The Use of Financial Market Indicators by Monetary Authorities:
In a new and changing environment for monetary policy, an interesting issue to examine is the use of financial market indicators by monetary policy authorities. With this in mind, the OECD canvassed a number of major central banks to get their views. This paper presents a synthesis of the responses...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
1999
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | In a new and changing environment for monetary policy, an interesting issue to examine is the use of financial market indicators by monetary policy authorities. With this in mind, the OECD canvassed a number of major central banks to get their views. This paper presents a synthesis of the responses and respects the confidentiality of individual central banks. Its main conclusions are as follows. In principle, financial market variables can provide additional information regarding the shocks that strike the economy, such as their perceived size and source as well as the process of feeding through the economy. A complementary function is to gauge market anticipations and reactions to policy changes, including the credibility of policy objectives. Regarding policy setting, monetary authorities are clearly aware of the dangers of mechanically targeting this information, which could lead to circularities. However, in some cases, they seem to find financial market indicators useful in ... |
| Beschreibung: | 1 Online-Ressource (32 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/853022881453 |
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Datensatz im Suchindex
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| spelling | Mylonas, Paul Verfasser aut The Use of Financial Market Indicators by Monetary Authorities Paul Mylonas and Sebastian Schich Paris OECD Publishing 1999 1 Online-Ressource (32 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers In a new and changing environment for monetary policy, an interesting issue to examine is the use of financial market indicators by monetary policy authorities. With this in mind, the OECD canvassed a number of major central banks to get their views. This paper presents a synthesis of the responses and respects the confidentiality of individual central banks. Its main conclusions are as follows. In principle, financial market variables can provide additional information regarding the shocks that strike the economy, such as their perceived size and source as well as the process of feeding through the economy. A complementary function is to gauge market anticipations and reactions to policy changes, including the credibility of policy objectives. Regarding policy setting, monetary authorities are clearly aware of the dangers of mechanically targeting this information, which could lead to circularities. However, in some cases, they seem to find financial market indicators useful in ... Economics Schich, Sebastian ctb https://doi.org/10.1787/853022881453 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Mylonas, Paul The Use of Financial Market Indicators by Monetary Authorities Economics |
| title | The Use of Financial Market Indicators by Monetary Authorities |
| title_auth | The Use of Financial Market Indicators by Monetary Authorities |
| title_exact_search | The Use of Financial Market Indicators by Monetary Authorities |
| title_exact_search_txtP | The Use of Financial Market Indicators by Monetary Authorities |
| title_full | The Use of Financial Market Indicators by Monetary Authorities Paul Mylonas and Sebastian Schich |
| title_fullStr | The Use of Financial Market Indicators by Monetary Authorities Paul Mylonas and Sebastian Schich |
| title_full_unstemmed | The Use of Financial Market Indicators by Monetary Authorities Paul Mylonas and Sebastian Schich |
| title_short | The Use of Financial Market Indicators by Monetary Authorities |
| title_sort | the use of financial market indicators by monetary authorities |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/853022881453 |
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