central Bank (ECB) both before and after the outbreak of the global financial crisis. In the current monetary policy literature, researchers typically select one Taylor rule-based model in order to analyze the interest rate setting of...
Persistent link: https://www.econbiz.de/10012162640
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Party affiliation rather than former occupation : the background of central bank governors and its effect on monetary policy
Neuenkirch, Matthias; Neumeier, Florian - 2013 - This version: 30 July 2013
In this paper, we analyze the relationship between certain characteristics of incumbent central bank governors and their interest-rate-setting behavior. We focus on (i) occupational backgrounds, (ii) party affiliation, and (iii) experience in office and estimate augmented Taylor rules for 20...
Persistent link: https://www.econbiz.de/10009775039
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Modifying Taylor Reaction Functions in Presence of the Zero-Lower-Bound – Evidence for the ECB and the Fed
Belke, Ansgar Hubertus - 2012
We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the infl ation...
Persistent link: https://www.econbiz.de/10013102781
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Modifying Taylor Reaction Functions in Presence of the Zero-Lower-Bound : Evidence for the ECB and the Fed
Belke, Ansgar Hubertus - 2012
We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the inflation...
Persistent link: https://www.econbiz.de/10013103372
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Measuring Central Bank Communication : An Automated Approach with Application to FOMC Statements
Lucca, David O. - 2009
We present a new automated, objective and intuitive scoring technique to measure the content of central bank communication about future interest rate decisions based on information from the Internet and news sources. We apply the methodology to statements released by the Federal Open Market...
Persistent link: https://www.econbiz.de/10013156485
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Is the Tunisian Central Bank Following a Linear or a Nonlinear Augmented Taylor Rule ?
beldi, lamia - 2020
The political transition in the Arab Spring countries has been accompanied by a deterioration of economic and financial indicators like the Tunisian case. Therefore, this paper aims to get a deeper understanding the nature of the rule that reflects the behavior of the Tunisian monetary authority...
Persistent link: https://www.econbiz.de/10012840968
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Forecasting ECB policy rates with different monetary policy rules
Belke, Ansgar; Klose, Jens - 2019
This article compares two types of monetary policy rules - the Taylor-Rule and the Orphanides-Rule - with respect to their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results from estimated models and augmented rules are compared....
Persistent link: https://www.econbiz.de/10012063951
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Forecasting ECB policy rates with different monetary policy rules
Belke, Ansgar; Klose, Jens - 2019
This article compares two types of monetary policy rules - the Taylor-Rule and the Orphanides-Rule - with respect to their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results from estimated models and augmented rules are compared....
Persistent link: https://www.econbiz.de/10012034314