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Managing Financial Market Expectations: The Role of Central Bank Transparency and Central Bank Communication
In this paper, we study the influence of central bank transparency and informal central bank communication on the formation of money market expectations. The sample covers nine major central banks from January 1999 to July 2007. We find, first, that transparency reduces the bias in money market expe...
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| Xuất bản năm: | MAGKS - Joint Discussion Paper Series in Economics (Band 28-2010) |
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| Tác giả chính: | |
| Định dạng: | Arbeit |
| Ngôn ngữ: | Tiếng Anh |
| Được phát hành: |
Philipps-Universität Marburg
2010
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| Những chủ đề: | |
| Truy cập trực tuyến: | Bài toàn văn PDF |
| Các nhãn: |
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| Tóm tắt: | In this paper, we study the influence of central bank transparency and informal central bank communication on the formation of money market expectations. The sample covers nine major central banks from January 1999 to July 2007. We find, first, that transparency reduces the bias in money market expectations and dampens their variation. Second, informal communications help manage financial market expectations by reducing the variation of expectations. Third, various subcategories of the Eijffinger and Geraats (2006) transparency index lead to a smaller bias in expectations (in particular, evaluation of policy outcome and explanation of interest rate decisions) and to a reduction in the variation of expectations (in particular, explicit prioritization of objectives and provision of information on unanticipated macroeconomic disturbances). |
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| Mô tả vật lý: | 29 Seiten |
| số ISSN: | 1867-3678 |
| DOI: | 10.17192/es2024.0058 |