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Central bank reputation, cheap talk and transparency as substitutes for commitment : experimental evidence

Duffy, John; Heinemann, Frank - 2016 - This Draft: 2 December 2016

We implement a repeated version of the Barro-Gordon monetary policy game in the laboratory and ask whether reputation serves as a substitute for commitment, enabling the central bank to achieve the efficient Ramsey equilibrium and avoid the inefficient, time-inconsistent one-shot Nash...

Persistent link: https://www.econbiz.de/10011572114

Central Bank Communication and Social Media : From Silence to Twitter

Romelli, Davide; Masciandaro, Donato; Peia, Oana - 2022

This paper discusses the evolution of central bank communication, focusing on recent efforts by central banks to engage … analyzing Twitter content by and about monetary policy makers can inform about the effectiveness of communication in influencing … communication affects expectations and, subsequently, behavior in financial markets …

Persistent link: https://www.econbiz.de/10014238784

Central bank communication by ??? : the economics of public policy leaks

Ehrmann, Michael; Gnan, Phillipp; Rieder, Kilian - 2023

decision-makers, and that attributed communication can mitigate some of their effects. …

Persistent link: https://www.econbiz.de/10014380707

Who should you listen to in a crisis? : differences in communication of central bank policymakers

Lehtimäki, Jonne; Palmu, Marianne - In: Journal of central banking theory and practice 11 (2022) 3, pp. 33-57

Communication has become a vital part of modern monetary policy, and its importance is even higher during a crisis when … communication from individual central bank policymakers in the European Central Bank and the Federal Reserve during a period of very … of communication. …

Persistent link: https://www.econbiz.de/10013407483

Can more public information raise uncertainty? : the international evidence on forward guidance

Ehrmann, Michael; Gaballo, Gaetano; Hoffmann, Peter; … - 2019

Central banks have used different types of forward guidance, where the forward guidance horizon is related to a state contingency, a calendar date or left open-ended. This paper reports cross-country evidence on the impact of these different types of forward guidance on the sensitivity of bond...

Persistent link: https://www.econbiz.de/10011997441

Cash is king - effects of ECB's conventional and unconventional measures

Baumgärtner, Martin; Klose, Jens - 2019

In this paper we distinguish the responses of conventional and unconventional monetary policy measures on macroeconomic variables, using a high frequency data set which measures the impact of the ECB's monetary policy decisions. For the period 2002:01 to 2019:06 we show that unconventional and...

Persistent link: https://www.econbiz.de/10012099289

The Fed's response to economic news explains the "Fed information effect”

Bauer, Michael D.; Swanson, Eric T. - 2020

High-frequency changes in interest rates around FOMC announcements are a standard method of measuring monetary policy shocks. However, some recent studies have documented puzzling effects of these shocks on private-sector forecasts of GDP, unemployment, or inflation that are opposite in sign to...

Persistent link: https://www.econbiz.de/10012174827

Policy announcement design

Cieślak, Anna; Malamud, Semyon; Schrimpf, Andreas - 2020 - This version: December 15, 2019

finite number of ``clusters” and to communicate to the public to which cluster the state belongs. Optimal communication is …

Persistent link: https://www.econbiz.de/10012181571

Monetary policy announcements and expectations : evidence from German firms

Enders, Zeno; Hünnekes, Franziska; Müller, Gernot J. - 2019

We assess empirically whether monetary policy announcements impact firm expectations. Two features of our data set are key. First, we rely on a survey of production and price expectations of German firms, that is, expectations of actual price setters. Second, we observe the day on which firms...

Persistent link: https://www.econbiz.de/10012159806

Starting from a blank page? : semantic similarity in central bank communication and market volatility

Ehrmann, Michael; Talmi, Jonathan - 2016

Press releases announcing and explaining monetary policy decisions play a critical role in the communication strategy …

Persistent link: https://www.econbiz.de/10011517131