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Gersbach, Hans; Hahn, Volker - CER-ETH Center of Economic Research, Department of … - 2011

We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more...

Persistent link: https://www.econbiz.de/10009228934

Financial disclosure and market transparency with costly information processing

Di Maggio, Marco; Pagano, Marco - Center for Financial Studies - 2014

externality: if speculators refrain from trading, hedgers do the same, depressing the asset price. Market transparency reinforces … disclosure of fundamentals and trading transparency. Issuers may either under- or over-provide information compared to the …

Persistent link: https://www.econbiz.de/10010961636

Privacy or Publicity - Who Drives the Wheel?

Bannier, Christina E. - Center for Financial Studies - 2003

' unease when disseminating news to the markets and argues against the recent trend of demanding full transparency both for …

Persistent link: https://www.econbiz.de/10010958606

To disclose or not to disclose: Transparency and liquidity in the structured product market

Friewald, Nils; Jankowitsch, Rainer; Subrahmanyam, Marti G. - Center for Financial Studies - 2014

provide guidance for improving transparency while maintaining trader confidentiality. In addition, we analyze liquidity in the …

Persistent link: https://www.econbiz.de/10010958715

Transparency in monetary policy

Remsperger, Hermann; Worms, Andreas - Center for Financial Studies - 1999

For some time now the buzzword 'transparency' has been bandied about in the media almost daily. For example, calls were … made for greater transparency in the financial system in connection with developments in the Asian financial markets. But … the call for greater transparency goes far beyond the financial markets. It is now regarded as a necessary part of good …

Persistent link: https://www.econbiz.de/10010958721

The impact of hidden liquidity in limit order books

Frey, Stefan; Sandås, Patrik - Center for Financial Studies - 2008

We report evidence that the presence of hidden liquidity is associated with greater liquidity in the order books, greater trading volume, and smaller price impact. Limit and market order submission behavior changes when hidden liquidity is present consistent with at least some traders being able...

Persistent link: https://www.econbiz.de/10010986420

Information Acquisition by Price-Setters and Monetary Policy

Hahn, Volker - CER-ETH Center of Economic Research, Department of … - 2007

output above its long-run level. Transparency of central banks about economic shocks has ambiguous eects on welfare. If an … extreme level of opacity is feasible, it represents the social optimum. Otherwise full transparency may be a second …

Persistent link: https://www.econbiz.de/10005750300

Forward Guidance for Monetary Policy: Is It Desirable?

Gersbach, Hans; Hahn, Volker - CER-ETH Center of Economic Research, Department of … - 2008

In this paper we assess whether forward guidance for monetary policy regarding the future path of interest rates is desirable. We distinguish between two cases where forward guidance for monetary policy may be helpful. First, forward guidance may reveal private information of the central bank....

Persistent link: https://www.econbiz.de/10005800915

Why the Publication of Socially Harmful Information May Be Socially Desirable

Hahn, Volker - CER-ETH Center of Economic Research, Department of … - 2009

signaling incentives under opacity. Our model may also explain the recent trend towards more transparency in monetary policy. …

Persistent link: https://www.econbiz.de/10008536878