Research Catalog

Title

The Use of Financial Market Indicators by Monetary Authorities [electronic resource] / Paul Mylonas and Sebastian Schich

Author

Mylonas, Paul.

Publication

Paris : OECD Publishing, 1999.

Details

Additional Authors

Schich, Sebastian.

Description

33 p.; 21 x 29.7cm.

Summary

In a new and changing environment for monetary policy, an interesting issue to examine is the use of financial market indicators by monetary policy authorities. With this in mind, the OECD canvassed a number of major central banks to get their views. This paper presents a synthesis of the responses and respects the confidentiality of individual central banks. Its main conclusions are as follows. In principle, financial market variables can provide additional information regarding the shocks that strike the economy, such as their perceived size and source as well as the process of feeding through the economy. A complementary function is to gauge market anticipations and reactions to policy changes, including the credibility of policy objectives. Regarding policy setting, monetary authorities are clearly aware of the dangers of mechanically targeting this information, which could lead to circularities. However, in some cases, they seem to find financial market indicators useful in ...

Series Statement

OECD Economics Department Working Papers, 1815-1973 ; no.223

Uniform Title

OECD Economics Department Working Papers, no.223.

Subject

Economics

LCCN

10.1787/853022881453

OCLC

oecd-lib-000921

Author

Mylonas, Paul.

Title

The Use of Financial Market Indicators by Monetary Authorities [electronic resource] / Paul Mylonas and Sebastian Schich

Imprint

Paris : OECD Publishing, 1999.

Series

OECD Economics Department Working Papers, 1815-1973 ; no.223

OECD Economics Department Working Papers, 1815-1973 ; no.223.

Connect to:

http://dx.doi.org/10.1787/853022881453

Indexed Term

Economics

Added Author

Schich, Sebastian.

Other Standard Identifier

10.1787/853022881453 doi