The Resource Market predictability of ECB monetary policy decisions : a comparative examination, Kevin Ross

Market predictability of ECB monetary policy decisions : a comparative examination, Kevin Ross

Label
Market predictability of ECB monetary policy decisions : a comparative examination
Title
Market predictability of ECB monetary policy decisions
Title remainder
a comparative examination
Statement of responsibility
Kevin Ross
Creator
Contributor
Subject
Genre
Language
eng
Summary
Many surveys of the ECB's monetary framework emphasize the inability of financial markets to correctly predict monetary policy decisions. At the same time, these surveys of financial market participants have given relatively high marks to the United States Federal Reserve and the Bank of England on their ability to be understood by financial markets. Against this background, this paper examines the ability of financial markets to correctly anticipate these three central bank policy decisions over the first 3 1/2 years of the ECB. The paper relies on calculations that market participants employ in anticipating policy changes and on term structure regressions that provide ex post evidence of market surprises. While the results suggest that all three central banks are broadly predictable, markets have had difficulty anticipating large changes and cuts in ECB policy interest rates. These surprises may be tied to the large number of policy meetings, particular characteristics of the EONIA money market, and the unique circumstances of the ECB. An added factor may be the absence of a consistent policy on communicating the current stance-if any-of the ECB's policy bias on the future direction of interest rates
Member of
Action
digitized
Cataloging source
OCLCE
Illustrations
illustrations
Index
no index present
LC call number
HG3881.5.I58
LC item number
W67 no.02/233
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
IMF working paper
Series volume
WP/02/233
Label
Market predictability of ECB monetary policy decisions : a comparative examination, Kevin Ross
Publication
Note
  • "December 2002"--Page [1]
  • At head of title: European I Department
  • Cover title
Antecedent source
file reproduced from original
Bibliography note
Includes bibliographical references (pages 25-26)
http://library.link/vocab/branchCode
  • net
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
black and white
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
ocn646964190
Dimensions
unknown
Extent
1 online resource (26 pages)
File format
one file format
Form of item
online
Isbn
9781451920208
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other physical details
illustrations
http://library.link/vocab/recordID
.b37172098
Reproduction note
Electronic reproduction.
Specific material designation
remote
System control number
  • (OCoLC)646964190
  • imf1283516217
System details
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.

Library Locations

    • Deakin University Library - Geelong Waurn Ponds CampusBorrow it
      75 Pigdons Road, Waurn Ponds, Victoria, 3216, AU
      -38.195656 144.304955
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