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This paper surveys the literature on the role and effects of central bank communication with the general public … "communication revolution" in central bank communication. The challenges for central bank communication with the public are outlined … evaluate the effects of direct communication, distinguishing between challenges to getting the attention of the public and …
Persistent link: https://www.econbiz.de/10014384011
central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the … ECB communication that are all based on the ECB President's introductory statement at the press conference following an … included in our Taylor rule model, the ECB communication indicators remain significant. -- ECB ; central bank ; communication …
Persistent link: https://www.econbiz.de/10003872830
This paper studies ECB and Bundesbank communication on monetary policy during the first years of the European Economic … have indeed been contradictory. Furthermore, national central banks continue to dominate communication on monetary policy …
Persistent link: https://www.econbiz.de/10011450560
There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper provides an overview of the ways in which central banks have been providing more information about their monetary policymaking. Furthermore, it reviews the theoretical literature on...
Persistent link: https://www.econbiz.de/10010237274
that only include written statements. We interpret our results as implying that central bank communication is important …, but that the exact form of that communication is less critical. Our results are also consistent with market participants …
Persistent link: https://www.econbiz.de/10011926064
We construct a slope factor from changes in federal funds futures of different horizons. Slope predicts stock returns at the weekly frequency: faster monetary policy easing positively predicts excess returns. Investors can achieve increases in weekly Sharpe ratios of 20% conditioning on the...
Persistent link: https://www.econbiz.de/10011566444
We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three factors capture about all of the variation in the yield curve but that these are different factors with different variance shares in the window that contains the policy decision...
Persistent link: https://www.econbiz.de/10012029090
After the financial crisis of 2008, central banks around the world have increased their communication efforts to reach … role of narratives and preferences and lastly, we survey the research on causal effects of central bank communication on …
Persistent link: https://www.econbiz.de/10014383922
communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary … has been followed by lower average inflation. -- Transparency ; monetary policy ; central bank communication ; monetary …
Persistent link: https://www.econbiz.de/10003818025
We examine "Forward Guidance Contracts", which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity trap....
Persistent link: https://www.econbiz.de/10010528970