Writing Clearly

Author: Mr. Martin Cihák
Editor: International Monetary Fund
ISBN: 1451915632
File Size: 46,37 MB
Format: PDF, ePub
Read: 6118
Download

The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB''s written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB''s Monthly Bulletins helps to improve communication clarity compared to ECB''s press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin''s communication on monetary shocks has a negative, albeit small, impact on clarity.

Writing Clearly

Author: Aleš Buliř
Editor:
ISBN:
File Size: 67,67 MB
Format: PDF, ePub, Mobi
Read: 4341
Download

The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity.

Central Bank Communication Decision Making And Governance

Author: Pierre L. Siklos
Editor: MIT Press
ISBN: 0262018934
File Size: 68,34 MB
Format: PDF, ePub, Mobi
Read: 5538
Download

Experts analyze the recent emphasis on central communication as an additional policy and accountability device.

Computable Constructive Behavioural Economic Dynamics

Author: Stefano Zambelli
Editor: Routledge
ISBN: 1135272530
File Size: 16,50 MB
Format: PDF, ePub
Read: 4087
Download

The book contains thirty original articles dealing with important aspects of theoretical as well as applied economic theory. While the principal focus is on: the computational and algorithmic nature of economic dynamics; individual as well as collective decision process and rational behavior, some contributions emphasize also the importance of classical recursion theory and constructive mathematics for dynamical systems, business cycles theories, growth theories, and others are in the area of history of thought, methodology and behavioural economics. The contributors range from Nobel Laureates to the promising new generation of innovative thinkers. This volume is also a Festschrift in honour of Professor Kumaraswamy Vela Velupillai, the founder of Computable Economics, a growing field of research where important results stemming from classical recursion theory and constructive mathematics are applied to economic theory. The aim and hope is to provide new tools for economic modelling. This book will be of particular appeal to postgraduate students and scholars in one or more of the following fields: computable economics, business cycles, macroeconomics, growth theories, methodology, behavioural economics, financial economics, experimental and agent based economics. It might be also of importance to those interested on the general theme of algorithmic foundations for social sciences.

Clarity Of Central Bank Communication About Inflation

Author: Mr. Ales Bulir
Editor: International Monetary Fund
ISBN: 1463992157
File Size: 76,28 MB
Format: PDF, Kindle
Read: 972
Download

This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010. Overall, we find no strong indications that central banks were less clear in explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis, however, did have a negative impact on clarity of central bank communication.

Imf Research Bulletin December 2008

Author: Antonio Spilimbergo
Editor: International Monetary Fund
ISBN: 1451959540
File Size: 14,35 MB
Format: PDF, ePub, Docs
Read: 2100
Download

December 2008: IMF research summaries on global herding in financial markets (by Marco Cipriani) and on fiscal decentralization (by Lusine Lusinyan); article on the experiences of IMF staff at the Nobel Laureate Meetings in Lindau, Germany (by Chris Crowe); listing of visiting scholars at the IMF during August–December 2008; listing of contents of Vol. 55 No. 4 of IMF Staff Papers; listing of recent IMF Working Papers; listing of recent external publications by IMF staff; and a Call for Papers for an upcoming conference on structural reforms.

The Economist

Author:
Editor:
ISBN:
File Size: 22,64 MB
Format: PDF, ePub, Mobi
Read: 1612
Download


The Long Journey Of Central Bank Communication

Author: Otmar Issing
Editor: MIT Press
ISBN: 0262537850
File Size: 56,29 MB
Format: PDF, Kindle
Read: 6906
Download

A leading economist and former central banker discusses the evolution of central bank communication from secretiveness to transparency and accountability. Central bank communication has evolved from secretiveness to transparency and accountability—from a reluctance to give out any information at all to the belief in communication as a panacea for effective policy. In this book, Otmar Issing, himself a former central banker, discusses the journey toward transparency in central bank communication. Issing traces the development of transparency, examining the Bank of England as an example of extreme reticence and European Central Bank's President Mario Draghi as a practitioner of effective communication. He argues that the ultimate goal of central bank communication is to make monetary policy more effective, and describes the practice and theory of communication as an evolutionary process. For a long time, the Federal Reserve never made its monetary policy decisions public; the European Central Bank, on the other hand, had to adopt a modern communication strategy from the outset. Issing discusses the importance of guiding expectations in central bank communication, and points to financial markets as the most important recipients of this communication. He discusses the obligations of accountability and transparency, although he notes that total transparency is a “mirage.” Issing argues that the central message to the public must always be that the stability of a nation's currency is the bank's priority.

Re Examining Monetary And Fiscal Policy For The 21st Century

Author: Philip Arestis
Editor: Edward Elgar Pub
ISBN:
File Size: 77,60 MB
Format: PDF, ePub, Mobi
Read: 1344
Download

This book provides a much-needed re-examination of monetary and fiscal policies, their application in the real world and their potential for macroeconomic policy in the 21st century. It provides a detailed discussion and critique of the 'new consensus' in macroeconomics along with the monetary and fiscal policies encapsulated within it. The authors argue that monetary policy is an ineffective means of controlling inflation and, if not used properly, can also have detrimental effects on the supply-side of the economy. They further contend that fiscal policy remains a potent instrument for influencing aggregate demand. Using detailed analysis the authors emphasise the role of capacity constraints as possible inflation barriers and argue against the NAIRU as a labour market phenomenon. The book concludes by critically examining the economic policies of the European Economic and Monetary Union.Written by two of the leading scholars in the field, this provocative new volume is concise, well argued and rich in new insights. It will interest all those concerned with the current problems and future development of monetary and fiscal policy.

Review

Author:
Editor:
ISBN:
File Size: 29,45 MB
Format: PDF, Mobi
Read: 5385
Download


Review Federal Reserve Bank Of St Louis

Author: Federal Reserve Bank of St. Louis
Editor:
ISBN:
File Size: 44,74 MB
Format: PDF, ePub, Mobi
Read: 3715
Download


The Road To Emu

Author:
Editor:
ISBN:
File Size: 74,91 MB
Format: PDF, ePub, Mobi
Read: 7024
Download


Europe Government And Money

Author: Federal Trust for Education and Research
Editor: Federal Trust
ISBN:
File Size: 39,64 MB
Format: PDF, ePub, Docs
Read: 9117
Download

One of the questions about running EMU is whether different strands of macroeconomic policy should be co-ordinated. This work covers the case for and against having an explicit co-ordination of fiscal and monetary policy, with essays from two of the leading architects of the current system.

Economic And Monetary Union

Author: Rory O'Donnell
Editor:
ISBN:
File Size: 23,55 MB
Format: PDF, ePub, Docs
Read: 2159
Download


Emu

Author:
Editor:
ISBN:
File Size: 80,45 MB
Format: PDF, Mobi
Read: 6881
Download


Euro Papers

Author:
Editor:
ISBN:
File Size: 78,83 MB
Format: PDF
Read: 5304
Download


The New European Union Enlargement

Author: Jérôme Creel
Editor:
ISBN:
File Size: 61,22 MB
Format: PDF
Read: 8632
Download


Aspects Of Modern Monetary And Macroeconomic Policies

Author: Philip Arestis
Editor: Palgrave MacMillan
ISBN:
File Size: 37,43 MB
Format: PDF
Read: 7739
Download

Within the New Consensus Macroeconomics, monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. This book raises problems relating to this new monetary and macroeconomic policy.