The CompNet Competitiveness Database The Competitiveness Research Network (CompNet)...
DPE Faculty A B C D E F G H I J...
Brown Bag Seminar
Brown Bag Seminar Financial Markets Department In der Seminarreihe "Brown...
Evidenzbasierte Politikberatung (IWH-CEP)
Zentrum für evidenzbasierte Politikberatung (IWH-CEP) ...
Monetary Policy Communication: Frameworks and Market Impact
A. Schipke, M. Rodlauer, L. Zhang (Hrsg.), The Future of China's Bond Market. Washington, D.C.: International Monetary Fund,
Bond markets are an important conduit of monetary policy signals to the economy. Reforms that improve the functioning of bond markets will hence facilitate macroeconomic management effectiveness. Here communication plays an increasingly important role. Good monetary policy communication is not only important to improve the effectiveness of monetary policy in the first place, but by reducing uncertainty it makes bond markets more attractive for investors, further improving monetary transmission.
Central Bank Transparency and the Volatility of Exchange Rates
Journal of International Money and Finance,
We analyze the effect of monetary policy transparency on bilateral exchange rate volatility. We test the theoretical predictions of a stylized model using panel data for 62 currencies from 1998 to 2010. We find strong evidence that an increase in the availability of information about monetary policy objectives decreases exchange rate volatility. Using interaction models, we find that this effect is more pronounced for countries with a lower flexibility of goods prices, a lower level of central bank conservatism, and a higher interest rate sensitivity of money demand.
Inference in Structural Vector Autoregressions when the Identifying Assumptions are not Fully Believed: Re-evaluating the Role of Monetary Policy in Economic Fluctuations
Journal of Monetary Economics,
Point estimates and error bands for SVARs that are set identified are only justified if the researcher is persuaded that some parameter values are a priori more plausible than others. When such prior information exists, traditional approaches can be generalized to allow for doubts about the identifying assumptions. We use information about both structural coefficients and impacts of shocks and propose a new asymmetric t-distribution for incorporating information about signs in a nondogmatic way. We apply these methods to a three-variable macroeconomic model and conclude that monetary policy shocks are not the major driver of output, inflation, or interest rates.
Reports des European Forecasting Network (EFN)
Reports des European Forecasting Network (EFN) Das European Forecasting Network...
Das IWH auf der Jahrestagung des Vereins für Socialpolitik 2019 "30 Jahre Mauerfall" - Demokratie und Marktwirtschaft
IWH-BROWN-BAG-PANEL "Ost-West-Produktivitätslücke: Ursachen und Folgen" ...