Showing 1 - 10 of 246
We provide new insights on the formation of inflation expectations - in particular at a time of great financial and … answered a weekly questionnaire about their short-, medium- and long-term inflation expectations. Participants received common …. First, our evidence is consistent with long-term expectations having remained well anchored to the ECB's definition of price …
Persistent link: https://www.econbiz.de/10008861749
In this study we construct a business cycle indicator for the Netherlands. The Christiano-Fitzgerald band-pass .lter is employed to isolate the cycle using the de.nition of business cycle frequencies as waves with lengths longer than 3 years and shorter than 11 years. The main advantage of...
Persistent link: https://www.econbiz.de/10005101842
This paper presents a framework that quantifies the trade-offs for a central bank that includes financial stability in its strategy and uses macroprudential instruments next to the interest rate. It is an innovative application of the Kaminsky and Reinhart early warning method, by assuming that...
Persistent link: https://www.econbiz.de/10008468098
In their seminal paper, Morris and Shin (2002a) argued that increasing the precision of public information is not always bene.cial to social welfare. Svensson (2005) however has disputed this by saying that although feasible, the conditions for which this was true, were not at all that likely....
Persistent link: https://www.econbiz.de/10005101803
macroeconomic magnitudes, we investigate how the link between inflation and inflation expectations alters with increasing … affect, first and foremost, the way that private agents form their expectations about the future behaviour of the Central … benefit from a weaker link between inflation and expectations, and the more so for longer horizons. We, in turn, examine …
Persistent link: https://www.econbiz.de/10005106672
insights regarding expectations have been neglected in recent research in this field. Taking this into account, the …
Persistent link: https://www.econbiz.de/10005106759
We provide an up-to-date overview of the literature on the desirability of central bank transparency from an economic viewpoint. Since the move towards more transparency, a lot of research on its e¤ects has been carried out. First, we show how the theoretical literature has evolved, by...
Persistent link: https://www.econbiz.de/10005030200
Should central banks increase their degree of transparency any further? We show that there is likely to be an optimal intermediate degree of central bank transparency. Up to thisoptimum more transparency is desirable: it improves the quality of private sector inflation forecasts. But beyond the...
Persistent link: https://www.econbiz.de/10005030209
We investigate whether the anchoring properties of long-run inflation expectations in the United States, the euro area … economies, expectations measures extracted from inflation-indexed bonds and inflation swaps became much more volatile in 2007 … macroeconomic news and financial market-based inflation expectations at the daily frequency. By testing for structural breaks we …
Persistent link: https://www.econbiz.de/10008482047
central banks' commitment to price stability. Using a daily measure of inflation expectations extracted from nominal and … burdens on long-term inflation expectations in the United States, the euro area and the United Kingdom. These results are … broadly consistent with the view that long term inflation expectations have remained well anchored. …
Persistent link: https://www.econbiz.de/10009193241