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Uncertainty and monetary policy

Mayes, David and Montagnoli, Alberto (2011) Uncertainty and monetary policy. [Conference Proceedings] (Submitted)

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    Abstract

    Using the minutes of decision-,making committee meetings we analyse how the Bank of England, the Czech National Bank and the Sveriges Riksbank communicate uncertainty in their discussion of the setting of a forward-looking monetary policy. The aim is to test whether information about uncertainty in the minutes helps explain interest rate settings. We find that to show the effect of uncertainty it needs to be clear what the uncertainty is about, output or inflation for example. We also show that there is a relationship between the level of uncertainty expressed and the degree of disagreement in the committees.

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    Item Type: Conference Proceedings
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > University of Malta, Institute for European Studies > Euro-Med Integration and the 'Ring of Friends': The Mediterranean's European Challenge - Vol. IV
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 06 Mar 2018 14:55
    Number of Pages: 21
    Last Modified: 06 Mar 2018 14:55
    URI: http://aei.pitt.edu/id/eprint/52956

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