Number of the records: 1
Central banks’ voting records and future policy
- 1.0388302 - NHU-C 2013 RIV US eng J - Journal Article
Horváth, R. - Šmídková, K. - Zápal, Jan
Central banks’ voting records and future policy.
International Journal of Central Banking. Roč. 8, č. 4 (2012), s. 1-19. ISSN 1815-4654. E-ISSN 1815-7556
Institutional support: PRVOUK-P23
Keywords : monetary policy * voting record * transparency
Subject RIV: AH - Economics
Impact factor: 0.895, year: 2012
http://www.ijcb.org/journal/ijcb12q4a1.pdf
We assess whether the voting records of central bank boards are informative about future monetary policy using data on five inflation-targeting countries (the Czech Republic, Hungary, Poland, Sweden, and the United Kingdom). We find that in all countries the voting records, namely the difference between the average voted-for and actually implemented policy rate, signal future monetary policy, making a case for publishing the records. This result holds even if we control for the financial market expectations, include the voting records from the period covering the current global financial crisis, and examine the differences in timing and style of the voting record announcements.
Permanent Link: http://hdl.handle.net/11104/0217155
Number of the records: 1