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During the last decades a lot of central banks have become more transparent about their monetary policy. The research question that is addressed in this book is whether central bank transparency is desirable from an economic viewpoint. It is shown that transparency increases have been beneficial. Th
This research examines the role of contagion in transmitting shocks across markets. One possible conduit for contagion is shifts in international investors’ risk appetite. The aim of this research is to propose a methodology to address the current gaps in the literature of contagion. The thesis exam
Communication, Learning and Optimal Monetary Policy studies two issues that, broadly speaking, emphasize monetary policymaking under uncertainty. The first part of the thesis has an institutional nature and looks at the effects of disclosing central bank forecasts when inflation expectations are for
In the last three decades, many countries and regions around the world have suffered from currency crises. This thesis investigates the causes of such crises and assesses the role of monetary policy as a tool to avoid them or limit the damage they impose. In addition, it studies the impact of the re
Abstract: It is a long-standing puzzle in economics that risk sharing among individuals is much lower than predicted by standard portfolio models. In this thesis it is investigated whether incentive constraints can explain this lack of risk sharing. Incentive constraints are a potential cause for th
The thesis contains a collection of papers on issues in inflation targeting and its implications for the way interest rates are set. In this respect, the first part deals with two largely positive issues: the effect of inflation forecast targeting on the term structure of interest rates and the impl
Abstract: Monetary institutions differ considerably between the main industrial countries. Differences in preferences, labor market characteristics, political stability and the structure of the economy make that different countries have different needs. These different needs are also reflected in th
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