Central bank independence rules, practices, and outcomes
Central bank independence rules, practices, and outcomes
... replacement of the central bank governor (Cukierman and Webb 1995). The use of different measures of central bank independence has led to mixed evidence regarding the impact of central bank independence. ... 13 legal central bank independence and the gap in actual practices. This new way of measuring central bank independence will provide a more thorough indicator of the central bank s ability ... facto, and the new model of legal central bank independence have on two key economic variables: inflation and inflation variability. These variables were chosen since central bank independence...
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CENTRAL BANK INDEPENDENCE: AN UPDATE OF THEORY AND EVIDENCE pptx
... index of Cukierman and Webb (1995). NOR is the non-political turnover rate of Cukierman and Webb(1995). CENTRAL BANK INDEPENDENCE 21#Blackwell Publishers Ltd. 2001 CENTRAL BANK INDEPENDENCE: ANUPDATE ... between CBI and inflationis quite robust.Keywords. Central Bank Independence; Inflation; Labour Markets1. IntroductionNowadays it is widely believed that a high level of central bank independence (CBI) ... financial sector against inflation both CENTRAL BANK INDEPENDENCE 23#Blackwell Publishers Ltd. 2001determines the degree of central bank independence and the level of inflation.According to...
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Tài liệu Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis docx
... :Source : NBB.27 Central bank rates, market rates and retail bank rates in the euro area in the Context of the reCent Crisis Central bank rates, market rates and retail bank rates in the euro ... monetary policy decisions and market interest rates. It looks, on the one hand, at the links between central bank rates and money market rates and, on the other hand, at the trend during the ... trends since the start of 2008.37 Central bank rates, market rates and retail bank rates in the euro area in the Context of the reCent CrisisChart 8 SHORT-TERM AND LONG-TERM DEPOSIT INTEREST RATES...
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Tài liệu Central Bank Policy Rate Guidance and Financial Market Functioning∗ doc
... euro area, and New Zealand in light of the communicationstrategies of the central banks. While we find evidence that central bank policy rate forecasts influence market prices inNew Zealand, we ... Journal of Central Banking December 20083. Are Market Participants Inattentive to OtherDevelopments When Central Banks Provide PolicyRate Guidance?A common concern raised by central bankers ... participants at seminars at the AustrianNational Bank, BIS, ECB, and Sveriges Riksbank, and two anonymous refereesfor helpful comments and discussions, and to Garry Tang for excellent researchassistance....
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Triennial Central Bank Survey: Foreign exchange and derivatives market activity in April 2010 pptx
... 92-9197-840-X (online) Triennial Central Bank Survey 2010 Contents Summary of the April 2010 Triennial Central Bank Survey 1 I. Background on the Triennial Central Bank Survey 2 II. Results ... 2001 2004 2007 2010 16 Triennial Central Bank Survey 2010 IV. Statistical notes The objective of the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity is ... and investment banks and securities houses that (1) participate in the inter-dealer market and/ or (2) have active business with large customers, such as large corporate firms, governments and...
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THE POLITICAL ECONOMY OF CENTRAL-BANK INDEPENDENCE pptx
... measures of central- bank independence, present a critical comparison of these indicators, and review some nonlegal indicators of central- bank independence. Legal Measures of Central- Bank Independence Table ... discussing the link between central- bank independence and other variables such as interest rates and government budget deficits.Chapter 5 questions why central- bank independence varies acrosscountries—that ... things differently.Three relatively independent central banks, the Deutsche Bundesbank,15the Nederlandsche Bank, and the Reserve Bank of New Zealand,exemplify the variations in approach. Five...
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NATIONAL BANK OF POLAND WORKING PAPER No . 72: Central bank’s macroeconomic projections and learning potx
... (ii) at time t the central bank publishes the time14The case in which the central bank releases also inflation and output gap projections is analyzedin Section 4. Central Bank interest rate ... the central bank publishes the time14The case in which the central bank releases also inflation and output gap projections is analyzedin Section 4.least square learning (Evans, Honkapohja and ... region of instability and slow convergence.Figure 4 shows the region of E-stability and root-t convergence when the central bank announces only the inflation and output gap and the private sector...
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WORKING PAPER SERIES NO 1350 / JUNE 2011: THE OPTIMAL WIDTH OF THE CENTRAL BANK STANDING FACILITIES CORRIDOR AND BANKS’ DAY-TO-DAY LIQUIDITY MANAGEMENT pdf
... commercialbanks and control of the short-term interest rate by the central bank. Thus, our model differs also fromBerentsen and Monnet (2008), Berentsen, Marchesiani, and Waller (2010) and Hoerova and ... operations, and the support of interbank trading.2.2 Central bank adjustments of corridor width and underlying reasoning dur-ing the crisisAs already suggested in Figure 1 a majority of central banks ... and “CSF” standing for Cost of Standing Facilities. The cost of using the central bank s facilities will dependon each bank s current and expected liquidity position before the market session and conditional...
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Working PaPer SerieS no 967 / november 2008: Central bank miSPerCePtions and the role of money in interest rate rules pptx
... such as λ are unknown. Then, the central bank faces acomplex control and estimation problem. Examples are studied by Wieland (2000), Beck and Wieland (2002) and Wieland (2006).12We are referring ... modeling central bank perceptions and describing historical outcomes and was used for this purpose by Orphanides (2003). While the New-Keynesianmodel is an unlikely description of central bank perceptions ... in output and inflation and arguably embodies central bankers’ beliefson policy tradeoffs and monetary policy transmission in the 1970s and 1980s quite well. Itmay be the better candidate for...
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Tài liệu THE EUROPEAN CENTRAL BANK: HISTORY, ROLE AND FUNCTIONS pptx
... of Central Banks and of the European Central Bank (Statute of the ESCB) and the Statute of the European MonetaryInstitute (EMI Statute) were attached as Protocols to the EC Treaty. Denmark and the ... Europe. Thecodification of central bank law in the EC Treaty and the Statute of the ESCB islikely to serve as a benchmark for central bank law outside the EU: Switzerland,for example, has recently ... European central banking framework. The establishment of a newsupranational monetary organisation, the ECB, and the integration of NCBs intoa European central banking system, the ESCB, and its...
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