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The personalities of central bankers moved center stage during the recent financial crisis. Some central bankers even gained "superstar" status. In this paper, we evaluate the pivotal role of superstar central bankers by assessing the difference an outstanding governor makes to economic...
Persistent link: https://www.econbiz.de/10010487271
committee have a lower probability of casting inconsistent votes. Further results suggest that Board members and bank presidents … differ significantly, with bank presidents casting inconsistent votes more often than Board members do. This relation holds … after the change in transparency differences between Board members and bank presidents remain, whereas differences between …
Persistent link: https://www.econbiz.de/10010493584
information search patterns, of German citizens on trust in the ECB. We rely on a unique representative public opinion survey of …
Persistent link: https://www.econbiz.de/10010482584
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...
Persistent link: https://www.econbiz.de/10010482941
The ECB's one size monetary policy is unlikely to fit all euro area members, which raises a discussion about how much monetary policy stress this causes at the national level. We measure monetary policy stress as the difference between actual ECB interest rates and Taylor-rule implied optimal...
Persistent link: https://www.econbiz.de/10010483271
This paper investigates the information content of the Norges Bank's key rate projections. Wavelet spectrum estimates … central bank communication. -- Central bank communication ; interest rate projections ; wavelets ; jump probabilities …
Persistent link: https://www.econbiz.de/10008771354
This paper outlines a new method for using qualitative information to analyze the monetary policy strategy of central … banks. Quantitative assessment indicators that are extracted from a central bank's public statements via the balance …
Persistent link: https://www.econbiz.de/10009295533
meet the liquidity needs of dysfunctional financial markets. As the eligibility criteria for central bank borrowing have … been tweaked, it is legitimate to ask, 'How elastic should the supply of central bank currency be?' Even when the central … bank has the ability to create abundant official liquidity, there should be some limits to its support for the financial …
Persistent link: https://www.econbiz.de/10009516740
We assess whether the voting records of central bank boards are informative about future monetary policy using data on …
Persistent link: https://www.econbiz.de/10009566420
We assess whether the voting records of central bank boards are informative about future monetary policy. First, we … specify a theoretical model of central bank board decision-making and simulate the voting outcomes. Three different versions …
Persistent link: https://www.econbiz.de/10009389058