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First impressions matter: Signalling as a source of policy dynamics
Hansen, Stephen Eliot; McMahon, Michael - Department of Economics and Business, Universitat … - 2011
with experience. We then reject increasing confidence in private information or learning about the structure of the … data. The motivation for signalling is consistent with wanting to control inflation expectations, but not career concerns …
Persistent link: https://www.econbiz.de/10009323415
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First Impressions Matter: Signalling as a Source of Policy Dynamics
Hansen, Stephen; McMahon, Michael - Centre for Economic Performance, LSE - 2011
with experience. We then reject increasing confidence in private information or learning about the structure of the … data. The motivation for signalling is consistent with wanting to control inflation expectations, but not career concerns …
Persistent link: https://www.econbiz.de/10009293676
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First Impressions Matter: Signalling as a Source of Policy Dynamics
Hansen, Stephen; McMahon, Michael - CESifo - 2012
with experience. We then reject increasing confidence in private information or learning about the structure of the … data. The motivation for signalling is consistent with wanting to control inflation expectations, but not career concerns …
Persistent link: https://www.econbiz.de/10010540726
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First impressions matter: Signalling as a source of policy dynamics
Hansen, Stephen; McMahon, Michael - 2012
with experience. We then reject increasing confidence in private information or learning about the structure of the … data. The motivation for signalling is consistent with wanting to control inflation expectations, but not career concerns …
Persistent link: https://www.econbiz.de/10010281795
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First Impressions Matter: Signalling as a Source of Policy Dynamics
Hansen, Stephen; McMahon, Michael - C.E.P.R. Discussion Papers - 2013
We provide the first direct empirical support for the relevance of signalling in monetary policy. In our dynamic model …. Signalling leads all bankers to be tougher on inflation initially, but to become less tough with experience. This evolution is … structurally estimate the model using Bank of England data and confirm both predictions. Signalling increases the probability new …
Persistent link: https://www.econbiz.de/10011084410
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First impressions matter : signalling as a source of policy dynamics
Hansen, Stephen; McMahon, Michael - 2012
-motivated reputation building may be important for explaining dynamics in experts' policy choices. -- signalling ; learning ; monetary … with experience. We then reject increasing confidence in private information or learning about the structure of the … data. The motivation for signalling is consistent with wanting to control inflation expectations, but not career concerns …
Persistent link: https://www.econbiz.de/10009518217
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First Impressions Matter : Signalling as a Source of Policy Dynamics
Hansen, Stephen - 2013
with experience. We then reject increasing confidence in private information or learning about the structure of the … data. The motivation for signalling is consistent with wanting to control inflation expectations, but not career concerns …
Persistent link: https://www.econbiz.de/10013091148
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Central banks' voting records, financial crisis and future monetary policy
Horváth, Roman; Jonášová, Júlia - 2014
We examine whether central banks' voting records help predict the future course of monetary policy in the Czech republic, Hungary, Poland, Sweden and the United Kingdom, controlling for financial market expectations. Unlike previous research, first, we examine the period of the global financial...
Persistent link: https://www.econbiz.de/10010461227
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The helicopter money puzzle : economic and political economy arithmetic
Masciandaro, Donato - 2020
We have helicopter money when there is a lump-sum monetary transfer which produces intended central bank capital losses and/or a permanent monetary base change. This extraordinary monetary policy option appears whenever there is a significant economic crisis. But then the helicopter never flies....
Persistent link: https://www.econbiz.de/10012224069
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COVID-19 helicopter money, monetary policy and Central Bank independence : economics and politics
Masciandaro, Donato - 2020
This article discusses a form of fiscal monetization that produces losses in the central bank's balance sheet, without a permanent increase in the money base. If an independent central bank acts as a long-sighted policymaker, an optimal helicopter monetary policy can be identified. At the same...
Persistent link: https://www.econbiz.de/10012210740