Voting in central banks: An empirical analysis
| Thesis title in Czech: | Hlasování v centrálních bankách: Empirická analýza |
|---|---|
| Thesis title in English: | Voting in central banks: An empirical analysis |
| Key words: | hlasování, transparence měnové politiky, centrální banky |
| English key words: | voting, monetary policy transparency, central banks |
| Academic year of topic announcement: | 2012/2013 |
| Thesis type: | Bachelor's thesis |
| Thesis language: | angličtina |
| Department: | Institute of Economic Studies (23-IES) |
| Supervisor: | prof. Roman Horváth, Ph.D. |
| Author: | hidden - assigned by the advisor |
| Date of registration: | 13.04.2013 |
| Date of assignment: | 13.04.2013 |
| Date and time of defence: | 09.09.2014 08:00 |
| Venue of defence: | IES |
| Date of electronic submission: | 29.07.2014 |
| Date of proceeded defence: | 09.09.2014 |
| Opponents: | PhDr. Tereza Fišerová |
| URKUND check: | |
| References |
| 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. |
| Preliminary scope of work |
| 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. |
| Preliminary scope of work in English |
| 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. |