Central Bank Independence And Output Stabilization

... economic analyses: a reappraisal Bank of Japan Monetary and Economic Studies, 14, 79 ±99 Givazzi, F and Pagano, M (1988) The advantage of tying one's hands Ð EMS discipline and central bank credibility ... when are independent central banks irrelevant? World Bank, mimeo Kilponen, J (1999a) Central bank independence and wage bargaining structure Ð empirical evidence...

Ngày tải lên: 15/03/2014, 10:20

... 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 Bade and ... relationship between central bank independence and inflation and inflation variability can be found in Tables B1 and B2 in The Political Economy of Central- Bank...

Ngày tải lên: 01/06/2014, 13:58

... financial stability – S Oosterloo and J de Haan (2006), Central banks and financial stability: a survey”, Journal of Financial Stability, No BIS: Central bank governance and financial stability ... Zeti Akhtar Aziz, Central Bank of Malaysia Zhou Xiaochuan, People’s Bank of China BIS: Central bank governance and financial stability iii Acknowledgements...

Ngày tải lên: 16/02/2014, 10:20

... transparency, and Norges Bank (the central bank of Norway) and Sveriges Riksbank (the central bank of Sweden) may now be in the vanguard Arguably, the European Central Bank (ECB) has been more transparent ... European Central Bank Working Paper Series 54 ECB Working Paper Series No 898 May 2008 Abstract Over the last two decades, communication h...

Ngày tải lên: 15/03/2014, 10:20

... central-bank communication is developed especially in Amato, Morris and Shin (2002) and Amato and Shin (2003) 16 See, for example, the discussion in the Economist (2004), and by Kohn (2005) and ... optimal policy requires that a record be kept of how matters appeared to the policy committee in the past, and that those past views condition the later policy decision And...

Ngày tải lên: 15/03/2014, 10:20

... chapter analyzes the determinants of central-bank independence 40 THE DETERMINANTS OF CENTRAL-BANK INDEPENDENCE The previous chapters have shown that the degree of central-bank independence varies ... of central-bank independence 34 The index SUMLV measures the total score of sixteen legal variables of Cukierman (1992) with respect to the appointment,...

Ngày tải lên: 15/03/2014, 10:20

... modern central banking practice.9 Once “reserves” comes to mean balances at the central bank, ” the central bank can easily accommodate any increase in the demand for reserves—provided banks hold ... Interest Rate Spreads 43  II Reserve Requirements and Liquidity 44  III The European Central Bank Reserve Base and Reserve Ratios 45  IV Bank of England Definition of...

Ngày tải lên: 15/03/2014, 14:20

... because they are not needed to characterize the transmission of interest rate changes to in ation in Keynesian-style models In these models changes in the nominal interest rate in uence the real interest ... reflect those of the European Central Bank The statement of purpose for the ECB Working Paper Series is available from the ECB website, http...

Ngày tải lên: 29/03/2014, 13:20

... analyses their trends since the start of 2008 Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis The retail interest rates presented in this ... example, the US Federal Reserve After Central bank rates, market rates and retail bank rates in the euro area in t...

Ngày tải lên: 15/02/2014, 05:20

... expected policy rate path of their monetary policy decision makers, the central banks of Iceland and the Czech Republic publish staff forecasts of the policy rate Vol No Central Bank Policy Rate Guidance ... when central banks provide policy rate guidance; they not appear to take central bank policy rate guidance too seriously; and deviations from ea...

Ngày tải lên: 17/02/2014, 03:20

... communications by central banks to identify “news” about their recent programs of asset purchases We concentrate on the programs of the Federal Reserve and the Bank of England These central banks ... Central Bank Announcements of Asset Purchases and the Impact on Global Financial and Commodity Markets Reuven Glick and Sylvain Leduc Ec...

Ngày tải lên: 17/02/2014, 03:20

... Discount rate Figure Lombard, Discount, and Market Interest Rates January 1995 ANTICIPATION IN CENTRAL BANK INTEREST RATE POLICY 651 652 DANIEL C HARDY official interest rate sτ that exactly determines ... one-month interbank rate, the repurchase rate, and the three-month euro–deutsche mark rate were found to be about equally good instruments ANTICIPATION IN...

Ngày tải lên: 06/03/2014, 02:21

... in 2001, 20.5 in 2004, 20 in 2007 and 20 in 2010 Triennial Central Bank Survey 2010 Table Global foreign exchange market turnover by instrument, counterparty and maturity1 Daily averages in April, ... trading in global foreign exchange market activity continued its steady decline, from 63% in 1998 to only 39% in 2010 Foreign exchange market...

Ngày tải lên: 06/03/2014, 02:21

... 17 of the Act concerning the conditions of Accession of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of ... prevailing by the ratio, within the expanded capital key, between the weighting of the entering national central banks concerned and the weighting o...

Ngày tải lên: 06/03/2014, 10:20