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Akram, Tanweer - 2016

Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This paper examines Japan’s liquidity trap in light of the structure and performance of the country’s economy since the onset of stagnation. It also analyzes the country’s...

Persistent link: https://www.econbiz.de/10011453035

Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada

Champagne, Julien; Sekkel, Rodrigo - 2017

We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada. We show that it is crucial to...

Persistent link: https://www.econbiz.de/10011777945

The impact of nominal negative interest rates on the economy : literature review

Kubiczek, Jakub - In: Journal of banking and financial economics 17 (2022) 1, pp. 5-16

Until recently, negative nominal interest rates of the central bank were in the sphere of theoretical considerations. In 2009, the Swedish Central Bank was the first to implement a negative interest rate policy (NIRP). Since then, the NIRP has been implemented by the National Bank of Denmark,...

Persistent link: https://www.econbiz.de/10013348194

The macro view

Balling, Morten (ed.); Berk, Jan Marc (ed.); … - Colloquium The Quest for Stability <2009, Utrecht>; … - 2010

On September 3-4, 2009, SUERF and Utrecht University School of Economics jointly organized the 28th SUERF Colloquium on "The Quest for Stability" in Utrecht, the Netherlands. The papers contained in this SUERF Study jointly published with DNB and Rabobank are based on contributions to this...

Persistent link: https://www.econbiz.de/10011706504

Fed transparency and policy expectation errors : a text analysis approach

Fischer, Eric; McCaughrin, Rebecca; Prazad, Saketh; … - 2023

This paper seeks to estimate the extent to which market-implied policy expectations could be improved with further information disclosure from the FOMC. Using text analysis methods based on large language models, we show that if FOMC meeting materials with five-year lagged release dates-like...

Persistent link: https://www.econbiz.de/10014440765

Tradeoffs over rate cycles : activity, inflation and the price level

Forbes, Kristin; Ha, Jongrim; Kose, M. Ayhan - 2025

Central banks often face tradeoffs in how their monetary policy decisions impact economic activity (including employment), inflation and the price level. This paper assesses how these tradeoffs have evolved over time and varied across countries, with a focus on understanding the post-pandemic...

Persistent link: https://www.econbiz.de/10015405430

Just words?: a quantitative analysis of the communication of the Central Bank of Brazil

Carvalho, Carlos Viana de; Cordeiro, Fernando; Vargas, … - 2013

We quantify the informational content of statements issued by the interest-rate setting committee of the Central Bank of Brazil (COPOM), building on the methodology developed by Lucca and Trebbi (2011). Using Google search queries, we measure the extent to which each COPOM statement is perceived...

Persistent link: https://www.econbiz.de/10010199541

Narrative monetary policy surprises and the media

Ellen, Saskia ter; Larsen, Vegard Høghaug; Thorsrud, … - 2019 - This version October 4, 2019

communication accompanying interest rate meetings. Our proposed method is fast and simple, and relies on a Singular Value … surprises in central bank communication using this type of data and identification provides surprise measures that are … monetary policy literature associates with the information component of monetary policy communication. Our study highlights the …

Persistent link: https://www.econbiz.de/10012214406

Fed transparency and policy expectation errors: A text analysis approach

Fischer, Eric; McCaughrin, Rebecca; Prazad, Saketh; … - 2023

Persistent link: https://www.econbiz.de/10014480439

Applying Complexity Theory to Interest Rates: Evidence of Critical Transitions in The Euro Area

van den End, Jan Willem - In: Credit and Capital Markets – Kredit und Kapital 52 (2019) 1, pp. 1-33

We apply complexity theory to financial markets to show that excess liquidity created by the Eurosystem has led to critical transitions in the configuration of interest rates. Complexity indicators turn out to be useful signals of tipping points and subsequent regime shifts in interest rates. We...

Persistent link: https://www.econbiz.de/10014523281