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Inflaation voimakas kiihtyminen on käynnistänyt rahapolitiikan normalisoinnin, jossa rahoitusoloja kiristetään esimerkiksi nostamalla ohjauskorkoja. Keskuspankit ovat siirtymässä epätavanomaisista rahapolitiikkatoimista ...

Selvityksessä tarkastella keskuspankkien riippumattomuutta ETA-maissa ja muutamassa muussa maassa. Keskuspankit ovat erittäin itsenäisiä Chilessä, Saksassa ja Sveitsissä. Itävallan, Suomen ja Yhdysvaltain keskuspankit ovat ...

We estimate several monetary policy rules for Russia for the period 2003–2015. We find that the traditional Taylor rule describes the conduct of monetary policy in Russia reasonably well, whether coefficients are restricted ...

We test for bias and efficiency of the ECB inflation forecasts using a confidential dataset of ECB macroeconomic quarterly projections. We investigate whether the properties of the forecasts depend on the level of inflation, ...

Communication targeting households and firms has become a stand-alone policy tool of many central banks. But which forms of communication, if any, can reach ordinary people and manage their economic expectations effectively? ...

A global renminbi needs to be backed by a large, deep and liquid renminbi bond market with a world-class Chinese government bond (CGB) market as its core. China’s CGB market is the seventh largest in the world while sitting ...

This paper tests whether the People's Bank of China's communication affects expectations of market participants and matters as a monetary policy instrument. For that purpose, we first rely on a computational linguistic ...

It is argued that if in a dynamic context a central bank wants to signal its commitment to non-inflationary policies an EMS membership makes its task easier by requiring less restrictive policies than if it stays outo ...