Central Bank Communication and Expectations Stabilization
نویسندگان
چکیده
منابع مشابه
Central Bank Credibility Under Inferential Expectations
The theory of inferential expectations states that “economic agents hold beliefs that are subject to falsification by new information, in much the same way that they are in conventional statistical hypothesis testing.” We outline the role expectations play in current monetary economic theory by ∗Corresponding author. Contact details: Crawford School of Economics and Government, Australian Natio...
متن کاملCentral-Bank Communication and Policy Effectiveness∗
for helpful comments on an earlier draft, without implicating any of them in the views expressed here. I would also like to thank Mauro Roca for research assistance and the National Science Foundation for research support through a grant to the NBER.
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Media scrutinise the ECB's communication very attentively to extract information on likely future moves of monetary policy rates, in particular after each press conference following monetary policy meetings. Assessing media's perception requires the translation of words into a quantitative indicator. In this paper, we propose the Hawkish-Dovish (HD) indicator which is computed out of a bulk of ...
متن کاملMichael Woodford Central Bank Communication and Policy Effectiveness 399
tenure of Alan Greenspan as chairman of the Board of Governors has been a steady increase in the Federal Open Market Committee’s (FOMC) willingness to talk openly about the policy decisions that it has made and those it is likely to make in the future. Before the 1990s, central banking was shrouded in mystery, at the Fed as elsewhere. The title of William Greider’s 1987 bestseller about the Fed...
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ژورنال
عنوان ژورنال: American Economic Journal: Macroeconomics
سال: 2010
ISSN: 1945-7707,1945-7715
DOI: 10.1257/mac.2.3.235