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Central Bank Policy Rate Guidance and Financial Market Functioning

Moessner, Richhild; Nelson, William R. - 2013

Central bank communication has changed dramatically over the past decade, with some central banks providing guidance about or explicit forecasts of likely future policy rates. One frequently made argument against the provision by central banks of such guidance or forecasts is that it runs the...

Persistent link: https://www.econbiz.de/10014218883

Non-Monetary News in Central Bank Communication

Cieslak, Anna - 2019

We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central banks and a comprehensive classification of events, we decompose news conveyed by central banks into news about monetary policy, economic growth, and separately, shocks to risk...

Persistent link: https://www.econbiz.de/10012896694

Spread the Word : International Spillovers from Central Bank Communication

Armelius, Hanna - 2019

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

Effectiveness of Monetary Policy Communication in Indonesia and Thailand

Sahminan, Sahminan - 2013

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 structure of Bank Indonesia's and Bank of Thailand's monetary...

Persistent link: https://www.econbiz.de/10012710841

Central Bank Forward Guidance and the Signal Value of Market Prices

Morris, Stephen - 2018

FocusThe paper examines the relationship between monetary policy and market prices through the lens of central bank communication. Central bankers use forward guidance to steer market expectations of future monetary policy moves. At the same time, they rely on market prices to gauge the likely...

Persistent link: https://www.econbiz.de/10012929426

Monetary Policy's Rising FX Impact in the Era of Ultra-Low Rates

Ferrari, Massimo - 2017

We show that the FX impact of monetary policy has been growing significantly. We use a high-frequency event study of the joint response of fixed income instruments and exchange rates to monetary policy news from seven major central banks spanning 2004-2015. News affecting short maturity bonds...

Persistent link: https://www.econbiz.de/10012958823

Talking About Monetary Policy : The Virtues (and Vice?) of Central Bank Communication

Blinder, Alan S. - 2013

Central banks, which used to be so secretive, are communicating more and more these days about their monetary policy. This development has proceeded hand in glove with a burgeoning new scholarly literature on the subject. The empirical evidence, reviewed selectively here, suggests that...

Persistent link: https://www.econbiz.de/10013095756

The Role of Household Debt Heterogeneity on Consumption : Evidence from Japanese Household Data

Nakajima, Jouchi - 2018

This paper estimates the impact of household debt on consumption behaviour using data from the Japanese Preference …-looking questions about key risks to income, shedding light on the motives for household savings behaviour. The analysis finds that … household marginal propensities to consume (MPCs) were significantly higher for highly-indebted Japanese households than for …

Persistent link: https://www.econbiz.de/10012914109

Loan Loss Provisioning Practices of Asian Banks

Packer, Frank - 2014

In the wake of the Asian financial crisis, many regimes in Asia adopted stricter provisioning requirements, as well as discretionary measures, with the objective of increasing provisioning in good times in response to rising levels of risk. Based on a final sample of 240 banks in 12 Asian...

Persistent link: https://www.econbiz.de/10013066258

Post-Crisis International Financial Regulatory Reforms : A Primer

Borio, Claudio E. V. - 2020

This paper reviews post-crisis financial regulatory reforms, examines how they fit together and identifies open issues. Specifically, it takes stock of the salient new features of bank and CCP international standards within a unified analytical framework. The key notion in this framework is...

Persistent link: https://www.econbiz.de/10012835929