央行的话对新兴市场有影响吗?来自墨西哥的证据

IF 1.3 3区经济学 Q3 ECONOMICS

Journal of Macroeconomics Pub Date : 2023-11-04 DOI:10.1016/j.jmacro.2023.103570

Pavel Solís

{"title":"央行的话对新兴市场有影响吗?来自墨西哥的证据","authors":"Pavel Solís","doi":"10.1016/j.jmacro.2023.103570","DOIUrl":null,"url":null,"abstract":"<div><p>This paper analyzes the price and quantity effects of monetary policy statements in an emerging market economy. Surprises in monetary policy are identified using intraday data on asset prices around monetary policy announcements in Mexico. I find that asset prices and the portfolio flows of domestic and foreign investors respond strongly and persistently to both news about the policy rate and guidance about its future path communicated via statements. The ability to manage expectations about future policy via statements is thus not exclusive to central banks in advanced economies and does not require the zero lower bound to be binding.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"78 ","pages":"Article 103570"},"PeriodicalIF":1.3000,"publicationDate":"2023-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Do central bank words matter in emerging markets? Evidence from Mexico\",\"authors\":\"Pavel Solís\",\"doi\":\"10.1016/j.jmacro.2023.103570\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper analyzes the price and quantity effects of monetary policy statements in an emerging market economy. Surprises in monetary policy are identified using intraday data on asset prices around monetary policy announcements in Mexico. I find that asset prices and the portfolio flows of domestic and foreign investors respond strongly and persistently to both news about the policy rate and guidance about its future path communicated via statements. The ability to manage expectations about future policy via statements is thus not exclusive to central banks in advanced economies and does not require the zero lower bound to be binding.</p></div>\",\"PeriodicalId\":47863,\"journal\":{\"name\":\"Journal of Macroeconomics\",\"volume\":\"78 \",\"pages\":\"Article 103570\"},\"PeriodicalIF\":1.3000,\"publicationDate\":\"2023-11-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Macroeconomics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0164070423000708\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Macroeconomics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0164070423000708","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

本文分析了新兴市场经济中货币政策声明的价格效应和数量效应。货币政策的意外是通过墨西哥货币政策宣布前后的资产价格盘中数据来确定的。我发现，资产价格和国内外投资者的投资组合流动对有关政策利率的新闻和通过声明传达的有关其未来路径的指导都做出了强烈而持久的反应。因此，通过声明来管理对未来政策预期的能力并非发达经济体央行所独有，也不需要将利率下限降至零才具有约束力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Do central bank words matter in emerging markets? Evidence from Mexico

This paper analyzes the price and quantity effects of monetary policy statements in an emerging market economy. Surprises in monetary policy are identified using intraday data on asset prices around monetary policy announcements in Mexico. I find that asset prices and the portfolio flows of domestic and foreign investors respond strongly and persistently to both news about the policy rate and guidance about its future path communicated via statements. The ability to manage expectations about future policy via statements is thus not exclusive to central banks in advanced economies and does not require the zero lower bound to be binding.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Macroeconomics ECONOMICS-

CiteScore

2.50

自引率

7.10%

发文量

审稿时长

76 days

期刊介绍： Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.