为什么央行宣布注入流动性比前瞻性指引更有效

IF 1.3 4区经济学 Q3 BUSINESS, FINANCE International Finance Pub Date : 2021-04-07 DOI:10.1111/infi.12389

Martin Baumgärtner, Jens Klose

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引用次数: 0

摘要

我们使用测量欧洲央行货币政策决定影响的高频数据集来区分常规和非常规货币政策措施对宏观经济变量的公告效应。在2002年至2019年期间，我们发现常规和非常规货币政策措施对通胀的影响存在很大差异。虽然常规措施显示出预期的反应，即降息会增加通胀，但非常规措施似乎通常没有显著影响。然而，这并不适用于量化宽松政策，研究发现，量化宽松政策对通胀的影响与常规利率变化相似。

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Why central banks announcing liquidity injections is more effective than forward guidance

We distinguish the announcement effects of conventional and unconventional monetary policy measures on macroeconomic variables using a high-frequency data set that measures the impact of the European Central Bank's monetary policy decisions. For the period 2002 to 2019, we show that conventional and unconventional monetary policy measures differ considerably in their impact on inflation. While conventional measures show the expected response, that is, an interest rate cut increases inflation, unconventional measures appear to generally have no significant influence. However, this does not hold for quantitative easing, which is found to have a similar influence on inflation as the conventional interest rate changes.

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来源期刊

International Finance Multiple-

CiteScore

2.50

自引率

8.30%

发文量

期刊介绍： International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.