... with a nonlinear rule COMPANY LOGO www.themegallery.com RESEARCH QUESTION whether central banks’ monetary policy can indeed be described by a linear Taylor rule or, instead, by a nonlinear rule? ... financial variables in the rule Modeling the nonlinear Taylor rule COMPANY LOGO www.themegallery.com Specification and estimation of the linear Taylor...
Ngày tải lên: 14/07/2015, 08:34
... by monetary policy against threat of inflation • Monetary policy has long lags • Cannot wait to respond until inflation has begun • Needs to be forward-looking and pre-emptive Advantages and ... high inflation Rise of monetarism CB adopted key monetary aggregates as intermediate targets of monetary policy Interest Rates - Canada and U.S., 1941-2009 Monetary Targeting, 19...
Ngày tải lên: 05/01/2014, 16:58
Tài liệu INFLATION-LINKED BONDS FROM A CENTRAL BANK PERSPECTIVE pptx
... 14.50 Aaa/AAA/AAA Italy Sep 2014 Feb 2004 14.50 Aa2/AA-/AA France July 2015 Nov 2004 9.27 Aaa/AAA/AAA Germany Apr 2016 Mar 2006 5.50 Aaa/AAA/AAA France July 2020 Jan 2004 8.72 Aaa/AAA/AAA Greece ... Amount outstanding (EUR billions) Ratings Moody's/S&P/Fitch Italy Sep 2008 Sep 2003 13.40 Aa2/AA-/AA France July 2010 Apr 2006 3.30 Aaa/AAA/AAA Italy Sep 2010 Sep 2004 12.80 Aa2/AA-/AA France July...
Ngày tải lên: 16/02/2014, 02:20
Anticipation and Surprises in Central Bank Interest Rate Policy ppt
... 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
WORKING PAPER SERIES NO 868 / FEBRUARY 2008: PURDAH ON THE RATIONALE FOR CENTRAL BANK SILENCE AROUND POLICY MEETINGS pptx
... Surico, February 2008 36 ECB Working Paper Series No 868 February 2008 867 “Do monetary indicators lead euro area inflation?” by B Hofmann, February 2008 868 Purdah: on the rationale for central bank ... concerns the motivation for the purdah guideline The rationale is obviously somewhat different depending on whether the guideline concerns the t...
Ngày tải lên: 06/03/2014, 09:22
Central-Bank Communication and Policy E®ectiveness ¤ pptx
... 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
central banking, asset prices, and financial fragility what role for a central bank
Ngày tải lên: 03/06/2014, 00:59
WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc
... 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
Monetary Policy in the Eurozone: Evaluating the European Central Bank’s interest rate decisions and the needs of member states using a Taylor rule ppt
... fiscal and political causes of the Eurozone’s current predicament are important in analyzing the state of Europe’s economies, focusing on the arenas of monetary policy and European Central Bank ... literature base utilizing the concepts of the Taylor Rule to evaluate the efficacy of the European Central Bank’s decision process and decisions...
Ngày tải lên: 29/03/2014, 13:20
Tài liệu Interest on Excess Reserves as a Monetary Policy Instrument: The Experience of Foreign Central Banks ppt
... (Division of Monetary Affairs) and Spence Hilton (Federal Reserve Bank of New York), as well as from central bank colleagues at the Reserve Bank of Australia, the Bank of Canada, the Bank of England, ... case studies that form the basis for the findings The eight central banks covered are: the Reserve Bank of Australia, the Bank of Canada, the Bank...
Ngày tải lên: 17/02/2014, 03:20
Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists doc
... 116 MONETARY AND ECONOMIC STUDIES /FEBRUARY 2001 Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists Table Size of Outright Purchase Operations of JGBs [1] Amount of ... November 1997 108 MONETARY AND ECONOMIC STUDIES /FEBRUARY 2001 Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists...
Ngày tải lên: 15/03/2014, 14:20
Preferences of the Central Reserve Bank of Peru and optimal monetary policy rules in the inflation targeting regime ppt
... the preferences of the Peruvian monetary authority under the inflation targeting regime by deriving optimal monetary policy rules Knowing about the preferences of the authority in charge of the ... Savino Portugal3 Abstract This study aims to identify the preferences of the monetary authority in the Peruvian regime of inflation targ...
Ngày tải lên: 15/03/2014, 14:20
Implementation of Monetary Policy: How Do Central Banks Set Interest Rates? doc
... happens How, then, central banks set interest rates? The traditional account of how this process works involves the central bank’s varying the supply of bank reserves, or some other subset of its ... Traditional Understanding of How They Do That” The traditional account of how central banks go about setting a short-term interest rate— the staple of genera...
Ngày tải lên: 29/03/2014, 13:20
Thuyết trình tài chính quốc tế CAN CENTRAL BANKS’ MONETARY POLICY BE DESCRIBED BY A LINEAR (AUGMENTED) TAYLOR RULE OR BY A NONLINEAR RULE
... dung trình bày MỤC TIÊU NGHIÊN CỨU CÁC NGHIÊN CỨU TRƯỚC ĐÂY QUY TẮC TAYLOR TUYẾN TÍNH QUY TẮC TAYLOR PHI TUYẾN TÍNH KẾT LUẬN PHẦN PHẦN PHẦN PHẦN PHẦN Quy tắc Taylor tuyến tính Quy tắc Taylor tuyến ... TẮC TAYLOR TUYẾN TÍNH QUY TẮC TAYLOR PHI TUYẾN TÍNH KẾT LUẬN PHẦN PHẦN PHẦN PHẦN PHẦN Quy tắc Taylor phi tuyến tính Một mô hình STR dạng chuẩn cho quy tắc Taylor phi tuyến tính...
Ngày tải lên: 21/06/2015, 23:44
Thuyết trình Can central banks’ monetary policy be described by a linear (augmented) Taylor
... Then a nonlinear Taylor rule seems to be more adequate to explain the behavior of monetary policy • Asymmetries in monetary policy can result from a nonlinear macroeconomic model (Dolado et al., ... European Central Bank (ECB) and Bank of England (EOB) is best descibed by a nonlinear rule The behaviour of the Federal Reserve of the United States (FED) can be well d...
Ngày tải lên: 14/07/2015, 08:34