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Monetary base controllability after an exit from quantitative easing

Tanaka, Atsushi - In: Journal of central banking theory and practice 9 (2020) 3, pp. 122-134

This study examines the problem that a central bank may face after exiting a monetary quantitative easing policy. It develops a simple dynamic optimization model of a central bank, which finds that if the bank needs to absorb a substantial amount of excess reserves when exiting, the monetary...

Persistent link: https://www.econbiz.de/10012306856

New macroeconomic consensus and inflation targeting : Monetary Policy Committee directors' turnover in Brazil

Dias, Maria Helena Ambrosio; Teixeira, Anderson Mutter; … - In: Economia : revista da ANPEC 14 (2013) 3/4, pp. 158-170

The main objective of this paper is to estimate a Central Bank reaction function that accounts for the effects of directors' rotation of the Brazilian COPOM (Monetary Policy Committee). The reaction function proposed is assumed to be the mechanism for inflation targeting policy. It accounts for...

Persistent link: https://www.econbiz.de/10011864874

Can opacity of a credible central bank explain excessive inflation?

Baeriswyl, Romain; Cornand, Camille - 2007 - First version: January 2006 - This version: December 2006

Excessive inflation is usually attributed to the lack of central bank's credibility. In this context, most of the literature considers transparency a means to establish central bank's credibility. The contribution of this paper is twofold. First, it shows that, even in the absence of...

Persistent link: https://www.econbiz.de/10003470500

Central bank accountability and transparency : theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000

Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …

Persistent link: https://www.econbiz.de/10011418852

Optimal degrees of transparency in monetary policymaking

Jensen, Henrik - 2001

Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …

Persistent link: https://www.econbiz.de/10011419293

Financial stability and monetary policy

Hellwig, Martin - 2015 - This version: April 1, 2015

The paper gives an overview over issues concerning the role of financial stability in monetary policy. Historically, financial stability has figured highly among central banks ́objectives, with policy measures ranging from interest rate stabilization to serving as a lender of the last resort....

Persistent link: https://www.econbiz.de/10011301235

The Euro's savior? : assessing the ECB's crisis management performance and potential for crisis resolution

Bibow, Jörg - 2015

This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under crisis conditions, and how the bank has actually...

Persistent link: https://www.econbiz.de/10011349470

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

Federal reserve communications and newswire coverage

Neuenkirch, Matthias - 2013 - This version: 01 August 2013

In this paper, we explore the determinants of media coverage of Federal Reserve (Fed) communications. Our sample covers all 344 forward-looking communications made in the period May 1999-May 2004. We find, first, that there is a higher likelihood of media coverage for monetary policy reports and...

Persistent link: https://www.econbiz.de/10009751154

Superstar central bankers

Neuenkirch, Matthias; Tillmann, Peter - 2013

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/10010356447