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Look who's talking : ECB communication during the first years of EMU

Jansen, David-Jan; Haan, Jakob de - 2004

This paper studies ECB and Bundesbank communication on monetary policy during the first years of the European Economic and Monetary Union. We study whether statements by different (groups of) central bankers have been contradictory and whether differences have diminished over time. We find that...

Persistent link: https://www.econbiz.de/10011450560

Breaking monetary policy news : the role of mass media coverage of ECB announcements for public inflation expectations

Hirsch, Patrick; Feld, Lars P.; Köhler, Ekkehard A. - 2023

Using the variation in national television news of four major member states in the Eurozone, we find causal effects of coverage of high-frequency identified monetary policy announcements on households' inflation expectations in an event study and a generalized Difference-in-Differences approach...

Persistent link: https://www.econbiz.de/10013550202

The impact of macro news and central bank communication on emerging European forex markets

Égert, Balázs; Kočenda, Evžen - 2013

We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on the exchange rates of three Central and Eastern European (CEE) currencies against the euro. First we estimate the nominal equilibrium exchange rate based on a monetary model....

Persistent link: https://www.econbiz.de/10009764449

Credibility and transparency of Central Banks : new results based on Ifo s world economicy survey

Hamella, Sandra; Haan, Jakob de - 2004

This paper reports the results of a survey among private sector economists about credibility and transparency of … Survey to answer questions on the importance and determinants of credibility. The results of both surveys are very comparable …. Credibility is considered to be important to attain price stability at low cost, while the best ways to earn credibility are a …

Persistent link: https://www.econbiz.de/10011399168

Does central bank communication really lead to better forecasts of policy decisions? : new evidence based on a Taylor rule model for the ECB

Sturm, Jan-Egbert; Haan, Jakob de - 2009

Nowadays, it is widely believed that greater disclosure and clarity over policy may lead to greater predictability of central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the information provided by a Taylor rule model in which...

Persistent link: https://www.econbiz.de/10003872830

Understanding firms' inflation expectations using the Bank of Canada's Business Outlook Survey

Richards, Simon; Verstraete, Matthieu - 2016

Inflation expectations are a key determinant of actual and future inflation and thus matter for the conduct of monetary policy. We study how firms form their inflation expectations using quarterly firm-level data from the Bank of Canada's Business Outlook Survey, spanning the 2001 to 2015...

Persistent link: https://www.econbiz.de/10011540769

Central bank communication with the general public

Dräger, Lena - 2023

This paper surveys the literature on the role and effects of central bank communication with the general public, particularly regarding the formation of macroeconomic expectations. It starts by giving a brief overview of the recent "communication revolution" in central bank communication. The...

Persistent link: https://www.econbiz.de/10014384011

Monetary policy transparency

Geraats, Petra M. - 2014

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

Forward guidance contracts

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015 - This version: May 2015

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

Monetary policy and the stock market : time-series evidence

Neuhierl, Andreas; Weber, Michael - 2016

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

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