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This paper shows that a simple two-stage voting mechanism may implement a constrained optimal state dependent decision about a fiscal deficit. I consider a setup with strategic fiscal deficits à la Tabellini and Alesina (1990). Three groups of voters are informed about the productivity of...
Persistent link: https://www.econbiz.de/10013051169
This paper shows that a simple two-stage voting mechanism may implement a constrained optimal state dependent decision about a fiscal deficit. I consider a setup with strategic fiscal deficits à la Tabellini and Alesina (1990). Three groups of voters are informed about the productivity of...
Persistent link: https://www.econbiz.de/10011605753
Svensson (2006). First, the paper finds that the precision of communication is a key determinant of the predictability of both … FOMC decisions as well as the future policy path. Second, the effectiveness of communication is found to depend on the … communication to be flexible and adjust to market conditions in order for central banks to achieve their ultimate objectives. …
Persistent link: https://www.econbiz.de/10011604867
to revert to other types of Fed communication in the inter-meeting periods, and come to their own assessment of the …
Persistent link: https://www.econbiz.de/10011604503
The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central … Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking … process in the committee. The paper shows that the Federal Reserve has been pursuing a rather individualistic communication …
Persistent link: https://www.econbiz.de/10011604534
during the 2007-10 financial crisis. The findings suggest that financial stability communication by central banks are … perceived by markets to contain relevant information, and they underline the importance of differentiating between communication …
Persistent link: https://www.econbiz.de/10011605378
Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real …-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it … written in this decade. We survey this evergrowing literature. The evidence suggests that communication can be an important …
Persistent link: https://www.econbiz.de/10011604944
Press releases announcing and explaining monetary policy decisions play a critical role in the communication strategy …
Persistent link: https://www.econbiz.de/10012962430
that communication plays a significant role in enhancing the accuracy when trying to estimate the bank's reaction function …
Persistent link: https://www.econbiz.de/10012952829
This paper discusses the role of risk communication in macroprudential oversight and of visualization in risk … communication. Beyond the soar in data availability and precision, the transition from firm-centric to system-wide supervision … imposes vast data needs. Moreover, in addition to internal communication as in any organization, broad and effective external …
Persistent link: https://www.econbiz.de/10013025741