Do Central Banks Respond Timely to Developments in the Global Economy?

Hilde C. Bj⊘rnland, Leif Thorsrud and Sepideh Khayati Zahiri
Authors registered in the RePEc Author Service: Hilde Christiane Bjørnland ()

Oxford Bulletin of Economics and Statistics, 2020, vol. 82, issue 2, 285-310

Abstract: Our analysis suggests; they do not! We arrive at this conclusion by showing that revisions to the published interest rate path projections from the central banks in New Zealand, Norway and Sweden can be predicted by timely and forward‐looking international indicators. Furthermore, using individual country and Panel VARs, identified with an external instrument method, we show that the policy surprises induced by the predictable revisions likely contain information about how the central banks assess past, current and future economic conditions and thereby leads to a positive co‐movement between the interest rate and both financial markets and the macroeconomy.

Date: 2020
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://doi.org/10.1111/obes.12335

Related works:
Working Paper: Do central banks respond timely to developments in the global economy? (2017)
Working Paper: Do central banks respond timely to developments in the global economy? (2016)
Working Paper: Do central banks respond timely to developments in the global economy? (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:obuest:v:82:y:2020:i:2:p:285-310

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0305-9049

Access Statistics for this article

Oxford Bulletin of Economics and Statistics is currently edited by Christopher Adam, Anindya Banerjee, Christopher Bowdler, David Hendry, Adriaan Kalwij, John Knight and Jonathan Temple

More articles in Oxford Bulletin of Economics and Statistics from Department of Economics, University of Oxford Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().