Petra Geraats

• Announcements and the Role of Policy Guidance/Commentary

By providing guidance about future economic developments, central banks can affect private sector expectations and decisions. This can improve welfare by reducing private sector forecast errors, but it can also magnify the impact of noise in central bank forecasts. I employ a model of heterogeneous information to compare outcomes under opaque and transparent monetary policies. While better central bank information is always welfare improving, more central bank information may not be.

...In fact, Geraats (2002) has classified five types of transparency-p...Eijffinger, Sylvester C.W. and Geraats, Petra M. "How Transparent Are Central Banks?" European J...

• Review - Federal Reserve Bank of St. Louis
• Vol. 90 Nbr. 4, July 2008

• Macroeconomics and individual decision making.

...Discussant: Petra Geraats, University of Cambridge . "Why Has CEO Pa...

• NBER Reporter
• Nbr. 2006, March 2006

• Effective central bank communication under uncertainty.

... performance (see also Buiter 1999; and Geraats 2002; 2006). . There are also compelling economic .... Eijffinger, Sylvester C.W., and Petra M. Geraats. "How Transparent Are Central Banks?" E...

• Journal of Economic Issues
• Vol. 41 Nbr. 3, September 2007

• Does Central Bank transparency impact financial markets? A cross-country econometric analysis.

... fluctuate more frequently to "news." And Geraats (2001) explains that economic transparency (5) may...New York: Routledge, pp. 1-216. . Geraats, Petra M. 2001. Transparency of monetary policy: Does the...

• Southern Economic Journal
• Vol. 73 Nbr. 3, January 2007

• The Role of Policy Rules in Inflation Targeting/Commentary

For inflation targeting (IT) as a "framework" or a "management objective" to make any difference to macroeconomic outcomes, it must translate into some sort of change in central bank behavior. And this change, in turn, should have implications for the empirical policy rule used to describe policymakers' behavior. Similarly, surely no central bank sees itself as an automaton mechanically implementing a policy rule. The goal of this paper is therefore to determine where central banking practice lies on the "guidelines versus rules" spectrum and, specifically, to assess empirically the extent to which IT can be described in terms of simple monetary policy rules. Ultimately, the question of how IT shapes monetary policy is an empirical one, however. Empirical results suggest a number of imp...

... (2001) take this approach, as does Geraats (2002), explicitly in the context of the decision ...30-37. Geraats, Petra. "Central Bank Transparency." Economic Journal, No...

• Review - Federal Reserve Bank of St. Louis
• Vol. 86 Nbr. 4, July 2004