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Central Banks' Macroeconomic Projections and Learning

Ferrero, Giuseppe - 2011

economy where (i) private agents have incomplete information and form their expectations using recursive learning algorithms … of stability of the equilibrium and speed of convergence of the learning process. In particular, while the publication of … stabilize expectations and to speed up the learning process the response of the policy instrument to inflation should be …

Persistent link: https://www.econbiz.de/10013127620

Can more public information raise uncertainty? : the international evidence on forward guidance

Ehrmann, Michael; Gaballo, Gaetano; Hoffmann, Peter; … - 2019

Central banks have used different types of forward guidance, where the forward guidance horizon is related to a state contingency, a calendar date or left open-ended. This paper reports cross-country evidence on the impact of these different types of forward guidance on the sensitivity of bond...

Persistent link: https://www.econbiz.de/10011997441

Central Bank’s Macroeconomic Projections and Learning

Ferrero, Giuseppe - 2011

economy where: (i) private agents have incomplete information and form their expectations using recursive learning algorithms … this assumption.Results in terms of stability of the equilibrium and speed of convergence of the learning process crucially … inflation and output gap projections enlarges the set of interest rate rules associated with stable equilibria under learning …

Persistent link: https://www.econbiz.de/10013131264

The effects of learning in interactive monetary policy committees

Berk, Jan Marc; Bierut, Beata K. - 2004

We develop a theoretical framework for studying the effects of interaction on the quaJity of decision-making by monetary policy committees. We show that interaction, i.e. increasing one's expertise through an exchange of views, is most likely not to result in interdependent voting...

Persistent link: https://www.econbiz.de/10011334835

Analyzing ECB communications improves forecasting of interest rate decisions

Bernoth, Kerstin - In: DIW weekly report : economy, politics, science : a … 15 (2025) 16/17, pp. 100-105

For central banks, official communications serve as essential monetary policy instruments: In press releases, speeches, and interviews, central banks explain their decisions, manage expectations, and promote confidence in their strategy. This Weekly Report analyzes European Central Bank (ECB)...

Persistent link: https://www.econbiz.de/10015398331

Monetary policy surprises, central bank information shocks, and economic activity in a small open economy

Laséen, Stefan - 2020

In this paper I study the effects of monetary policy on economic activity and asset prices in Sweden, separately identifying the effects of a conventional policy change from effects of new information about economic fundamentals. Recent research has shown that high-frequency changes in policy...

Persistent link: https://www.econbiz.de/10012309007

Can More Public Information Raise Uncertainty? The International Evidence on Forward Guidance

Ehrmann, Michael - 2019

Persistent link: https://www.econbiz.de/10012872234

The Informational Effect of Monetary Policy and the Case for Policy Commitment

Jia, Chengcheng - 2019

I explore how asymmetric information between the central bank and the private sector changes the optimal conduct of monetary policy. I build a New Keynesian model in which private agents have imperfect information about underlying shocks, while the central bank has perfect information. In this...

Persistent link: https://www.econbiz.de/10012872149

Central Bank Communication and Disagreement about the Natural Rate Hypothesis

Binder, Carola Conces - 2019

About half of professional forecasters report that they use the natural rate of unemployment (u*) to forecast. I show that forecasters' reported use of and estimates of u* are informative about their expectations-formation process, including their use of a Phillips curve. Those who report not...

Persistent link: https://www.econbiz.de/10012897100

Communication of Monetary Policy Decisions by Central Banks : What is Revealed and Why

Settlements, Bank for International - 2013

conducted in 2007 on the communication practices of 32 members of the Central Bank Governance Network. The questionnaire sent to …

Persistent link: https://www.econbiz.de/10013095822