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How the Federal Open Market Committee Can Start Learning from Experience

Hetzel, Robert L. - 2022

The FOMC lacks systematic procedures for learning from experience what monetary policies have stabilized the economy and what monetary policies have destabilized it. Standard Fed narrative prevents such learning by assuming that all adverse outcomes arise from external shocks, which the Fed...

Persistent link: https://www.econbiz.de/10014079597

Does it Pay to Be Transparent? International Evidence from Central Bank Forecasts

Chortareas, Georgios E.; Stasavage, David; Sterne, Gabriel - 2005

central banks include in their published forecasts is associated with lower average inflation. The result holds regardless of … whether the domestic nominal anchor is based more on an inflation or money target, but not for exchange rate targeting …

Persistent link: https://www.econbiz.de/10014122500

The Power of Collateral : The ECB and Bank Funding Strategies in Crisis

Gabor, Daniela - 2012

The paper engages with an important aspect of the European crisis, the European banks' reliance on collateralized (repo) market funding, that has received relatively little analytical attention in the scholarship on the European financial and sovereign debt crisis. The paper is guided by three...

Persistent link: https://www.econbiz.de/10013106366

The European Central Bank and Why Things are the Way They Are : A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity

Dubois, Robert - 2012

Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...

Persistent link: https://www.econbiz.de/10013109818

Has the Fed Been a Failure?

Selgin, George - 2013

As the one-hundredth anniversary of the 1913 Federal Reserve Act approaches, we assess whether the nation‘s experiment with the Federal Reserve has been a success or a failure. Drawing on a wide range of recent empirical research, we find the following: (1) The Fed‘s full history (1914 to...

Persistent link: https://www.econbiz.de/10013085523

Central Banking in Africa : Prospects in a Changing World

Caruana, Jaime - 2013

Governors and senior officials representing some two dozen central banks from Africa and other regions of the world met at the BIS in May 2011 to discuss the monetary policy and financial stability issues facing Africa after the global financial crisis. This volume brings together the background...

Persistent link: https://www.econbiz.de/10013092071

Has the Fed Been a Failure?

Selgin, George - 2013

As the one-hundredth anniversary of the 1913 Federal Reserve Act approaches, we assess whether the nation's experiment with the Federal Reserve has been a success or a failure. Drawing on a wide range of recent empirical research, we find the following: (1) The Fed's full history (1914 to...

Persistent link: https://www.econbiz.de/10013094114

Exigent and Unusual Circumstances : The Federal Reserve and the U.S. Financial Crisis

Johnson, Christian A. - 2013

The U.S. Federal Reserve has committed hundreds of billions of dollars in unprecedented lending activities and purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its interpretation of Section 13(3), a formerly untested and unused...

Persistent link: https://www.econbiz.de/10013094881

Inflation Targeting and Private Sector Forecasts

Hakkio, Craig S. - 2013

. Specifically, we estimate a series of simple models to measure the impact of inflation targeting on the dispersion of private … sector forecasts of inflation. Using a panel data set that includes 15 countries over 20 years we find no convincing evidence … that adopting an inflation targeting regime leads to a reduction in the dispersion of private sector forecasts of inflation …

Persistent link: https://www.econbiz.de/10013095161

Understanding Central Bank Loss Functions : Implied and Delegated Targets

Yuan, Huiping - 2009

, the correct delegated targets eliminate the constant average and state-contingent inflation biases, and a weight …

Persistent link: https://www.econbiz.de/10013154576