Similar Search Results

Precommitment, transparency and monetary policy

Geraats, Petra M. - 2001

Üblicherweise wird angenommen, dass ein Inflationsbias verschwindet, wenn sich eine Zentralbank glaubwürdig im voraus … Modell dargestellt, in dem die Zentralbank im voraus ihre Instrumente festlegt und die anschließende Anpassung der … Zeitinkonsistenzproblem mehr auftritt. Ursache ist die Unsicherheit über die ökonomischen Störungen, auf die die Zentralbank reagiert. Nur …

Persistent link: https://www.econbiz.de/10011419400

Central Bank transparency and financial stability : measurement, determinants and effects

Horváth, Roman; Vasko, Dan - 2013

We develop a comprehensive index of the transparency of central banks regarding their policy framework to promote financial stability for 110 countries from 2000 to 2011 and examine the determinants and effects of this transparency. We find that the degree of transparency increased in the 2000s,...

Persistent link: https://www.econbiz.de/10011374311

Transparency and trust : the case of the European Central Bank

Horváth, Roman; Katuscakova, Dominika - 2015

We examine how the transparency of the European Central Bankś monetary policy affects the amount of trust that the citizens of the European Union have in this institution. We use nearly half a million individual responses from the European Commissionś Eurobarometer survey from 2000-2011 and...

Persistent link: https://www.econbiz.de/10011375697

Stale forward guidance

Detmers, Gunda-Alexandra; Nautz, Dieter - 2014 - This version: May 13, 2014

An increasing number of central banks manage market expectations via interest rate projections. Typically, those projections are updated only quarterly and thus, may become stale when new information enters the market. We use data from New Zealand to investigate the time-varying and...

Persistent link: https://www.econbiz.de/10010354166

Self-monitoring or reliance on newswire services : how do financial market participants process central bank news?

Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 26 March 2014

We study how financial market participants process news from four major central banks - the Bank of England (BoE), the Bank of Japan (BoJ), the European Central Bank (ECB), and the Federal Reserve (Fed), using a novel survey of 450 financial market participants from around the world. Our results...

Persistent link: https://www.econbiz.de/10010356175

Announcements of ECB unconventional programs : implications for the sovereign risk of Italy

Falagiarda, Matteo; Reitz, Stefan - 2013

This paper studies the effects of ECB communications about unconventional monetary policy operations on the perceived sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and classified with respect to the specific ECB...

Persistent link: https://www.econbiz.de/10009783711

Self-monitoring or reliance on newswire services : how do financial market participants process central bank news?

Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 26 March 2014

Persistent link: https://www.econbiz.de/10010336192

How stale central bank interest rate projections affect interest rate uncertainty : conference paper

Detmers, Gunda-Alexandra; Nautz, Dieter - 2013 - This version: August 2013

The Reserve Bank of New Zealand guides interest rate expectations of financial markets by projections of future short-term rates that are updated only once a quarter. As a consequence, projections become stale when time evolves and new information enters the market. This paper investigates the...

Persistent link: https://www.econbiz.de/10010340531

Transparenz und Forward Guidance : Stimulierung der Volkswirtschaft in der Eurozone?

Belke, Ansgar - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 94 (2014) 6, pp. 410-415

. Tatsächlich wird die Geldpolitik der EZB durch die neuen Kommunikationsinstrumente berechenbarer und kann entsprechend leichter …

Persistent link: https://www.econbiz.de/10010370748

Forward guidance under disagreement : evidence from the fed's dot projections

Detmers, Gunda-Alexandra - 2016

This paper compares the effectiveness of date- and state-based forward guidance issued by the Federal Reserve since mid-2011 accounting for the influence of disagreement within the FOMC. Effectiveness is investigated through the lens of interest rates’ sensitivity to macroeconomic news and I...

Persistent link: https://www.econbiz.de/10011550316