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Quantifying the ECB’s Interest Rate Smoothing Behavior
Pinkwart, Nicolas - 2011
insignificant, while it is highly significant for the one-year-ahead forecast of the ECB's Survey of Professional Forecasters …
Persistent link: https://www.econbiz.de/10013131374
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Asymmetric Adjustment of Commercial Bank Interest Rates in the Euro Area : An Empirical Investigation into Interest Rate Pass-Through
Sander, Harald; Kleimeier, Stefanie - 2001
Our study extends the traditional pass-through literature by incorporating an error correction mechanism that is based on cointegration analyses allowing for structural breaks and symmetric as well as for a variety of asymmetric adjustment mechanisms. While some results of earlier pass-through...
Persistent link: https://www.econbiz.de/10014128699
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Asymmetric Adjustment of Commercial Bank Interest Rates in the Euro Area : An Empirical Investigation into Interest Rate Pass-Through
Sander, Harald; Kleimeier, Stefanie - 2001
This paper investigates the monetary transmission mechanism within the Euro area and is providing new evidence on the financial market side of the monetary mechanism in Europe. In particular, we examine the pass-through of money market rates to commercial bank lending rates by allowing for the...
Persistent link: https://www.econbiz.de/10014122856
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Die Strategie der Fed : ein gutes Beispiel für die EZB?
Scheide, Joachim - In: List-Forum für Wirtschafts- und Finanzpolitik 27 (2001) 4, pp. 335-345
Persistent link: https://www.econbiz.de/10001638566
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Central banking below zero : the implementation of negative interest rate policies in Europe and Japan
Angrick, Stefan; Nemoto, Naoko - 2017
This paper provides an overview of the operational implementation of negative interest rates in Europe and Japan. Drawing attention to the fact that there is precedent for negative policy rates and negative money market rates, the paper addresses conceptual issues and summarizes measures which...
Persistent link: https://www.econbiz.de/10011650059
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Does the Federal Reserve Staff Still Beat Private Forecasters?
El-Shagi, Makram - 2014
tests for forecast rationality show that a necessary condition for good forecast performance is satisfied both for Greenbook … and private forecasts, as measured by the Survey of Professional Forecasters (SPF). Tests for forecast accuracy and the …). The relative forecast performance is, however, not robust in the presence of large macroeconomic shocks such as the Great …
Persistent link: https://www.econbiz.de/10013060042
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The Optimal Form of Interest Rate Targeting
Wright, Julian; Guthrie, Graeme - 1999
Most central banks currently implement monetary policy by targeting a short-term interest rate. This paper asks: "What is the optimal form for such interest rate targeting, given the objectives facing central banks?" We find the optimal rule is for the central bank to change the target rate...
Persistent link: https://www.econbiz.de/10014206633
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How does monetary policy change? : evidence on inflation targeting countries
Baxa, Jaromír; Horváth, Roman; Vašíček, Bořek - 2010
, pointing to the importance of applying a time-varying estimation framework. Second, the interest rate smoothing parameter is …
Persistent link: https://www.econbiz.de/10008688990
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Does central bank transparency and communication affect financial and macroeconomic forecasts?
Lustenberger, Thomas; Rossi, Enzo - 2018
country- and variable-specific effects of central bank transparency on forecast accuracy and their dispersion among a large … set of professional forecasts of financial and macroeconomic variables. More communication even increases forecast errors …
Persistent link: https://www.econbiz.de/10011790688
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Considerations on the monetary policy framework of the European Central Bank
Tosato, Andrea Giorgio - 2022
This working paper offers some considerations on the monetary policy framework of the European Central Bank. The trade-offs arising from adopting a point target configuration over a range target one are assessed in terms of their flexibility vs. inflation anchoring properties. This layout is...
Persistent link: https://www.econbiz.de/10012802090