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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

ECB - Working paper series

European Central Bank

The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...

Persistent link: https://www.econbiz.de/10009635880

Monetary Policy committees meetings and outcomes

Berk, Jan Marc; Bierut, Beata K. - European Central Bank - 2009

Monetary Policy Committees differ in the way the interest rate proposal is preparedand presented in the policy meeting. In this paper we show analytically how differentarrangements could affect the voting behaviour of individual MPC members andtherefore policy outcomes. We then apply our results...

Persistent link: https://www.econbiz.de/10005866511

National prices and wage setting in a currency union

Sánchez, Marcelo - European Central Bank - 2009

Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...

Persistent link: https://www.econbiz.de/10005866574

Open Market Operations in EU Countries.

Aspetsberger, A. - European Central Bank - 1996

The increasing weight of open market transactions in central bank operations and the widening use of purchase agreements underlines a progress towards convergence of monetary policy instruments and procedures in EU countries. This paper presents a survey of features of open market operations...

Persistent link: https://www.econbiz.de/10005641236

Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries.

Escriva, J.L.; Fagan, F.P. - European Central Bank - 1996

This paper provides empirical evidence on the use of monetary policy instruments and procedures (MPIP) in EU countries. In particular, it focuses on three important issues which arise in this context. Fist, we examine the structural position of the EU money markets. Second , evidence is...

Persistent link: https://www.econbiz.de/10005641237

The pricing of subprime mortgage risk in good times and bad: evidence from the ABX.HE indices

Fender, Ingo; Scheicher, Martin - European Central Bank - 2009

This paper investigates the market pricing of subprime mortgage risk on the basis of data forthe ABX.HE family of … therelationship between observed index returns and macroeconomic news as well as marketbasedproxies of default risk, interest rates …, liquidity and risk appetite. The results imply thatdeclining risk appetite and heightened concerns about market illiquidity …

Persistent link: https://www.econbiz.de/10005866585

The term structure of equity premia in an affine arbitrage-free model of bond and stock market dynamics

Lemke, Wolfgang; Werner, Thomas - European Central Bank - 2009

structure (ofinterest rates) models. Stock returns and bond yields as well as risk premia are affinefunctions of the state …

Persistent link: https://www.econbiz.de/10005866629

Issues in the ECU Markets and Some Tentative Explanations fro Some Apparent Puzzles.

Fell, J.P.C.; Levy, A. - European Central Bank - 1996

This study focuses on longer term influences and provides some potential explanations in ECU markets which were regarder by some financial market participants as puzzles.

Persistent link: https://www.econbiz.de/10005486856

The bank lending survey for the euro area

Berg, Jesper; Ferrando, Annalisa; Bondt, Gabe de; … - European Central Bank - 2005

-interest rate credit conditions and terms, the risk perception of banks and the willingness of banks to lend. Credit standards are …

Persistent link: https://www.econbiz.de/10005530667

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