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We construct a novel text dataset to measure the sentiment component of communications for 23 central banks over the 2002-2017 period. Our analysis yields three results. First, comovement in sentiment across central banks is not reducible to trade or financial flow exposures. Second, sentiment...
Persistent link: https://www.econbiz.de/10012857886
evidence, reviewed selectively here, suggests that communication can move financial markets, enhance the predictability of … greater communication are also reviewed here. None seems very important in practice. That said, no consensus has yet emerged … regarding what constitutes 'optimal' communication strategy - either in quantity or nature. This is part of a series of BIS …
Persistent link: https://www.econbiz.de/10013095756
We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central … composition depending on the communication channel used by central banks. Non-monetary news prevails in about 40% of policy …
Persistent link: https://www.econbiz.de/10012896694
Central bank communication has changed dramatically over the past decade, with some central banks providing guidance … behavior of financial markets in the United States, the euro area and New Zealand in light of the communication strategies of …
Persistent link: https://www.econbiz.de/10014218883
countries have served to emphasise the importance of communication policy. In this paper, we explore some of the economic …
Persistent link: https://www.econbiz.de/10014061422
spanning 2004-2015. News affecting short maturity bonds have the strongest impact, highlighting the relevance of communication …
Persistent link: https://www.econbiz.de/10012958823
In this paper we investigate the effectiveness of Bank Indonesia's and Bank of Thailand's monetary policy communication …. We focus on two channels of communication: monetary policy statements, and inter-meeting statements. Although the …
Persistent link: https://www.econbiz.de/10012710841
This paper explores the record of central bank swaps to draw out four themes. First, this recent device of central bank cooperation had a sustained pre-history from 1962-1998, surviving the transition from fixed to floating exchange rates. Second, Federal Reserve swap facilities have generally...
Persistent link: https://www.econbiz.de/10012837527
In addition to revamping existing rules for bank capital, Basel III introduces a new global framework for liquidity regulation. One part of this framework is the liquidity coverage ratio (LCR), which requires banks to hold sufficient high-quality liquid assets to survive a 30-day period of...
Persistent link: https://www.econbiz.de/10013059557
How central banks can best communicate to the market is an increasingly important topic in the central banking literature. With ever greater frequency, central banks communicate to the market through the forecasts of prices and output with the purposes of reducing uncertainty; at the same time,...
Persistent link: https://www.econbiz.de/10012982425