Download or read book Monetary Policy Committees Learning and Communication written by Anke Weber and published by International Monetary Fund. This book was released on 2010-04-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing.
Download or read book Communication in Monetary Policy Committees written by Jan Marc Berk and published by . This book was released on 2005 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Communication Decision Making and the Optimal Degree of Transparency of Monetary Policy Committees written by Anke Weber and published by . This book was released on 2016 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a theoretical model of dynamic decision-making of a monetary policy committee with heterogeneous members. It investigates the optimal transparency, and the optimal way of transmitting information of committees, by analysing the effects different communication strategies have on financial markets. It is shown that the communication strategy of the central bank committee has a significant effect on the predictability of monetary policy decisions when there is asymmetric information between the committee and market agents. Transparency about the diversity of views of the committee surrounding the economic outlook makes future monetary policy more predictable. However, communicating the diversity of views regarding monetary policy decisions may lead to less predictability of monetary policy in the short term. In addition, it is shown that communication in the form of voting records has the greatest effect on market participants' near term policy expectations. These results support findings of the empirical literature and have strong implications for the optimal communication strategies of committees including the question whether individual voting records should be published.
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Download or read book Communication in Monetary Policy written by and published by . This book was released on 2022 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the importance of communication of monetary policy in the light of the complex challenges central banks face post-GFC in their role as "crisis managers", confronting financial stability concerns, the economic consequences of the COVID-19 pandemic and the risks arising from climate change and unsustainable activities. Effective central bank communication becomes ever more critical in order to preserve credibility and legitimacy. Such communication is an important component of accountability. This paper does not deal with the supervisory function of the ECB; the focus is the monetary policy of the ECB.
Download or read book Elements of Optimal Monetary Policy Committee Design written by Jérôme Vandenbussche and published by International Monetary Fund. This book was released on 2006-12 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research.
Download or read book Talking about Monetary Policy written by Alan S. Blinder and published by . This book was released on 2009 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Policy Committees and Communication written by Jan F. Qvigstad and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Remarks on Making Monetary Policy by Committee written by Paul Tucker and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In these remarks, Paul Tucker, Executive Director for Markets and Monetary Policy Committee (MPC) member, notes that social, political and historic factors affect the choice of monetary policy decision-making structures in different countries. In the United Kingdom, the MPC sets Bank Rate on a one member, one vote basis, and so compared with other central banks, is at the 'individualistic' end of the spectrum. But there are centripetal forces at work too: MPC members are incentivised to listen to one another, learn and persuade by careful analysis; and some MPC communications, such as the quarterly Inflation Report, are based on a shared understanding of the economy. The more collective Committee statements provide a backdrop for individual members' statements, and help to reduce the risk, aired by some commentators, of 'cacophony' in communications impeding the effectiveness of policy. As for the current conjuncture, he notes that because of the financial market turmoil, the short-term risk-free rate of interest may not be a summary statistic of monetary conditions in the usual way. Consequently it is necessary to undertake a richer analysis of monetary and credit conditions.
Download or read book Central Bank Communication Decision Making and Governance written by Pierre L. Siklos and published by MIT Press. This book was released on 2013 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts analyze the recent emphasis on central communication as an additional policy and accountability device.
Download or read book How Do Central Banks Talk written by Alan S. Blinder and published by Centre for Economic Policy Research. This book was released on 2001 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.
Download or read book MPC Monetary Communication written by Delia Sih Chien Macaluso and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Download or read book Communication Complexity and Credibility of Monetary Policy written by and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: With growing complexity of monetary policy following the global financial crisis, communication gradually became mission-critical for central banks in order to preserve legitimacy and credibility. The public, legislators and financial market participants each require a different type and channel of communication. Looking forward, the aftermath of the COVID-19 crisis will bring considerable challenges for the European Central Bank (ECB)'s communication and accountability in the context of the complex and uncertain future interplay between price stability, financial stability and public debt sustainability in the euro area. Three papers were prepared by the ECON Committee's Monetary Expert Panel on this topic. This publication is provided by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President on 7 February 2022.
Download or read book Committee Decisions on Monetary Policy written by Henry W. Chappell, Jr. and published by MIT Press. This book was released on 2004-12-30 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices. To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s.
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Download or read book Super PACs written by Louise I. Gerdes and published by Greenhaven Publishing LLC. This book was released on 2014-05-20 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: The passage of Citizens United by the Supreme Court in 2010 sparked a renewed debate about campaign spending by large political action committees, or Super PACs. Its ruling said that it is okay for corporations and labor unions to spend as much as they want in advertising and other methods to convince people to vote for or against a candidate. This book provides a wide range of opinions on the issue. Includes primary and secondary sources from a variety of perspectives; eyewitnesses, scientific journals, government officials, and many others.
