Showing 1 - 10 of 1,505
decision-makers, and that attributed communication can mitigate some of their effects. …
Persistent link: https://www.econbiz.de/10014380707
This paper investigates the impact of ECB communication of its assessment of the economic outlook on ex-ante inflation … uncertainty and sheds light on how central bank information shocks operate. The paper finds that ECB communication of new outlook … they are also useful for policymakers to define a communication strategy that attenuates ex-ante inflation uncertainty in …
Persistent link: https://www.econbiz.de/10012603073
We identify a novel dimension of monetary policy from high-frequency changes in asset prices around ECB policy events, orthogonal to surprises extracted from risk-free interest rates. We find that it is present in policy events that were interpreted by real-time market commentaries as containing...
Persistent link: https://www.econbiz.de/10012818740
This paper examines whether central bank communication stabilises euro area inflation expectations through the … visitors' attention to its communication. We conduct several econometric tests with daily data to measure the impact of ECB … communication on the information demand of the public and ultimately on inflation expectations. Overall, this study shows that …
Persistent link: https://www.econbiz.de/10012511097
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/10012009157
How do financial markets acquire information about upcoming monetary policy decisions, beyond their reaction to central bank signals? This paper hypothesises that sharing information among investors can improve expectations, especially in the presence of disagreement or uncertainty about the...
Persistent link: https://www.econbiz.de/10013547894
This study provides new evidence on the relationship between unconventional monetary policy and auction cycles in the euro area. Using proprietary data on purchases of public sector securities implemented by the Eurosystem, the paper examines the flow effects of asset purchase programmes on...
Persistent link: https://www.econbiz.de/10014527031
. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and … how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence …
Persistent link: https://www.econbiz.de/10013329414
talk about the economy? We propose a simple framework that allows us to estimate communication rules in the United States … based on text analysis with regularized regressions. We find strong evidence for systematic communication rules that vary …'s communication rule and use it to investigate how much of the disagreement between the market and the Fed come from disagreement …
Persistent link: https://www.econbiz.de/10013485936
that communication plays a significant role in enhancing the accuracy when trying to estimate the bank's reaction function. …
Persistent link: https://www.econbiz.de/10011669467