Transparency Expectations And Forecasts

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Transparency, Expectations, and Forecasts

Author : Andrew Bauer
Publisher : DIANE Publishing
ISBN 13 : 1437900437
Total Pages : 52 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Transparency, Expectations, and Forecasts by : Andrew Bauer

Download or read book Transparency, Expectations, and Forecasts written by Andrew Bauer and published by DIANE Publishing. This book was released on 2008-06 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central bank¿s transparency about its objectives, economic outlook, & policy changes may affect the public¿s views about future economic & financial conditions. In keeping with this theory, since 1994 the Fed. Open Market Comm. has gradually increased the transparency of its statements accompanying changes in the fed. funds rate target. This article investigates whether private agents¿ ability to predict the economy¿s direction has improved since 1994. The analysis focuses on forecasts of macroecon. variables such as inflation, gross domestic product growth, & unemployment & policy variables such as short-term interest rates. There is little evidence that transparent monetary policy enhances the public¿s ability to predict bus. cycles. Tables.

Transparency, Expectations, and Forecasts

Author : Andy Bauer
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Transparency, Expectations, and Forecasts by : Andy Bauer

Download or read book Transparency, Expectations, and Forecasts written by Andy Bauer and published by . This book was released on 2014 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1994 the FOMC began to release statements after each meeting. This paper investigates whether the public's views about the current path of the economy and of future policy have been affected by changes in the Federal Reserve's communications policy as reflected in private sector's forecasts of future economic conditions and policy moves. In particular, has the ability of private agents to predict where the economy is going improved since 1994? If so, on which dimensions has the ability to forecast improved? We find evidence that the individuals' forecasts have been more synchronized since 1994, implying the possible effects of the FOMC's transparency. On the other hand, we find little evidence that the common forecast errors, which are the driving force of overall forecast errors, have become smaller since 1994.

Transparency, Expectations, and Forecasts

Author : Andrew Bauer
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (255 download)

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Book Synopsis Transparency, Expectations, and Forecasts by : Andrew Bauer

Download or read book Transparency, Expectations, and Forecasts written by Andrew Bauer and published by . This book was released on 2006 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Testing the Transparency Benefits of Inflation Targeting

Author : Christopher W. Crowe
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Testing the Transparency Benefits of Inflation Targeting by : Christopher W. Crowe

Download or read book Testing the Transparency Benefits of Inflation Targeting written by Christopher W. Crowe and published by International Monetary Fund. This book was released on 2006-12 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: I test whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries. IT adoption promotes convergence in forecast errors, suggesting that it enhances transparency. This effect is robust to dropping observations, is strengthened by using instrumental variable estimation to eliminate mean-reversion, and is absent in placebo regressions (where IT adoption is shifted by a year). This result supports Morris and Shin's (2002) contention that better public information is most beneficial for forecasters with bad private information. However, it does not support their hypothesis that better public information could make private forecasts less accurate.

Inflation-Forecast Targeting

Author : Kevin Clinton
Publisher : International Monetary Fund
ISBN 13 : 1513557653
Total Pages : 56 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Inflation-Forecast Targeting by : Kevin Clinton

Download or read book Inflation-Forecast Targeting written by Kevin Clinton and published by International Monetary Fund. This book was released on 2015-06-24 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many central banks in emerging and advanced economies have adopted an inflation-forecast targeting (IFT) approach to monetary policy, in order to successfully establish a stable, low-inflation environment. To support policy making, each has developed a structured system of forecasting and policy analysis appropriate to its needs. A common component is a model-based forecast with an endogenous policy interest rate path. The approach is characterized, among other things, by transparent communications—some IFT central banks go so far as to publish their policy interest rate projection. Some elements of this regime, although a work still in progress, are worthy of consideration by central banks that have not yet officially adopted full-fledged inflation targeting.

Transparency in Government Operations

Author : Mr.J. D. Craig
Publisher : International Monetary Fund
ISBN 13 : 155775697X
Total Pages : 50 pages
Book Rating : 4.5/5 (577 download)

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Book Synopsis Transparency in Government Operations by : Mr.J. D. Craig

Download or read book Transparency in Government Operations written by Mr.J. D. Craig and published by International Monetary Fund. This book was released on 1998-02-03 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.

Issues in Finance and Monetary Policy

Author : J. McCombie
Publisher : Springer
ISBN 13 : 0230801498
Total Pages : 200 pages
Book Rating : 4.2/5 (38 download)

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Book Synopsis Issues in Finance and Monetary Policy by : J. McCombie

Download or read book Issues in Finance and Monetary Policy written by J. McCombie and published by Springer. This book was released on 2007-01-30 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book investigates the contemporary functioning of financial institutions and monetary policies in order to assess their effects in different economic situations. It advances some proposals to improve their contribution towards a more stable and vigorous economy in the context of both developed and developing countries.

An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank

Author : Rania A. Al-Mashat
Publisher : International Monetary Fund
ISBN 13 : 1484374835
Total Pages : 71 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank by : Rania A. Al-Mashat

Download or read book An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank written by Rania A. Al-Mashat and published by International Monetary Fund. This book was released on 2018-09-28 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting and Policy Analysis System (FPAS) to implement a full-fledged inflation-forecast-targeting (IFT) regime. The components of CBT-IT index include measures of transparency about monetary policy objectives, the FPAS designed to support IFT, and the monetary policymaking process. For the CNB, all three components have shown substantial improvements over time but a few gaps remain. The CNB is currently working on eliminating some of these gaps.

Institutional Conflicts and Complementarities

Author : Robert Franzese
Publisher : Springer Science & Business Media
ISBN 13 : 9781402075360
Total Pages : 294 pages
Book Rating : 4.0/5 (753 download)

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Book Synopsis Institutional Conflicts and Complementarities by : Robert Franzese

Download or read book Institutional Conflicts and Complementarities written by Robert Franzese and published by Springer Science & Business Media. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important collection presents an authoritative selection of papers on "Institutional Conflicts and Complementarities" This publication is intent on building bridges between economics and the other social sciences. The focus is on the interaction between monetary policy and wage bargaining institutions in European Monetary Union (EMU). Institutional Conflicts and Complementarities is written by acknowledged experts in their field. The outcome is a broad analysis of the interactions of labour market actors and central banks. The volume addresses the recent changes in EMU. An important theoretical, empirical, and policy-relevant conclusion that emerges from Institutional Conflicts and Complementarities is that even perfectly credible monetary conservatism has long-term real effects, even in equilibrium models with fully rational expectations.

Transparency in Information and Governance

Author : J. Jay Choi
Publisher : Emerald Group Publishing
ISBN 13 : 1780527659
Total Pages : 375 pages
Book Rating : 4.7/5 (85 download)

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Book Synopsis Transparency in Information and Governance by : J. Jay Choi

Download or read book Transparency in Information and Governance written by J. Jay Choi and published by Emerald Group Publishing. This book was released on 2012-10-17 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: For this volume we have collected 12 original research papers dealing with various issues relating to transparency. This topic spans many disciplines beyond accounting and finance, intersecting economics, law and management, embracing sociology and political science, and offering opportunities for creative interdisciplinary research. We hope this v

The Political Economy of Central Banking in Emerging Economies

Author : Mustafa Yağcı
Publisher : Routledge
ISBN 13 : 1000164772
Total Pages : 222 pages
Book Rating : 4.0/5 (1 download)

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Book Synopsis The Political Economy of Central Banking in Emerging Economies by : Mustafa Yağcı

Download or read book The Political Economy of Central Banking in Emerging Economies written by Mustafa Yağcı and published by Routledge. This book was released on 2020-09-03 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the start of the Global Financial Crisis in 2008, research on central banking has gained momentum due to unusual levels of central bank activism and unconventional monetary policy measures in many countries. While these policies drew significant attention to advanced economy central banks, there has been much less academic focus on central banking in emerging economies. This book extends the research on the political economy of central banking by focusing on the emerging economies in Asia, Africa, Latin America, and the European periphery. Central banks are at the heart of economic policymaking, and their decisions have a significant impact on the social and economic well-being of citizens. Adopting an interdisciplinary political economy perspective, the contributions in this book explore the reciprocal relations between politics, economics, and central banks, and how the global and domestic political economy contexts influence central bank practices. The chapters employ diverse theoretical perspectives such as institutional and organizational theory, developmental state resource dependency, and gender studies, drawing on disciplines ranging from politics, international relations, public policy, management, finance, and sociology. This book will appeal to academics and students of central banking, political economy, and emerging economies, as well as professionals and policymakers engaged with central banks, monetary policy, and economic development.

Foreign Exchange Intervention in Inflation Targeters in Latin America

Author : Mr.Marcos d Chamon
Publisher : International Monetary Fund
ISBN 13 : 1484375688
Total Pages : 320 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Foreign Exchange Intervention in Inflation Targeters in Latin America by : Mr.Marcos d Chamon

Download or read book Foreign Exchange Intervention in Inflation Targeters in Latin America written by Mr.Marcos d Chamon and published by International Monetary Fund. This book was released on 2019-02-28 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. The main lesson from Latin America’s foreign exchange interventions, in the context of inflation targeting, is that the region has had a considerable degree of success. Transparency and a clear communication policy have been key. For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets. The Latin American experience can help other countries in the design and implementation of their policies.

The Impact of the Global Financial Crisis on Emerging Financial Markets

Author : Jonathan Batten
Publisher : Emerald Group Publishing
ISBN 13 : 0857247549
Total Pages : 732 pages
Book Rating : 4.8/5 (572 download)

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Book Synopsis The Impact of the Global Financial Crisis on Emerging Financial Markets by : Jonathan Batten

Download or read book The Impact of the Global Financial Crisis on Emerging Financial Markets written by Jonathan Batten and published by Emerald Group Publishing. This book was released on 2011-03-02 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Financial Crisis of 2007-2009 has highlighted the resilience of the financial markets and economies from the developing world. This title investigates and assesses the impact and response to the crisis from an emerging markets perspective including asset pricing, contagion, financial intermediation, market structure and regulation.

Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency

Author : Steve Brito
Publisher : International Monetary Fund
ISBN 13 : 1484339711
Total Pages : 18 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency by : Steve Brito

Download or read book Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency written by Steve Brito and published by International Monetary Fund. This book was released on 2018-01-25 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the determinants of disagreement about future inflation in a large and diverse sample of countries, focusing on the role of monetary policy frameworks. We offer novel insights that allow us to reconcile mixed findings in the literature on the benefits of inflation targeting regimes and central bank transparency. The reduction in disagreement that follows the adoption of inflation targeting is entirely due to increased central bank transparency. Since the benefits of increased transparency are non-linear, the gains from inflation targeting adoption have accrued mainly to countries that started from a low level of transparency. These have tended to be developing countries.

Economic Review

Author :
Publisher :
ISBN 13 :
Total Pages : 606 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis Economic Review by :

Download or read book Economic Review written by and published by . This book was released on 2006 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Brazil

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1475553226
Total Pages : 159 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Brazil by : International Monetary Fund. Western Hemisphere Dept.

Download or read book Brazil written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2016-11-15 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the importance of financial market developments for the business cycle in Brazil. The results underscore the importance of macro-financial linkages and highlight risks to the recovery going forward. Although some of the rise in credit growth in Brazil can be attributed to financial deepening and rising income levels, it may have implications for economic activity going forward. Cross-country evidence suggests that periods of easy financial conditions can amplify economic fluctuations and possibly lead to adverse economic outcomes. To explore the nexus between the financial cycle and business cycle, cycles are estimated using a variety of commonly-used statistical methods and with a small, semi-structural model of the Brazilian economy. An advantage of using the model-based approach is that financial and business cycles can be jointly estimated, allowing information from all key economic relationships to be used in a consistent way. Financial sector developments are found to be an important source of macroeconomic fluctuations. Financial accelerator models highlight the role of credit and asset prices in shaping the business cycle.

Regional Economic Outlook, April 2018, Western Hemisphere Department

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484339878
Total Pages : 134 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Regional Economic Outlook, April 2018, Western Hemisphere Department by : International Monetary Fund. Western Hemisphere Dept.

Download or read book Regional Economic Outlook, April 2018, Western Hemisphere Department written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2018-05-11 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy and global trade are experiencing a broad-based cyclical upswing. Since October 2017, global growth outcomes and the outlook for 2018–19 have improved across all regions, reinforced by the expected positive near-term spillovers from tax policy changes in the United States. Accommodative global financial conditions, despite some tightening and market volatility in early February 2018, have been providing support to economic recovery. Higher commodity prices are contributing to an improved outlook for commodity exporters. The US and Canadian economies posted solid gains in 2017 and are expected to grow above potential in the near term. Despite the improved near-term outlook, however, medium-term prospects are tilted downwards. Growth prospects for advanced economies are subdued and many emerging market and developing economies are projected to grow in per capita terms more slowly than advanced economies, raising concerns about income convergence. While risks appear broadly balanced in the near term, they skew to the downside over the medium term, including a possible sharp tightening of financial conditions, waning popular support for global economic integration, growing trade tensions and risks of a shift toward protectionist policies, and geopolitical strains.