Central bank independence rules, practices, and outcomes

... replacement of the central bank governor (Cukierman and Webb 1995). The use of different measures of central bank independence has led to mixed evidence regarding the impact of central bank independence. ... 13 legal central bank independence and the gap in actual practices. This new way of measuring central bank independence will provide a more thorough...

Ngày tải lên: 01/06/2014, 13:58

... index of Cukierman and Webb (1995). NOR is the non-political turnover rate of Cukierman and Webb (1995). CENTRAL BANK INDEPENDENCE 21 # Blackwell Publishers Ltd. 2001 CENTRAL BANK INDEPENDENCE: AN UPDATE ... between CBI and inflation is quite robust. Keywords. Central Bank Independence; Inflation; Labour Markets 1. Introduction Nowadays it is widely believed that a high...

Ngày tải lên: 15/03/2014, 10:20

... : Source : NBB. 27 Central bank rates, market rates and retail bank rates in the euro area in the Context of the reCent Crisis Central bank rates, market rates and retail bank rates in the euro ... monetary policy decisions and market interest rates. It looks, on the one hand, at the links between central bank rates and money market rates and, on the other hand, a...

Ngày tải lên: 15/02/2014, 05:20

... euro area, and New Zealand in light of the communication strategies of the central banks. While we find evidence that central bank policy rate forecasts influence market prices in New Zealand, we ... Journal of Central Banking December 2008 3. Are Market Participants Inattentive to Other Developments When Central Banks Provide Policy Rate Guidance? A common concern raised by centra...

Ngày tải lên: 17/02/2014, 03:20

... 92-9197-840-X (online) Triennial Central Bank Survey 2010 Contents Summary of the April 2010 Triennial Central Bank Survey 1 I. Background on the Triennial Central Bank Survey 2 II. Results ... 2001 2004 2007 2010 16 Triennial Central Bank Survey 2010 IV. Statistical notes The objective of the Triennial Central Bank Survey of Foreign Exchange and De...

Ngày tải lên: 06/03/2014, 02:21

... measures of central- bank independence, present a critical comparison of these indicators, and review some nonlegal indicators of central- bank independence. Legal Measures of Central- Bank Independence Table ... discussing the link between central- bank independence and other variables such as interest rates and government budget deficits. Chapter 5 questions why ce...

Ngày tải lên: 15/03/2014, 10:20

... (ii) at time t the central bank publishes the time 14 The case in which the central bank releases also inflation and output gap projections is analyzed in Section 4. Central Bank interest rate ... the central bank publishes the time 14 The case in which the central bank releases also inflation and output gap projections is analyzed in Section 4. least square learning (Ev...

Ngày tải lên: 22/03/2014, 23:20

... commercial banks and control of the short-term interest rate by the central bank. Thus, our model differs also from Berentsen and Monnet (2008), Berentsen, Marchesiani, and Waller (2010) and Hoerova and ... operations, and the support of interbank trading. 2.2 Central bank adjustments of corridor width and underlying reasoning dur- ing the crisis As already suggested in Fi...

Ngày tải lên: 29/03/2014, 13:20

... such as λ are unknown. Then, the central bank faces a complex control and estimation problem. Examples are studied by Wieland (2000), Beck and Wieland (2002) and Wieland (2006). 12 We are referring ... modeling central bank perceptions and describing historical outcomes and was used for this purpose by Orphanides (2003). While the New-Keynesian model is an unlikely descrip...

Ngày tải lên: 29/03/2014, 13:20

... of Central Banks and of the European Central Bank (Statute of the ESCB) and the Statute of the European Monetary Institute (EMI Statute) were attached as Protocols to the EC Treaty. Denmark and the ... Europe. The codification of central bank law in the EC Treaty and the Statute of the ESCB is likely to serve as a benchmark for central bank law outside the EU: Switzerlan...

Ngày tải lên: 16/02/2014, 10:20