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Central bank communication and the perception of monetary policy by financial market experts
Schmidt, Sandra; Nautz, Dieter - 2010
This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank (ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the future interest rate, inflation, and output to discover...
Persistent link: https://www.econbiz.de/10008796249
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Toothless tiger with claws? : financial stability communication, expectations, and risk-taking
Beutel, Johannes; Metiu, Norbert; Stockerl, Valentin - 2021
We study the effects of central bank communication about financial stability on individuals’ expectations and risk-taking. Using a randomized information experiment, we show that communication causally affects individuals’ beliefs and investment behavior, consistent with an expectations...
Persistent link: https://www.econbiz.de/10012489541
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The role of central bank knowledge and trust for the public's inflation expectations
Mellina, Sathya; Schmidt, Tobias - 2018
Since the financial crisis, central banks have stressed the role of trust and communication in connection with their objectives and strategies for aligning the public's inflation expectations with their own and, consequently, improving the effectiveness of monetary policy. Assessing how much the...
Persistent link: https://www.econbiz.de/10011897980
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Effects of the ECB's communication on government bond spreads
Camarero Garcia, Sebastian; Neugebauer, Frederik; … - 2023
This paper investigates the financial market effects of the ECB's communication on the Pandemic Emergency Purchase Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as press releases, ECB blog contributions, speeches and...
Persistent link: https://www.econbiz.de/10014330976
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Talking in a language that everyone can understand? : clarity of speeches by the ECB executive board
Glas, Alexander; Müller, Lena - 2023
We use data on speeches held by members of the European Central Bank's (ECB) Executive Board to analyze whether clarity of central bank communication has increased over time. Employing readability measures as proxy variables, we find that clarity of information provision is trending upward since...
Persistent link: https://www.econbiz.de/10014472794
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Democracy and the quality of economic institutions : theory and evidence
Krieger, Tommy - 2022
We present a simple model, illustrating how democracy may improve the quality of the economic institutions. The model … further suggests that institutional quality varies more across autocracies than across democracy and that the positive effect …
Persistent link: https://www.econbiz.de/10013342090
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Does demography determine democratic attitudes?
Kotschy, Rainer; Sunde, Uwe - 2022
political influences that shape democratic attitudes. The results reveal that support for democracy increases with age and is … bloc and in other countries around the world. Additional findings document that demography's effect partly captures … heterogeneity in experiences with democracy, and that socioeconomic factors impact democratic attitudes. …
Persistent link: https://www.econbiz.de/10014458830
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Radio and the rise of the Nazis in prewar Germany
Adena, Maja; Enikolopov, Ruben; Petrova, Maria; … - 2015 - August 2013, revised April 2015
How do the media affect public support for democratic institutions in a fragile democracy? What role do they play in a …
Persistent link: https://www.econbiz.de/10010512027
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Financial shocks and inflation dynamics
Abbate, Angela; Eickmeier, Sandra; Prieto, Esteban - 2016
We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the "missing disinflation" during the Great Recession. We apply a vector autoregressive model to US data and identify financial shocks through sign restrictions. Our main finding is that...
Persistent link: https://www.econbiz.de/10011546785
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Cross-border liquidity, relationships and monetary policy : evidence from the Euro area interbank crisis
Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - 2014 - This version: November 2014
We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...
Persistent link: https://www.econbiz.de/10010471858