Showing 1 - 10 of 19
This paper presents empirical evidence of the effect of FDI inflows on productivity convergence in central and eastern Europe, using industry-level data. Four conclusions stand out. First, there is a strong convergence effect in productivity, both at the country and at the industry level....
Persistent link: https://www.econbiz.de/10004969158
We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure and for redistribution and intervention in the economy. With a Fuzzy Spatial Regression Discontinuity Design, we exploit a historical quasiexperiment in Western Switzerland, where in the 16th...
Persistent link: https://www.econbiz.de/10009367480
In this paper, we address the question of whether cross-country differences in civic capital, notably interpersonal trust, have contributed to the build-up of macroeconomic imbalances over the last three decades. We analyse the link between a stylised index of economic imbalances (a combination...
Persistent link: https://www.econbiz.de/10010693494
The question how best to communicate monetary policy decisions remains a highly topical issue among central banks. Focusing on the experience of the European Central Bank, this paper studies how explanations of monetary policy decisions at press conferences are perceived by financial markets....
Persistent link: https://www.econbiz.de/10005344820
dollar. The findings suggest that communication hinting at a weakening of EMEs’ US dollar focus contributed substantially to … more cautious in their communication more recently. Overall, the results underscore the growing systemic importance of EMEs …
Persistent link: https://www.econbiz.de/10005344843
The paper analyses whether communication and actual interventions in FX markets are successful in moving exchange rates … evidence that communication and actual interventions tend to be successful in moving exchange rates in the desired direction …
Persistent link: https://www.econbiz.de/10005070384
. The paper finds that official communication, as reported by wire services, are effective in influencing the US dollar …
Persistent link: https://www.econbiz.de/10005070388
to revert to other types of Fed communication in the inter-meeting periods, and come to their own assessment of the …
Persistent link: https://www.econbiz.de/10005162886
The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central … Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking … process in the committee. The paper shows that the Federal Reserve has been pursuing a rather individualistic communication …
Persistent link: https://www.econbiz.de/10005162925
The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary … policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of …, individualistic communication regarding the economic outlook is found to be beneficial for the Federal Reserve, enabling market …
Persistent link: https://www.econbiz.de/10005530671