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The reception of public signals in financial marketswhat if central bank communication becomes stale?

Ehrmann, Michael; Sondermann, David - European Central Bank - 2009

How do financial markets price new information? This paper analyzes price setting atthe intersection of private and public information, by testing whether and how thereaction of financial markets to public signals depends on the relative importance ofprivate information in agents’ information...

Persistent link: https://www.econbiz.de/10005866483

optimal monetary Policy in a new keynesian model with habits in consumption

Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy …, when those habits either exist at the level of the aggregate basket ofconsumption goods (‘superficial’ habits) or at the … level of individual goods (‘deep’habits: see Ravn, Schmitt-Grohe, and Uribe (2006)). External habits generate anadditional …

Persistent link: https://www.econbiz.de/10005866485

Bank risk and monetary policy

Altunbaş, Yener; Gambacorta, Leonardo; Marqués … - European Central Bank - 2009

We find evidence of a bank lending channel for the euro area operating via bank risk.Financial innovation and the new ways to transfer credit risk have tended to diminishthe informational content of standard bank balance-sheet indicators. We show thatbank risk conditions, as perceived by...

Persistent link: https://www.econbiz.de/10005866486