estimate intraday expectations of threemonth EURIBOR three months ahead. The estimator proves to be robust to market … repositioning of market participants' expectations will contain information beyond that of changes in the consensus view already …

structures. Results show incomplete pass-through of changes in money market rates targeted by the central bank to firms' lending …

The recent financial crisis deeply affected the money market yield curve and thus, potentially, the proper functioning … in steering euro area moneymarket rates using two measures: first, the predictability of money market rates on the basis … of monetary policy expectations, and second the impact of extraordinary central bank measures on money market rates. We …

clearer signals, but that the Fed can extract less information from observing market reactions to macroeconomic data releases. …

The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary … policy lowers the market’s ability to anticipate policy decisions as well as the future path of interest rates. This effect …, individualistic communication regarding the economic outlook is found to be beneficial for the Federal Reserve, enabling market …

on grounds that such communication may create excessive market volatility and unnecessary speculation. This short paper … times more strongly to statements in the purdah before FOMC meetings than during other times, and market volatility …