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Can central bank communication help to stabilise inflation expectations?
Jung, Alexander; Kühl, Patrick - 2021
This paper examines whether central bank communication stabilises euro area inflation expectations through the information and news channel. A novelty of the study is its use of data from Google Analytics on ECB website traffic as proxy for visitors' attention to its communication. We conduct...
Persistent link: https://www.econbiz.de/10012515468
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Can Central Bank Communication Help to Stabilise Inflation Expectations?
Jung, Alexander; Kühl, Patrick - 2021
This paper examines whether central bank communication stabilises euro area inflation expectations through the information and news channel. A novelty of the study is its use of data from Google Analytics on ECB website traffic as proxy for visitors’ attention to its communication. We conduct...
Persistent link: https://www.econbiz.de/10013227730
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Sporadic manipulation in money markets with central bank standing facilities
Ewerhart, Christian; Cassola, Nuno; Ejerskov, Steen; … - 2004
subsequently in the spot market (Kumar and Seppi, 1992). The present paper identifies a variation of this type of manipulation that … might occur in money markets with an interest rate corridor. We show that manipulation involving the use of central bank … facilities would be observable only sporadically. The probability of manipulation decreases when the central bank uses an active …
Persistent link: https://www.econbiz.de/10011604445
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Indeterminacy of rational expectations equilibria in sequential financial markets
Donati, Paola - 2003
Persistent link: https://www.econbiz.de/10011604308
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Bank loan announcements and borrower stock returns: does bank origin matter?
Ongena, Steven; Roscovan, Viorel - 2009
Banks play a special role as providers of informative signals about the quality and value of their borrowers. Such signals, however, may have a quality of their own as the banks’ selection and monitoring abilities may differ. Using an event study methodology, we study the importance of the...
Persistent link: https://www.econbiz.de/10011605069
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Money talks
Hoerova, Marie; Monnet, Cyril; Temzelides, Ted - 2009
We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of transmitting information have very different consequences. Since...
Persistent link: https://www.econbiz.de/10011605137
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Characterizing very high uncertainty episodes
Bijsterbosch, Martin; Guérin, Pierre - 2014
This paper uses a two-step approach to characterize the evolution of US macroeconomic and financial variables during episodes of very high uncertainty. First, we identify episodes of very high uncertainty using a regime-switching model. Second, we assess the behaviour of macroeconomic and...
Persistent link: https://www.econbiz.de/10011605682
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Signals from the government: policy disagreement and the transmission of fiscal shocks
Callegari, Giovanni; Cimadomo, Jacopo; Ricco, Giovanni - 2016
We investigate the effects of fiscal policy communication on the propagation of government spending shocks. To this aim, we propose a new index measuring the coordination effects of policy communication on private agents' expectations. This index is based on the disagreement amongst US...
Persistent link: https://www.econbiz.de/10011606009
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Economic policy uncertainty in the euro area: An unsupervised machine learning approach
Azqueta-Gavaldón, Andrés; Hirschbühl, Dominik; … - 2020
We model economic policy uncertainty (EPU) in the four largest euro area countries by applying machine learning techniques to news articles. The unsupervised machine learning algorithm used makes it possible to retrieve the individual components of overall EPU endogenously for a wide range of...
Persistent link: https://www.econbiz.de/10012389562
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Political referenda and investment: Evidence from Scotland
Azqueta-Gavaldon, Andres - 2020
We present evidence that referenda have a significant, detrimental outcome on investment. Employing an unsupervised machine learning algorithm over the period 2008-2017, we construct three important uncertainty indices underlying reports in the Scottish news media: Scottish independence...
Persistent link: https://www.econbiz.de/10012422065