This paper analyses the informational content of financial prices in Spain, mainly from the viewpoint of a central bank …

States and the United Kingdom, in which the recovery seems to have taken hold. However, the Bank of Japan is still …

(VLTROs) conducted by the Eurosystem in December 2011 and February 2012 for the case of Spain. To do so we use bank-firm level … information from a sample of more than one million lending relationships over two years. Our methodology tackles the two main …-sheet strength and by including bank fixed effects. Our findings suggest that the VLTROs had a positive moderately-sized effect on …

1989, enacted central bank autonomy in 1994, and introduced inflation targets in January 1995. Certainly, these and other …

We construct a model to analyse the two types of tender procedures used by the European Central Bank in its open market …

European Central Bank from January 1999 until June 2000. One hypothesis attributes the overbidding to expectations of a future …

In this paper, we present a monetary policy game in which the central bank has a private forecast of supply and demand … shocks. The public needs to form its inflationary expectations and can make use of central bank announcements. However …, because of the credibility problem that the central bank faces, the public will not believe a precise announcement. By …