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Writing Clearly : ECB's Monetary Policy Communication

Cihak, Martin - 2008

The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case … of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about … available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication …

Persistent link: https://www.econbiz.de/10014409073

Inflation Targeting and Communication

Smídková, Katerina - 2008

methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools …

Persistent link: https://www.econbiz.de/10012677665

Monetary Policy Communication and Financial Markets in India

Ahmed, Faisal - 2022

Forward-looking monetary policy communication has become a key element of flexible inflation-targeting regimes across … since 2016 has been supported by a broad set of communication tools, more recently aided by policy innovations such as … statistically significant. The results support an important role for monetary policy communication in guiding market expectations …

Persistent link: https://www.econbiz.de/10015060012

Monetary Policy Coordination and the Role of Central Banks

Mohan, Rakesh; Kapur, Muneesh - International Monetary Fund (IMF) - 2014

The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from...

Persistent link: https://www.econbiz.de/10010790334

Platform Precommitment via Decentralization

Reuter, Marco - 2024

I study an entrepreneur's incentives to build a decentralized platform using a blockchain. The entrepreneur can either build the platform using a regular company and retain control of the platform, or build the platform using a blockchain and surrender control of the platform. In either case,...

Persistent link: https://www.econbiz.de/10015058696

Cost-Benefit Analysis of Leaning Against the Wind : Are Costs Larger Also with Less Effective Macroprudential Policy?

Svensson, Lars E. O. - 2016

'Leaning against the wind' (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a...

Persistent link: https://www.econbiz.de/10014408003

Central Bank Independence and Transparency : Evolution and Effectiveness

Crowe, Christopher - 2008

This paper examines the current level of central bank independence (CBI) and transparency in a broad sample of countries using newly constructed measures, and looks at the evolution in both measures from an earlier time period. Increases in CBI have tended to occur in more democratic countries...

Persistent link: https://www.econbiz.de/10014409026

Central Bank Financial Strength and Policy Performance : An Econometric Evaluation

Stella, Peter - 2008

The financial health of central banks and its relation to policy outcomes has recently been recognized as an important policy issue. While case study evidence clearly indicates that weak central bank finances can hamper effective policy implementation, the question of whether central bank...

Persistent link: https://www.econbiz.de/10014409048

The Eastern Caribbean Central Bank : Challenges to an Effective Lender of Last Resort

Druck, Pablo - 2008

The paper analyzes the challenges for the Eastern Caribbean Central Bank (ECCB) to be an effective lender of last resort (LOLR) as part of a modern banking crisis resolution framework. The main results from the theoretical model of the ECCB's institutional arrangement are that the majority of...

Persistent link: https://www.econbiz.de/10014409060

Central Bank Response to the 2007-08 Financial Market Turbulence : Experiences and Lessons Drawn

Stella, Peter - 2008

The paper reviews the policy response of major central banks during the 2007-08 financial market turbulence and suggests that there is scope for convergence among central bank operational frameworks through the adoption of those elements that proved most instrumental in calming markets. These...

Persistent link: https://www.econbiz.de/10014409061