Hawks and Doves: Deeds and Words - Economics and Politics of Monetary Policymaking

Sylvester Eijffinger, Donato Masciandaro 12 February 2018



Table of Contents


1 Introduction
Sylvester Eijffinger and Donato Masciandaro

Part One: Monetary policy and central bank governance

2 Potential threats to central bank independence
Charles Goodhart and Rosa Lastra

3 The uncertain future of central bank independence
Otmar Issing

4 Monetary policy committees: Voting and preferences
Sylvester Eijffinger and Louis Raes

5 Perceived FOMC: The making of hawks, doves and swingers
Michael Bordo and Klodiana Istrefi

6 Making sense of hawkish and dovish monetary policy in an inflationtargeting environment: Lessons from Canada 
Domenico Lombardi, Pierre L. Siklos and Samantha St. Amand

7 Monetary policy committees: Voting and deliberation
Alessandro Riboni and Francisco Ruge-Murcia

8 Doves, hawks, and pigeons: Monetary policymaking and behavioural biases
Donato Masciandaro

9 Stability, governance, and rules: Monetary policy without committees
Forrest Capie and Geoffrey Wood

10 Central bank policies after the crisis
Alan Blinder, Michael Ehrmann, Jakob de Haan and David-Jan Jansen

11 The behaviour of the money multiplier during and after the Global Crisis: Implications for the transmission mechanism of monetary policy
Alex Cukierman

12 Monetary policy and fiscal discipline: How the ECB planted the seeds of the euro area crisis
Athanasios Orphanides

Part Two: Monetary policy and central bank communication

13 More, and more forward-looking: Central bank communication after the crisis
Günter Coenen, Michael Ehrmann, Gaetano Gaballo, Peter Hoffmann, Anton Nakov, Stefano Nardelli, Eric Persson and Georg Strasser

14 Central bank communication strategies: A computer-based narrative analysis of the Bank of Japan’s Governor Kuroda
Yosuke Takeda and Masayuki Keida

15 How central bank communication generates market news
Stephen Hansen and Michael McMahon

Professor of Financial Economics at Tilburg University, President of the Tilburg University Society and CEPR Research Fellow

Full Professor of Economics, and Chair in Economics of Financial Regulation, Bocconi University


CEPR Policy Research