tailieunhanh - Central Bank Transparency, the Accuracy of Professional Forecasts, and Interest Rate Volatility

Each of these explanations has different policy implications. Should policymakers try to address external imbalances, increase nancial regulation or redesign the monetary policy framework to prevent future crises? To shed light on this question, we analyse the impact of both monetary policy and capital in ows shocks on the housing sector across 18 OECD countries. We also assess whether the degree of mortgage market development or legislation permitting issuance of mortgage-backed securities amplify or dampen the impact of these shocks on the housing sector | Federal Reserve Bank of New York Staff Reports Central Bank Transparency the Accuracy of Professional Forecasts and Interest Rate Volatility Menno Middeldorp Staff Report no. 496 May 2011 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in this paper are those of the author and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author. Central Bank Transparency the Accuracy of Professional Forecasts and Interest Rate Volatility Menno Middeldorp Federal Reserve Bank of New York Staff Reports no. 496 May 2011 JEL classification D83 E47 E58 G14 Abstract Central banks worldwide have become more transparent. An important reason is that democratic societies expect more openness from public institutions. Policymakers also see transparency as a way to improve the predictability of monetary policy thereby lowering interest rate volatility and contributing to economic stability. Most empirical studies support this view. However there are three reasons why more research is needed. First some mostly theoretical work suggests that transparency has an adverse effect on predictability. Second empirical studies have mostly focused on average predictability before and after specific reforms in a small set of advanced economies. Third less is known about the effect on interest rate volatility. To extend the literature I use the Dincer and Eichengreen 2007 transparency index for twenty-four economies of varying income and examine the impact of transparency on both predictability and market volatility. I find that higher transparency improves the accuracy of interest rate forecasts for three months ahead and reduces rate volatility. Key words Central bank communication interest rate forecasts central bank transparency financial market .

• Ngân hàng - Tín dụng
• Volatile Constituents
• Herbal Medicines
• Gas Chromatography
• Designing Novel Functional
• Chromatography
• Chemical Composition
• BMC Chemistry
• Gracilaria lemaneiformis
• Sustainable extraction
• Agar industry
• Chemical sciences
• Biological sciences
• Pandanus tectorius Parkins ex J P du Roi
• Colatile constituents
• Fractional extracts
• Tạp chí khoa học
• Paramignya trimera
• Volatile compounds
• The Hon Heo Commune
• Cytotoxic activity towards KB
• Secondary Metabolites
• Qualitative and Quantitative
• Determinations
• Some Herbal
• olive oil
• chemistry
• technology
• quality assessment
• Olive Oil Composition
• Fluorescence Spectroscopy