measuring central bank communication

... Practice Why does central bank communication matter? Theory 10 Central bank communication in practice 3.1 What to communicate 3.2 How to communicate 18 18 22 The impact of central bank communication ... how central bank communication can contribute to the effectiveness of monetary policy and identifies avenues for future research Why does central bank communication matter? Theory Central bank communication ... central banks send, concentrating mainly on three major central banks: the Federal Reserve System, the Bank of England, and the European Central Bank. 14 We first split the vector of central bank...

Ngày tải lên: 15/03/2014, 10:20

... if the central bank is not assigned the main responsibility for banking supervision; if the central bank has the main (or sole) responsibility for banking supervision; if the central bank has ... central bank in financial supervision matters, by testing once for the effects of communication by central banks that have a formal role in financial supervision, and once for those central banks ... large increase in the number of central banks that publish FSRs The frontrunners are the Bank of England, the Swedish Riksbank, and Norges Bank (Norway’s central bank) , all of which started publication...

Ngày tải lên: 15/03/2014, 10:20

... within the bank, but that is also used to explain the bank s decisions to the public 1.1 Central Banking as Management of Expectations It is important for the public to understand the central bank s ... 1.3 Can a Central Bank Talk Too Much? There are nonetheless a number of questions that may be raised about the desirability of central- bank communication, especially in the case of communication ... would be revealed by a central bank that makes an effort to tell what it knows Of course, central banks are themselves less than omniscient, and one argument within central banks for limiting the...

Ngày tải lên: 15/03/2014, 10:20

... subject to further publication Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies Balázs Égert, Oesterreichische Nationalbank; EconomiX at the University ... Jul-05 -20000 Dec-05 -1000 -8000 -1000 Feb-05 -10000 -400 -3000 deposits of the banking sector w ith the central bank -500 -500 sterilization Apr-04 -200 FX interventions 500 FX interventions ... mértékben a román jegybank által bejelentett hivatalos céllal egybeesik Ez csak részben mondható el Szlovákia és Törökország esetében Úgy találjuk, hogy Horvátország kivételével a jegybankok a devizapiaci...

Ngày tải lên: 15/03/2014, 14:20

... FED Bank New York (Federal Reserve Bank of New York) nắm đa số cổ phần, chiếm 53% cổ phần định toàn hoạt động FED Trong FED Bank New York Citibank J.P.Morgan Chase Co nắm đa số cổ phần Citibank ... Mạng lưới chi nhánh FED: Federal Reserve System gồm có 12 FED bank địa phương, FED bank địa phương bank thuộc sở hữu ông chủ nhà bank tư nhân, bao gồm: 1- Boston, 2-New York, 3- Philadelphia, ... tộc Rothschild chiếm 80% cổ phần, Chính phủ Hoa Kỳ nắm giữ 20% Năm 1811-1816, Central Bank; năm 1816-1836, “Second Bank of the United States”, đó, nhà tài phiệt Hoa Kỳ Gia tộc Rothschild tiếp...

Ngày tải lên: 17/10/2013, 13:15

... unsecured overnight interbank lending in the E euro area Under normal circumstances, this is the rate that the ECB seeks to influence  40 Central bank rates, market rates and retail bank rates in the euro ... on future rate trends, unlike, for example, the US Federal Reserve After Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis Chart 1 Use ... August 2010 13 May 2009 June 2010 17 February 2011 31 May 2011 Source : ECB 30 Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis to decline,...

Ngày tải lên: 15/02/2014, 05:20

... Reserve Bank of Philadelphia, Business Review, July/August, pp 3-16 44 ECB Occasional Paper No 62 June 2007 E U RO P E A N CENTRAL BANK OCCASIONAL PA P E R S E R I E S EUROPEAN CENTRAL BANK OCCASIONAL ... credibility of central banks in delivering price stability in the respective countries, rather than a signal of “mistrust” of their price stability-oriented policies The credibility of the central banks ... and, consequently, demand for these instruments does exist However, central bank independence and the strict mandates of central banks to maintain price stability have de facto neutralised the incentives...

Ngày tải lên: 16/02/2014, 02:20

... ministers and central bank governors 5.4.1 G7 finance ministers and central bank governors 5.4.2 G10 finance ministers and central bank governors 5.4.3 G20 finance ministers and central bank governors ... to carry out central bank functions for the euro, and not a single central bank: The establishment of a single central bank for the whole euro area (possibly concentrating central bank business ... and a national central bank is their supranational status within a community of sovereign states Unlike comparable central banks, such as the US Federal Reserve System or the Bank of Japan, which...

Ngày tải lên: 16/02/2014, 10:20

... Meirelles, Central Bank of Brazil Lucas Papademos, European Central Bank Tarisa Watanagase, Bank of Thailand Zeti Akhtar Aziz, Central Bank of Malaysia Zhou Xiaochuan, People’s Bank of China BIS: Central ... Riksbank Malcolm Edey, Reserve Bank of Australia Rodrigo Cifuentes (Jorge Desormeaux to December 2009), Central Bank of Chile Gertrude Tumpel-Gugerell, European Central Bank Sylvie Matherat, Bank ... and a single fiscal authority with which the central bank needs to liaise The 13 central banks participating in this study span the spectrum of central bank roles and functions Their experience...

Ngày tải lên: 16/02/2014, 10:20

... evaluated as a package Central bank investment guidelines Owing to the special needs of central banks for liquidity management and capital preservation, it is critical for central banks to focus their ... Zajac and Simicak, from Národná banka Slovenska, and de Almeida, from the Central Bank of Brazil, discuss in detail the methods used in their respective central banks to identify the sources of ... both of which are highly relevant for central banks Hence proper quantification of operational risk may affect central bank reserve management, because the bank will generally want to react when...

Ngày tải lên: 16/02/2014, 10:20

... liquidity holdings Bank has the highest predicted liquidity according to the stationary distribution and is thus central on 260 of 272 days, bank is the central bank on days and bank 11 is central on ... for each bank This approach is based on the premise that money flows out of a bank in the proportions given by the BCLs the bank has with the other banks We also allow the possibility that banks ... banks Key words: federal funds, network, topology, interbank, money markets Bech: Federal Reserve Bank of New York (e-mail: morten.bech@ny.frb.org) Chapman: Bank of Canada (e-mail: jchapman@bankofcanada.ca)...

Ngày tải lên: 16/02/2014, 12:20

... against central banks’ provision of policy rate guidance or forecasts There has been a profound transformation in central bank communication practices over the past two decades Previously, central banks ... with surprises in central bank forecasts This may suggest that market participants ignore central bank forecasts to a large degree, which may be perceived as damaging the central bank s credibility ... Forecasts Vol No Central Bank Policy Rate Guidance 201 202 International Journal of Central Banking December 2008 Are Market Participants Inattentive to Other Developments When Central Banks Provide...

Ngày tải lên: 17/02/2014, 03:20

... short-term interbank lending rate However, on December 12, 2007, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, and the Swiss National Bank jointly ... extraordinary central bank liquidity provision must also control for fluctuations in bank credit risk To analyze the effectiveness of the central bank liquidity facilities in reducing interbank lending ... day Currently, the banks in the U.S dollar LIBOR panel include: Bank of America, Bank of Tokyo-Mitsubishi UFJ Ltd, Barclays Bank plc, Citibank NA, Credit Suisse, Deutsche Bank AG, HBOS, HSBC,...

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 ... several channels through which central bank asset purchases may affect longterm interest rates One channel works through the portfolio balance effects of central bank asset purchases that reduce ... Surprise Content of Central Bank Announcements So far we have looked simply at the daily movements in long-term interest rates, exchange rates, and commodity prices on days when central banks communicated...

Ngày tải lên: 17/02/2014, 03:20

... anticipated and unanticipated actions by the central bank These studies also usually limit their focus to the relatively rare instances when central bank rates were actually changed and neglect ... expectations about central bank policy.1 Attention focuses here on the relationship between interbank rates and the interest rates on the two standing facilities of the Deutsche Bundesbank, namely ... and other central bank rates (such as that on repurchase operations) and official rates in other countries.2 I The Bundesbank’s Monetary Instruments and Operating Procedures The Bundesbank has...

Ngày tải lên: 06/03/2014, 02:21

... Triennial Central Bank Survey 2010 I Background on the Triennial Central Bank Survey In April this year, 53 central banks and monetary authorities participated in the eighth Triennial Central Bank ... otherwise Differences in totals are due to rounding Triennial Central Bank Survey 2010 Summary of the April 2010 Triennial Central Bank Survey1 Turnover on the global foreign exchange market  ... 92-9197-840-X (online) Contents Summary of the April 2010 Triennial Central Bank Survey I Background on the Triennial Central Bank Survey II Results of the triennial survey ...

Ngày tải lên: 06/03/2014, 02:21

... Period Measuring Communication 10 Purdah communication and financial market reactions 11 Conclusions 15 References 16 Appendix A: Quotes from FOMC transcripts 18 Appendix B: Measuring central bank communication ... European Central Bank Both authors: European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany; e-mail: Michael.Ehrmann@ecb.int, Marcel.Fratzscher@ecb.int © European Central Bank, ... European Central Bank Working Paper Series 35 ECB Working Paper Series No 868 February 2008 Abstract Despite substantial differences in monetary policy and communication strategies, many central banks...

Ngày tải lên: 06/03/2014, 09:22

... by central banks, shall be given the same treatment by national central banks and the ECB as private credit institutions Article 22 Clearing and payment systems The ECB and national central banks ... offset against the national central banks' monetary income 32.5 The sum of the national central banks' monetary income shall be allocated to the national central banks in proportion to their ... national central bank concerned and the number of shares already paid up by the other national central banks 49.2 In addition to the payment to be made in accordance with Article 49.1, the central bank...

Ngày tải lên: 06/03/2014, 10:20

... fact that the banking system, with its large net holdings of external assets, had no need of the new Central Bank as a lender of last resort For the next decade at least, the Central Bank operated ... rate shown in Figure is the Central Bank Minimum Rediscount Rate Though from the start it was pitched at ½ per cent below Irish Banks' Rate, movements in the Central Bank Rate tended to reflect ... Currency Commission or the Central Bank until 1955 Indeed they remained larger until 1963 In 1969 the net external assets of the Associated Banks were bought by the Central Bank with Irish pound deposits,...

Ngày tải lên: 06/03/2014, 14:20

... making decisions • Increased transparency of the strategy • Increased accountability of the central bank Copyright © 2007 Pearson Addison-Wesley All rights reserved 16-6 Inflation Targeting II...

Ngày tải lên: 10/03/2014, 19:20