Market Predictability Of Ecb Policy Decisions
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Market Predictability Of Ecb Policy Decisions
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Author : Mr.Kevin Ross
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2002-12-01
Market Predictability Of Ecb Policy Decisions written by Mr.Kevin Ross 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 2002-12-01 with Business & Economics categories.
Many surveys of the ECB's monetary framework emphasize the inability of financial markets to correctly predict monetary policy decisions. At the same time, these surveys of financial market participants have given relatively high marks to the United States Federal Reserve and the Bank of England on their ability to be understood by financial markets. Against this background, this paper examines the ability of financial markets to correctly anticipate these three central bank policy decisions over the first 31⁄2 years of the ECB. The paper relies on calculations that market participants employ in anticipating policy changes and on term structure regressions that provide ex post evidence of market surprises. While the results suggest that all three central banks are broadly predictable, markets have had difficulty anticipating large changes and cuts in ECB policy interest rates. These surprises may be tied to the large number of policy meetings, particular characteristics of the EONIA money market, and the unique circumstances of the ECB. An added factor may be the absence of a consistent policy on communicating the current stance-if any-of the ECB's policy bias on the future direction of interest rates.
Inflation Expectations
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Author : Peter J. N. Sinclair
language : en
Publisher: Routledge
Release Date : 2009-12-16
Inflation Expectations written by Peter J. N. Sinclair and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-16 with Business & Economics categories.
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Financial Markets And Institutions
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Author : Jakob de Haan
language : en
Publisher: Cambridge University Press
Release Date : 2012-06-28
Financial Markets And Institutions written by Jakob de Haan and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-28 with Business & Economics categories.
Second edition of a successful textbook that provides an insightful analysis of the world financial system.
Monetary And Exchange Rate Policies Of The Euro Area
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2002-10-29
Monetary And Exchange Rate Policies Of The Euro Area written by International Monetary Fund 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 2002-10-29 with Business & Economics categories.
This paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bank’s definition of price stability, and examines the factors determining “the optimal rate of inflation” in the euro area. It reviews the benefits of price stability, including the reduction in the distortions of savings and investment behavior that stem from the interaction between nominal tax systems and inflation. It then goes on to evaluate arguments for maintaining a small positive inflation rate in the context of the euro area.
Background Studies For The Ecb S Evaluation Of Its Monetary Policy Strategy
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Author : Otmar Issing
language : en
Publisher:
Release Date : 2003
Background Studies For The Ecb S Evaluation Of Its Monetary Policy Strategy written by Otmar Issing and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
Public Finance Monetary Policy And Market Issues
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Author : Edward Shinnick
language : en
Publisher: LIT Verlag Münster
Release Date : 2008
Public Finance Monetary Policy And Market Issues written by Edward Shinnick and has been published by LIT Verlag Münster this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Finance, Public categories.
Economies throughout both the developed and developing world are interconnected like never before, whether it is the financing of global challenges, monetary integration among a group of countries or trade across national borders. This increasing degree of interconnection brings both opportunities and challenges for the countries involved. This volume provides an analysis of three distinct but closely related themes of economic interconnection: Public Finance, Monetary Policy and Market Issues. The collection will stimulate further debate on these issues and in doing so will help to broaden the exchange of ideas among economists in both academia and business.
The European Central Bank At Ten
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Author : Jakob de Haan
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-09-16
The European Central Bank At Ten written by Jakob de Haan and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-16 with Business & Economics categories.
Coming at a critical juncture for the euro, the book takes stock of the ECB's experience during its first ten years and discusses the way ahead. The articles are written by well-known experts in the field and provide the reader with a comprehensive overview of relevant policy issues, including the ECB’s communication and its monetary strategy and instruments.
Financial Developments In National And International Markets
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Author : Jesús Ferreiro
language : en
Publisher: Springer
Release Date : 2005-12-15
Financial Developments In National And International Markets written by Jesús Ferreiro and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-12-15 with Business & Economics categories.
This book offers a comprehensive analysis of the problems that the current working of capital markets are generating on both developed and developing economies. It pays special attention to the reasons explaining the unstable and volatile working of international financial markets and to the consequences of that behaviour on both the economic performance of the involved countries and on the economic policies implemented.
Germany S Economic Performance
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Author : J. Hölscher
language : en
Publisher: Springer
Release Date : 2016-01-22
Germany S Economic Performance written by J. Hölscher and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-22 with Business & Economics categories.
This book provides a comprehensive understanding of Germany's economic performance at the turn of the twenty-first century. The period under observation and analysis stretches from Germany's unification in 1990 over the death of the German Mark to first experiences with the Euro, with particular attention given to East Germany.
Monetary Policy In The Context Of Financial Crisis
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Author : Fredj Jawadi
language : en
Publisher: Emerald Group Publishing
Release Date : 2015-07-02
Monetary Policy In The Context Of Financial Crisis written by Fredj Jawadi and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-02 with Business & Economics categories.
This is Volume 24 of the monograph series International Symposia in Economic Theory and Econometrics. ISETE publishes proceedings of conferences and symposia, as well as research monographs of the highest quality and importance.