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BibTex format

@article{Hansen:2016:restud/rdw007,
author = {Hansen, S and Mcmahon, M},
doi = {restud/rdw007},
journal = {The Review of Economic Studies},
pages = {1645--1672},
title = {First impressions matter: Signalling as a source of policy dynamics},
url = {http://dx.doi.org/10.1093/restud/rdw007},
volume = {83},
year = {2016}
}

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TY  - JOUR
AB  - We provide the first direct empirical support for the importance of signalling in monetary policy by testing two key predictions from a novel structural model. First, all policymaker types should become less tough on inflation over time and secondly, types that weigh output more should have a more pronounced shift. Voting data from the Bank of England's Monetary Policy Committee strongly support both predictions. Counterfactual results indicate signalling has a substantial impact on interest rates over the business cycle, and improves the committee designer's welfare. Implications for committee design include allowing regular member turnover and transparency regarding publishing individual votes.JEL D78 - Positive Analysis of Policy Formulation and ImplementationE52 - Monetary PolicyE58 - Central Banks and Their Policies
AU  - Hansen,S
AU  - Mcmahon,M
DO  - restud/rdw007
EP  - 1672
PY  - 2016///
SN  - 0034-6527
SP  - 1645
TI  - First impressions matter: Signalling as a source of policy dynamics
T2  - The Review of Economic Studies
UR  - http://dx.doi.org/10.1093/restud/rdw007
UR  - http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000386206500011&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=1ba7043ffcc86c417c072aa74d649202
VL  - 83
ER  -

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