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Precommitment, transparency and monetary policy
Geraats, Petra M.; Geraats, Petra - 2001
Conventional wisdom says that commitment eliminates the inflationary bias of monetary policy. However, this paper shows that the inflation bias can persist even when the central bank commits. A simple model is presented in which the central bank precommits by setting the policy instrument, and...
Persistent link: https://www.econbiz.de/10001612960
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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
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Credibility gains from communicating with the public: Evidence from the ECB's new monetary policy strategy
Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff - 2023
elements of the strategy can enhance the perceived credibility that price stability will be maintained in the medium … strongest positive impact on credibility, boosting credibility also among the less financially literate and generating more … persistent credibility gains, even after inflation increased. …
Persistent link: https://www.econbiz.de/10014374473
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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
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Money talks
Hoerova, Marie; Monnet, Cyril; Temzelides, Ted - 2009
, information transmission through changes in the interest rate creates a distortion, thus, lending an amount of credibility. This …
Persistent link: https://www.econbiz.de/10003963765
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Money Talks
Hoerova, Marie - 2010
, information transmission through changes in the interest rate creates a distortion, thus, lending an amount of credibility. This …
Persistent link: https://www.econbiz.de/10013150973
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Money Talks
Hoerova, Marie - 2019
amount of credibility. This induces the private investors to rationally take into account information revealed through …
Persistent link: https://www.econbiz.de/10012906203
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Money Talks
Hoerova, Marie - 2015
, information transmission through changes in the interest rate creates a distortion, thus lending an amount of credibility. This …
Persistent link: https://www.econbiz.de/10013036955
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DP17784 Credibility gains from communicating with the public : evidence from the ECB's new monetary policy strategy
Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff - 2023
Persistent link: https://www.econbiz.de/10013477819
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Looking into the rear-view mirror : lessons from Japan for the Eurozone and the U.S?
Siklos, Pierre L. - In: Asia and the global economy : AGE 1 (2021) 1, pp. 1-20
This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank...
Persistent link: https://www.econbiz.de/10012816140