Noisy Macroeconomic Announcements Monetary Policy And Asset Prices
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Noisy Macroeconomic Announcements Monetary Policy And Asset Prices
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Author : Roberto Rigobón
language : en
Publisher:
Release Date : 2006
Noisy Macroeconomic Announcements Monetary Policy And Asset Prices written by Roberto Rigobón and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Assets (Accounting) categories.
"The current literature has provided a number of important insights about the effects of macroeconomic data releases on monetary policy expectations and asset prices. However, one puzzling aspect of that literature is that the estimated responses are quite small. Indeed, these studies typically find that the major economic releases, taken together, account for only a small amount of the variation in asset prices even those closely tied to near-term policy expectations. In this paper we argue that this apparent detachment arises in part from the difficulties associated with measuring macroeconomic news. We propose two new econometric approaches that allow us to account for the noise in measured data surprises. Using these estimators, we find that asset prices and monetary policy expectations are much more responsive to incoming news than previously believed. Our results also clarify the set of facts that should be captured by any model attempting to understand the interactions between economic data, monetary policy, and asset prices"--National Bureau of Economic Research web site.
Macroeconomic Patterns And Monetary Policy In The Run Up To Asset Price Busts
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Author : Mr.Pau Rabanal
language : en
Publisher: International Monetary Fund
Release Date : 2009-11-01
Macroeconomic Patterns And Monetary Policy In The Run Up To Asset Price Busts written by Mr.Pau Rabanal 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 2009-11-01 with Business & Economics categories.
We find that inflation, output and the stance of monetary policy do not typically display unusual behavior ahead of asset price busts. By contrast, credit, shares of investment in GDP, current account deficits, and asset prices typically rise, providing useful, if not perfect, leading indicators of asset price busts. These patterns could also be observed in the build-up to the current crisis. Monetary policy was not the main, systematic cause of the current crisis. But, with inflation typically under control, central banks effectively accommodated these growing imbalances, raising the risk of damaging busts.
News Noise And Estimates Of The True Unobserved State Of The Economy
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Author : Dennis J. Fixler
language : en
Publisher:
Release Date : 2007
News Noise And Estimates Of The True Unobserved State Of The Economy written by Dennis J. Fixler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with United States categories.
The Reaction Of Asset Prices To Macroeconomic Announcements In New Eu Markets Evidence From Intraday Data
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Author : Jan Hanousek
language : en
Publisher:
Release Date : 2007
The Reaction Of Asset Prices To Macroeconomic Announcements In New Eu Markets Evidence From Intraday Data written by Jan Hanousek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Asset Prices And Monetary Policy
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Author : John Y. Campbell
language : en
Publisher: University of Chicago Press
Release Date : 2008-11-15
Asset Prices And Monetary Policy written by John Y. Campbell and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-15 with Business & Economics categories.
Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.
Asset Prices And Central Bank Policy
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Author : Stephen Giovanni Cecchetti
language : en
Publisher: Centre for Economic Policy Research
Release Date : 2000
Asset Prices And Central Bank Policy written by Stephen Giovanni Cecchetti 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 2000 with Business & Economics categories.
Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.
A Model Of Intertemporal Asset Prices Under Asymmetric Information
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Author : Jiang Wang
language : en
Publisher: Franklin Classics
Release Date : 2018-10-16
A Model Of Intertemporal Asset Prices Under Asymmetric Information written by Jiang Wang and has been published by Franklin Classics this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-16 with categories.
This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Stock Prices And Monetary Policy
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Author : Paul De Grauwe
language : en
Publisher: CEPS
Release Date : 2008
Stock Prices And Monetary Policy written by Paul De Grauwe and has been published by CEPS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Monetary policy categories.
The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the wind' strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. We find that such policies can be effective in reducing macroeconomic volatility, thereby improving the trade-off between output and inflation variability. The strength of this result, however, depends on the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.
Asset Price Bubbles
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Author : William Curt Hunter
language : en
Publisher: MIT Press
Release Date : 2005
Asset Price Bubbles written by William Curt Hunter and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
A study of asset price bubbles and the implications for preventing financial instability.
Asset Prices And Monetary Policy
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Author : Mark Gertler
language : en
Publisher: Centre for Economic Policy Research
Release Date : 1998
Asset Prices And Monetary Policy written by Mark Gertler 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 1998 with Banks and banking, Central categories.
This report collects the views of several prominent scholars and central bankers on whether and how asset price developments can be incorporated in the design of monetary policy. The views were expressed in a concluding panel discussion of a conference on Asset Prices and Monetary Policy organized by CEPR and the Bank for International Settlements.
