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Anticipation and Surprises in Central Bank Interest Rate Policy

1998-04-01 Business & Economics
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Release : 1998-04-01
Genre : Business & Economics
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Book Rating : 198/5 ( reviews)

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Book Synopsis Anticipation and Surprises in Central Bank Interest Rate Policy by : International Monetary Fund

Download or read book Anticipation and Surprises in Central Bank Interest Rate Policy written by International Monetary Fund. This book was released on 1998-04-01. Available in PDF, EPUB and Kindle. Book excerpt: Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes and is applied to estimate the response of Euro-deutsch mark interest rates to adjustments in the Bundesbank’s Lombard and discount rates. The results shed light on the efficiency of this market and on the scope for policy signaling by the central bank.

Anticipation and Surprises in Central Bank Interest Rate Policy

2006
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Release : 2006
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Book Synopsis Anticipation and Surprises in Central Bank Interest Rate Policy by : Daniel Hardy

Download or read book Anticipation and Surprises in Central Bank Interest Rate Policy written by Daniel Hardy. This book was released on 2006. Available in PDF, EPUB and Kindle. Book excerpt: Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes and is applied to estimate the response of Euro-deutsch mark interest rates to adjustments in the Bundesbank`s Lombard and discount rates. The results shed light on the efficiency of this market and on the scope for policy signaling by the central bank.

Interest Rate Surprises

2022
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Release : 2022
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Book Synopsis Interest Rate Surprises by : Ricardo Nunes

Download or read book Interest Rate Surprises written by Ricardo Nunes. This book was released on 2022. Available in PDF, EPUB and Kindle. Book excerpt:

Market Predictability of ECB Policy Decisions

2002-12-01 Business & Economics
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Release : 2002-12-01
Genre : Business & Economics
Kind : eBook
Book Rating : 607/5 ( reviews)

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Book Synopsis Market Predictability of ECB Policy Decisions by : Mr.Kevin Ross

Download or read book Market Predictability of ECB Policy Decisions written by Mr.Kevin Ross. This book was released on 2002-12-01. Available in PDF, EPUB and Kindle. Book excerpt: 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.

IMF Staff papers, Volume 45 No. 4

1998-01-01 Business & Economics
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Release : 1998-01-01
Genre : Business & Economics
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Book Rating : 776/5 ( reviews)

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Book Synopsis IMF Staff papers, Volume 45 No. 4 by : International Monetary Fund. Research Dept.

Download or read book IMF Staff papers, Volume 45 No. 4 written by International Monetary Fund. Research Dept.. This book was released on 1998-01-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes the issue of corruption around the world. The paper surveys and discusses issues related to the causes, consequences, and scope of corruption, and possible corrective actions. It emphasizes the costs of corruption in terms of economic growth. It also emphasizes that the fight against corruption may not be cheap and cannot be independent from the reform of the state. If certain reforms are not made, corruption is likely to continue to be a problem regardless of actions directly aimed at curtailing it.

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