Voting in central banks: An empirical analysis
| Název práce v češtině: | Hlasování v centrálních bankách: Empirická analýza |
|---|---|
| Název v anglickém jazyce: | Voting in central banks: An empirical analysis |
| Klíčová slova: | hlasování, transparence měnové politiky, centrální banky |
| Klíčová slova anglicky: | voting, monetary policy transparency, central banks |
| Akademický rok vypsání: | 2012/2013 |
| Typ práce: | bakalářská práce |
| Jazyk práce: | angličtina |
| Ústav: | Institut ekonomických studií (23-IES) |
| Vedoucí / školitel: | prof. Roman Horváth, Ph.D. |
| Řešitel: | skrytý - zadáno vedoucím/školitelem |
| Datum přihlášení: | 13.04.2013 |
| Datum zadání: | 13.04.2013 |
| Datum a čas obhajoby: | 09.09.2014 08:00 |
| Místo konání obhajoby: | IES |
| Datum odevzdání elektronické podoby: | 29.07.2014 |
| Datum proběhlé obhajoby: | 09.09.2014 |
| Oponenti: | PhDr. Tereza Fišerová |
| Kontrola URKUND: | |
| Seznam odborné literatury |
| Andersson, M., H.Dillen, and P.Sellin. 2006. “Monetary Policy Signaling and Movements in the Term Structure of Interest Rates.” Journal of Monetary Economics 53 (8): 1815–55.
Brooks, R., M. Harris, and C. Spencer. 2008. “An Inflated Ordered Probit Model of Monetary Policy: Evidence from MPC Voting Data.” MPRA Paper No. 8509, University Library of Munich, Germany. Gerlach-Kristen, P. 2004. “Is the MPC’s Voting Record Informative about Future UK Monetary Policy?” Scandinavian Journal of Economics 106 (2): 299–313. Horváth, R., K. Šmídková, and J. Zápal. (2012). “Central Banks’ Voting Records and Future Policy.” International Journal of Central Banking 8 (4): 1–19. |
| Předběžná náplň práce |
| The aim of this bachelor thesis is to examine whether publishing voting records can increase predictability of certain central banks. We will focus our research on the central banks of these inflation targeting countries: the Czech Republic, Hungary, Poland, Sweden, and the United Kingdom. We will try to answer the question whether the voting records can signal future monetary policy at next policy meeting. The uniqueness of this thesis stems from the fact that we will also examine the possible existence of signals of the monetary policy at longer horizons. Then, we will compare the results based on the data from the period before and during the financial crisis. We will use ordered probit model due to the discrete nature of the data. Finally, we expect we will analyze the sensitivity of the response of the financial markets to the voting of the governors and new members and judge whether financial markets tend to rely more on the strategy of voting of the governor and less on the strategy of the new ones. |
| Předběžná náplň práce v anglickém jazyce |
| The aim of this bachelor thesis is to examine whether publishing voting records can increase predictability of certain central banks. We will focus our research on the central banks of these inflation targeting countries: the Czech Republic, Hungary, Poland, Sweden, and the United Kingdom. We will try to answer the question whether the voting records can signal future monetary policy at next policy meeting. The uniqueness of this thesis stems from the fact that we will also examine the possible existence of signals of the monetary policy at longer horizons. Then, we will compare the results based on the data from the period before and during the financial crisis. We will use ordered probit model due to the discrete nature of the data. Finally, we expect we will analyze the sensitivity of the response of the financial markets to the voting of the governors and new members and judge whether financial markets tend to rely more on the strategy of voting of the governor and less on the strategy of the new ones. |