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The effects of policy guidance on perceptions of the fed's reaction function

Femia, Katherine; Friedman, Steven; Sack, Brian - 2013

In the past few years, the Federal Open Market Committee (FOMC) has been using forward guidance about the federal funds … particular focus on the use of calendar dates and economic thresholds in the FOMC statement. The results show that market … participants interpreted the FOMC’s policy guidance as conveying important information about the Committee’s policy reaction …

Persistent link: https://www.econbiz.de/10010202644

Interaction between monetary policy and bank regulation : lessons for the ECB

Dąbrowski, Marek - 2016

The European Central Bank (ECB) recently became engaged in macro-prudential policies and the micro-prudential supervision of the largest Euro area banks. These new tasks should help complete financial integration, and make the Euro area more resilient to financial instability risks. However, the...

Persistent link: https://www.econbiz.de/10011455880

From antigrowth bias to quantitative easing : the ECB's belated conversion?

Bibow, Jörg - 2016

This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and institutional deficiencies share responsibility for the euro's...

Persistent link: https://www.econbiz.de/10011481632

The (home) bias of European central bankers : new evidence based on speeches

Bennani, Hamza; Neuenkirch, Matthias - 2014

Speeches are an important vehicle for central bankers to convey individual views on the preferred policy stance. In this paper, we employ an automated text linguistic approach to create an indicator that measures the tone of the 1,618 speeches delivered by members of the Governing Council (GC)...

Persistent link: https://www.econbiz.de/10010459203

Superstar central bankers : conference paper

Neuenkirch, Matthias; Tillmann, Peter - 2014

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

Overnight RRP operations as a monetary policy tool : some design considerations

Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, … - 2015

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

Causes of the outbreak of the Eurozone crisis : the role of the USA and the European Central Bank monetary policy

Białek, Natalia - In: E-Finanse : finansowy kwartalnik internetowy 11 (2015) 2, pp. 47-63

This paper argues that the loose monetary policy of two of the world’s most important financial institutions-the US Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008 - 09. Unusually low interest rates in 2001 -...

Persistent link: https://www.econbiz.de/10011402491

TARGET2 imbalances and the ECB as lender of last resort

Purificato, Francesco; Astarita, Caterina - In: International Journal of Financial Studies : open … 3 (2015) 4, pp. 482-509

This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the...

Persistent link: https://www.econbiz.de/10011408880

International spillovers of monetary policy : US Federal Reserve's quantitative easing and Bank of Japan's quantitative and qualitative qasing

Kawai, Masahiro - 2015

This paper assesses the impact of unconventional United States (US) and Japanese monetary policies on emerging economies, and explores policy coordination issues to promote macroeconomic and financial stability in developed and emerging economies. The paper first considers a theoretical...

Persistent link: https://www.econbiz.de/10010465407

Monetary policy communication : perspectives from former policy makers at the ECB

Ehrmann, Michael; Holton, Sarah; Kedan, Danielle; … - 2021

This paper reports the results of a survey of former members of the Governing Council of the European Central Bank, which sought their views on monetary policy communication practices, the related challenges and the road ahead. Pronounced differences across the respondent groups are rare,...

Persistent link: https://www.econbiz.de/10012705527