The Determinants and Properties of Monetary Conditions [E-Book]: Direct Survey Evidence from New Zealand / Andreas Fischer and Adrian Orr
In the absence of a generally accepted indicator of monetary conditions the current and expected stance of monetary policy remains undefined. However, the Reserve Bank of New Zealand, by directly surveying perceived and expected monetary conditions, have enabled both a mean index of current and futu...
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Full text |
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Personal Name(s): | Fischer, Andreas. |
Orr, Adrian. | |
Imprint: |
Paris :
OECD Publishing,
1994
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Physical Description: |
34 p. ; 21 x 29.7cm. |
Note: |
englisch |
DOI: |
10.1787/528200201458 |
Series Title: |
/* Depending on the record driver, $field may either be an array with
"name" and "number" keys or a flat string containing only the series
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OECD Economics Department Working Papers ;
150 |
Keywords: |
Economics New Zealand |
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245 | 1 | 4 | |a The Determinants and Properties of Monetary Conditions |h [E-Book]: |b Direct Survey Evidence from New Zealand / |c Andreas Fischer and Adrian Orr |
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490 | |a OECD Economics Department Working Papers ; |v 150 | ||
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520 | 3 | |a In the absence of a generally accepted indicator of monetary conditions the current and expected stance of monetary policy remains undefined. However, the Reserve Bank of New Zealand, by directly surveying perceived and expected monetary conditions, have enabled both a mean index of current and future monetary conditions, as well as a proxy of respondents’ uncertainty, to be generated. The principal determinants and properties of these survey responses are examined in this paper, including whether: central bank announcements dominate economic fundamentals in determining conditions; the responses are consistent over varying time horizons; and the responses are symmetrical to both a tightening and loosening in policy. The determinants of uncertainty regarding the policy-stance are also investigated empirically. The results indicate that: responses to monetary conditions are highly influenced by the recent past; respondents tend to exaggerate the implications of their short-term ... | |
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