Central bank communication, decision making, and governance : issues, challenges, and case studies / edited by Pierre L. Siklos and Jan-Egbert Sturm.

Format:

Book

Contributor:

Siklos, Pierre L., 1955-

Sturm, Jan-Egbert, 1969-

Series:

CESifo seminar series

Language:

English

Subjects (All):

Banks and banking, Central.

Business communication.

Physical Description:

1 online resource (vi, 318 pages) : illustrations.

Place of Publication:

Cambridge, MA : MIT Press, [2013]

System Details:

text file

Summary:

Experts analyze the recent emphasis on central communication as an additional policy and accountability device.In recent years central bankers have placed new emphasis on communication with financial markets and the general public. They have done this not only through the traditional channel of monetary policy pronouncements but also by increasing the quantity of information they make public. Yet as central banks strive to provide more and clearer information about the outlook for the economy, they must balance their capacity to steer economic expectations with their natural caution about committing to future monetary policy paths. This volume offers a variety of perspectives on the economic implications of increased central bank communication.Contributors offer theoretical analyses of the effect of central bank communication on the general macroeconomic environment; consider a variety of novel empirical approaches to the issue; and analyze communication, decision making, and governance practices of the Greenspan-era U.S. Federal Reserve, the fledgling European Central Bank, and a variety of smaller central banks, including those of the Czech Republic, Sweden, England, and New Zealand.ContributorsHelge Berger, Michelle Bligh, Marianna Blix-Grimaldi, Ales Bulir, Robert Chirinko, Martin Cihak, Christopher Curran, Paul De Grauwe, Jakob de Haan, Michael Ehrmann, Marcel Fratzscher, Petra Geraats, Gregory Hess, Roman Horvath, David-Jan Jansen, Ozer Karagedikli, Michael Lamla, David Mayes, Alberto Montagnoli, Pierre L. Siklos, Katerina Smidkova, Jan-Egbert Sturm, Jan Zapal

Contents:

1 Introduction and Overview / Pierre L. Siklos Siklos, Pierre L., Jan-Egbert Sturm Sturm, Jan-Egbert 1

I Central Bank Communication: Some Theoretical Considerations

1 Central Bank Communication When Agents Experience Cognitive Limitations / Paul De Grauwe Grauwe, Paul De 25

3 Transparency, Flexibility, and Macroeconomic Stabilization / Petra M. Geraats Geraats, Petra M. 49

II Empirical Methods in Central Bank Communication Research

4 Central Bank Communication and Financial Stress / Marianna Blix Grimaldi Grimaldi, Marianna Blix 85

5 Interest Rate Expectations in the Media and Central Bank Communication / Michael J. Lamia Lamia, Michael J., Jan-Egbert Sturm Sturm, Jan-Egbert 101

6 Extreme Views Make News / Helge Berger Berger, Helge, Michael Ehrmann Ehrmann, Michael, Marcel Fratzscher Fratzscher, Marcel 113

III The Fed's Experience

7 Deconstructing Alan: A Quantitative Assessment of the Qualitative Aspects of Chairman Greenspan's Communication / Michelle Bligh Bligh, Michelle, Gregory Hess Hess, Gregory 123

8 Greenspan Shrugs: Central Bank Communication, Formal Pronouncements, and Bond Market Volatility / Robert S. Chirinko Chirinko, Robert S., Christopher Curran Curran, Christopher 149

IV The ECB's Experience

9 An Assessment of the Consistency of ECB Communication / David-Jan Jansen Jansen, David-Jan, Jakob de Haan Haan, Jakob de 183

10 Are You Clear Now? The ECB's Written Communication on Monetary Policy / Aleš Bulír Bulír, Aleš, Martin Cihák Cihák, Martin, Katerina Šmídková Šmídková, Katerina 203

V The International Experience

11 Uncertainty and Monetary Policy / David Mayes Mayes, David, Alberto Montagnoli Montagnoli, Alberto 231

12 Voting Record and Monetary Policy Predictability: Evidence on Six Central Banks / Roman Horváth Horváth, Roman, Katerina Šmídková Šmídková, Katerina, Jan Zápal Zápal, Jan 251

13 A Bridge Too Far? RBNZ Communication, the Forward Interest Rate Track, and the Exchange Rate / Özer Karagedikli Karagedikli, Özer, Pierre L. Siklos Siklos, Pierre L. 273.

Notes:

OCLC-licensed vendor bibliographic record.

ISBN:

9781461931881

1461931886

9780262314008

0262314002

9781299688032

1299688039

OCLC:

849935774

Access Restriction:

Restricted for use by site license.