Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB
نویسندگان
چکیده
منابع مشابه
Money and monetary policy: The ECB experience
The paper analyses the practical experience of monetary analysis at the ECB since its beginning. The analysis is based on both a narrative description of the internal briefing and a quantitative evaluation of the forecast exercise. We exploit a rich data basis containing the vintages of data and models over the period in order to evaluate the role of money in the input and the output of monetar...
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The ECB and the Eurosystem should normally take asset-price movements and potential asset-price bubbles into account only to the extent these are deemed to have an impact on the ination and output-gap forecasts that should guide monetary policy. Asset prices should not be separate target variables, additional to ination and the output gap. The explicit or implicit objective of nancial stabil...
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Abstract: This chapter reviews recent work on political-economic management of monetary policy under varying institutional organization of labor/goods markets and varying degrees of credible conservatism in monetary policy. The emerging literature synthesizes and extends theoretical and empirical insights of previous work on central bank independence (CBI) and coordinated wage/price bargaining ...
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concept of inflation compensation. Finally, we provide evidence that Federal Reserve communication and surprises in monetary policy actions bear on the uncertainty surrounding the expected rate of inflation. For one concept of inflation expectations, we find that Federal Reserve communication reduces uncertainty about the future rate of inflation, while surprises in monetary policy actions incr...
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After the recent financial crisis, especially the financial crisis 2008, This raises the important question of what is the role of monetary policy in occurrence and prevention of the financial instability? so, this paper investigate the dynamics impact of monetary policy on the stock market returns and instability using Structural Vector Autoregression (SVARs) model During the period 1992:q2...
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ژورنال
عنوان ژورنال: Journal of Economics and Business
سال: 2005
ISSN: 0148-6195
DOI: 10.1016/j.jeconbus.2004.07.003