Central Bank Communication And Monetary Policy Surprises In Chile
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Central Bank Communication And Monetary Policy Surprises In Chile
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Author : Mr.Andrea Pescatori
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-06
Central Bank Communication And Monetary Policy Surprises In Chile written by Mr.Andrea Pescatori and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-06 with Business & Economics categories.
This paper assesses the quality of the CBC’s communication policy by looking at the predictability and effectiveness of monetary policy communications by the Central Bank of Chile (CBC). To do so, we construct indeces of monetary policy surprises for the three major communication channels of the CBC: the release of policy meetings’ statements, minutes, and monetary policy reports (IPoM). We assess monetary policy predictability and efficacy by looking at the size and time-evolution of monetary policy surprises associated with meeting statements and the impact of the above communication channels on asset markets. We find that, in general, the CBC’s has been effective in its forward guidance through its statements and IPoM. Policy actions are quite predictable, especially post the global financia crisis. The response of equity prices and the exchange rate to monetary policy surprises have the right sign but are not robust. We also find an asymmetric response of equity prices to minutes suggesting that market participants extract information on the status of the economy especially when minutes have a loosening effect. Finally, to look at the macroeconomic impact we find that a 100 bps monetary policy tightening shock implies a decline in economic activity (IMACEC) of about 2 pp. after one year, while the response of inflation is more muted.
Clarity Of Central Bank Communication About Inflation
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Author : Mr.Ales Bulir
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Clarity Of Central Bank Communication About Inflation written by Mr.Ales Bulir and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010. Overall, we find no strong indications that central banks were less clear in explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis, however, did have a negative impact on clarity of central bank communication.
Monetary Policy Of The Central Bank Of Chile
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Author : Banco Central de Chile
language : en
Publisher:
Release Date : 2000
Monetary Policy Of The Central Bank Of Chile written by Banco Central de Chile and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and banking, Central categories.
Communication Of Central Bank Thinking And Inflation Dynamics
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Author : Man-Keung Tang
language : en
Publisher: International Monetary Fund
Release Date : 2011-08-01
Communication Of Central Bank Thinking And Inflation Dynamics written by Man-Keung Tang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-01 with Business & Economics categories.
This paper studies the role of central bank communication of its economic assessment in shaping inflation dynamics. Imperfect information about the central bank's assessment - or the basis for monetary policy decisions - could complicate the private sector's learning about its policy response function. We show how clear central bank communication, which facilitates agents' understanding of policy reasoning, could bring about less volatile inflation and interest rate dynamics, and afford the authorities with greater policy flexibility. We then estimate a simple monetary model to fit the Mexican economy, and use the suggested paramters to illustrate the model's quantitative implications in scenarios where the timing, nature and persistence of shocks are uncertain.
Central Bank Communication And Monetary Policy Surprises In Chile
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FREE 30 Days
Author : Mr.Andrea Pescatori
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-06
Central Bank Communication And Monetary Policy Surprises In Chile written by Mr.Andrea Pescatori and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-06 with Business & Economics categories.
This paper assesses the quality of the CBC’s communication policy by looking at the predictability and effectiveness of monetary policy communications by the Central Bank of Chile (CBC). To do so, we construct indeces of monetary policy surprises for the three major communication channels of the CBC: the release of policy meetings’ statements, minutes, and monetary policy reports (IPoM). We assess monetary policy predictability and efficacy by looking at the size and time-evolution of monetary policy surprises associated with meeting statements and the impact of the above communication channels on asset markets. We find that, in general, the CBC’s has been effective in its forward guidance through its statements and IPoM. Policy actions are quite predictable, especially post the global financia crisis. The response of equity prices and the exchange rate to monetary policy surprises have the right sign but are not robust. We also find an asymmetric response of equity prices to minutes suggesting that market participants extract information on the status of the economy especially when minutes have a loosening effect. Finally, to look at the macroeconomic impact we find that a 100 bps monetary policy tightening shock implies a decline in economic activity (IMACEC) of about 2 pp. after one year, while the response of inflation is more muted.
Monetary Policy Under Uncertainty And Learning
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Author : Klaus Schmidt-Hebbel
language : en
Publisher:
Release Date : 2009
Monetary Policy Under Uncertainty And Learning written by Klaus Schmidt-Hebbel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Banks and banking, Central categories.
How Do Central Banks Write
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Author : Andrea Fracasso
language : en
Publisher: Centre for Economic Policy Research
Release Date : 2003
How Do Central Banks Write written by Andrea Fracasso and has been published by Centre for Economic Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
An increasing number of central banks have adopted the inflation targeting strategy, and the trend does not seem to be ending. If inflation targeting offers a precise framework, its policy implications are surprisingly imprecise. For the strategy to be understood and generally supported, inflation targeting central banks need to communicate clearly and precisely. This is undoubtedly why they have also adopted the practice of producing a new publication, often referred to as inflation reports. This study, the second Special Report in the ICMB/CEPR series of Geneva Reports on the World Economy, offers the first in-depth analysis and evaluation of 20 inflation reports.
Monetary Policy Under Financial Turbulence
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Author : Luis Felipe Céspedes
language : en
Publisher:
Release Date : 2010
Monetary Policy Under Financial Turbulence written by Luis Felipe Céspedes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Imperfect Central Bank Communication Information Versus Distraction
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Author : Pär Österholm
language : en
Publisher: International Monetary Fund
Release Date : 2008-03
Imperfect Central Bank Communication Information Versus Distraction written by Pär Österholm and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-03 with Business & Economics categories.
Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous. There is a risk that the central bank can distract the public; this means that the central bank may prefer to focus its communication policies on the information it knows most about. Indeed, conveying more certain information may improve the public's understanding to the extent that it "crowds out" a role for communicating imperfect information.
The Impact Of Monetary Policy Communication In An Emerging Economy The Case Of Indonesia
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Author : Mr.Calixte Ahokpossi
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-26
The Impact Of Monetary Policy Communication In An Emerging Economy The Case Of Indonesia written by Mr.Calixte Ahokpossi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-26 with Business & Economics categories.
Since the adoption of the inflation targeting framework by Bank Indonesia (BI), monetary policy communication has played an increasingly important role in BI’s policy toolkit. This paper assesses BI’s monetary policy communication from three perspectives: i) its transparency and clarity, ii) its ability to align market expectation and BI’s policy decisions (predictability), and iii) its impact on financial markets. In particular, we assess the impact of BI’s monetary policy practices by focusing on its monetary policy press releases and monetary policy reports. The results show that Bank Indonesia has made significant progress in the transparency of its communication as well as in the institutional framework to support this. Nonetheless, the results also suggest ways in which the impact of communication can be further improved, including by strengthening the clarity of policy messages, its consistency with the policy framework and the depth of the money market.