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Central Bank Credibility and the Expectations Channel : Evidence Based on a New Credibility Index

Levieuge, Grégory - 2016

This article investigates the relationship between central bank credibility and the volatility of the key monetary … policy instrument. Two main contributions are proposed. First, we propose a time-varying measure of central bank credibility … negative effect of credibility on the volatility of the short-term interest rate. Thus, in line with the expectations channel …

Persistent link: https://www.econbiz.de/10013003866

A Note on Central Bank Transparency and Credibility in Poland

Lyziak, Tomasz - 2016

bank credibility in Poland, using survey-based measures of inflation expectations formed by consumers, enterprises and …

Persistent link: https://www.econbiz.de/10013006956

Trust in the ECB in turbulent times

van der Cruijsen, Carin; SamarIna, Anna - 2021

Trust in the European Central Bank (ECB) is vital. Although it is important to study its level, drivers and effects especially in turbulent times, little is known about trust in the ECB during the COVID-19 pandemic. We use the pilot data from the ECB Consumer Expectations Survey during 2020-2021...

Persistent link: https://www.econbiz.de/10013218851

Euro Area Market Reactions to the Monetary Developments Press Release

Coffinet, Jerome; Gouteron, Sylvain - 2021

Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the "news" or "surprise" in the released data for annual M3 growth and the move in the interest...

Persistent link: https://www.econbiz.de/10013316901

Monetary Policy in the Media

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2021

, and thus an important factor for its credibility and policy effectiveness. This paper analyses the coverage which ECB …

Persistent link: https://www.econbiz.de/10013317451

Reputation lasts longer than life : how can central banks quantify their reputational risk?

Kafle, Pradip Kumar - In: Journal of central banking theory and practice 12 (2023) 3, pp. 159-178

It takes multiple decades of commitment and credibilityto create repute but only a few seconds to tarnish it, as the instancesof misinformation, disinformation and malinformation galore. Inlight of this, Central banks, as delicate and sensitive public institu-tions, are significantly vulnerable...

Persistent link: https://www.econbiz.de/10014566384

Deflation Risk in the Euro Area and Central Bank Credibility

Galati, Gabriele - 2016

what this risk implies for the credibility of the ECB. We use a novel data set on market participants' perceptions of short …

Persistent link: https://www.econbiz.de/10012995366

The Effect of Central Bank Credibility on Forward Guidance in an Estimated New Keynesian Model

Cole, Stephen J. - 2020

bank credibility. Forward guidance and the credibility of the central bank are uniquely modeled by utilizing a game …-theoretic evolutionary framework. We estimate credibility for the U.S. Federal Reserve with Bayesian methods exploiting survey data on … estimate of Federal Reserve credibility in terms of forward guidance announcements is relatively high, which indicates a degree …

Persistent link: https://www.econbiz.de/10012846480

A Theory of Central Bank Accountability

Eijffinger, Sylvester C. W.; Hoeberichts, Marco; … - 2011

This paper develops a theory of central bank accountability. Two aspects of accountability are considered. The first one is transparency of actual monetary policy, the second aspect is the question of who bears final responsibility for monetary policy. Monetary policy is transparent if there is...

Persistent link: https://www.econbiz.de/10014192620

The Transparency and Credibility of the European Central Bank

de Haan, Jakob; Amtenbrink, Fabian; Waller, Sandra - 2011

may influence the public's perceptions. The ECB also does not rank highly in terms of credibility; still, most ECB policy …

Persistent link: https://www.econbiz.de/10014212571