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Monetary policy governance : Bank of Canada practices to support policy effectiveness

Desroches, Brigitte; Kozicki, Sharon; Simon, Laure - 2024

Monetary policy governance - how monetary policy objectives are determined, how decisions are made and who makes them - determines the quality and effectiveness of monetary policy decisions. In this paper, we examine some desirable and some adverse outcomes associated with different governance...

Persistent link: https://www.econbiz.de/10015069703

Can we identify the Fed's preferences?

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

credibility") versus discretionary policy where the Fed reneges on its commitment at all periods with a probability equal to one … ("zero credibility"). The transmission mechanism is the new-Keynesian Phillips curve with auto-correlated cost-push shock. It … includes the labor cost channel or the working capital channel. Discretion with zero credibility of the Fed is rejected. The …

Persistent link: https://www.econbiz.de/10011695111

The Credibility of the Monetary Policy 'Free Lunch'

Yetman, James - 2021

impose costs on society rather than benefits. While rational expectations and perfect credibility are generally beneficial …

Persistent link: https://www.econbiz.de/10013319566

The Credibility of the Monetary Policy 'Free Lunch'

Yetman, James - 2002

society's loss function. While rational expectations and perfect credibility are generally beneficial with either a price …

Persistent link: https://www.econbiz.de/10014114522

Central Bank Accountability and Transparency : Theory and Some Evidence

Eijffinger, Sylvester C. W. - 2016

Persistent link: https://www.econbiz.de/10012991333

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

Do firm expectations respond to monetary policy announcements?

Di Pace, Federico; Mangiante, Giacomo; Masolo, Riccardo - 2023

We study whether firms' expectations react to the Bank of England's monetary policy announcements by comparing the responses to the Decision Maker Panel (DMP) survey filed immediately before and after a Monetary Policy Committee (MPC) meeting. On the one hand, we find that firms' expectations...

Persistent link: https://www.econbiz.de/10014233608

Inflation and deflationary biases in inflation expectations

Lamla, Michael; Pfajfar, Damjan; Rendell, Lea - 2019

We explore the consequences of losing confidence in the price-stability objective of central banks by quantifying the inflation and deflationary biases in inflation expectations. In a model with an occasionally binding zero-lower-bound constraint, we show that an inflation bias as well as a...

Persistent link: https://www.econbiz.de/10012181222

Inflation Targeting Under Asymmetric Preferences

Ruge-Murcia, Francisco J. - 2021

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. Specifically, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker's...

Persistent link: https://www.econbiz.de/10013317812

Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada

Champagne, Julien; Sekkel, Rodrigo - 2017

We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada. We show that it is crucial to...

Persistent link: https://www.econbiz.de/10011777945