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Lifting the banking veil : credit standards' harmonization through lending transparency
Kang, Jung Koo; Loumioti, Maria; Moerman, Regina Wittenberg - 2020
We explore whether the transparency in banks' lending activities enhances the harmonization of credit terms that a bank … information on loan characteristics and performance. We find that loans originated under the transparency regime share more … convergence in their credit terms, suggesting that transparency facilitates learning across a bank's different geographic regions …
Persistent link: https://www.econbiz.de/10012154163
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Necessity as the mother of invention : monetary policy after the crisis
Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; … - 2017
We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys - one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to...
Persistent link: https://www.econbiz.de/10011635320
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Peer effects in stock market participation : evidence from immigration
Girshina, Anastasia; Mathä, Thomas; Ziegelmeyer, Michael - 2019
This paper studies how peers' financial behaviour affects individuals' own investment choices. To identify the peer effect, we exploit the unique composition of the Luxembourg population and use the differences in stock market participation across various immigrant groups to study how they...
Persistent link: https://www.econbiz.de/10012135862
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Can more public information raise uncertainty? : the international evidence on forward guidance
Ehrmann, Michael; Gaballo, Gaetano; Hoffmann, Peter; … - 2019
Central banks have used different types of forward guidance, where the forward guidance horizon is related to a state contingency, a calendar date or left open-ended. This paper reports cross-country evidence on the impact of these different types of forward guidance on the sensitivity of bond...
Persistent link: https://www.econbiz.de/10011997441
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Trust, but verify : de-anchoring of inflation expectations under learning and heterogeneity
Busetti, Fabio; Delle Monache, Davide; Gerali, Andrea; … - Task Force on Low Inflation (LIFT) - 2017
The paper studies how a prolonged period of subdued price developments may induce a de-anchoring of inflation expectations from the central bank's objective. This is shown within a framework where agents form expectations using adaptive learning, choosing among a set of alternative forecasting...
Persistent link: https://www.econbiz.de/10011636284
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An international comparison of voting by committees
Jung, Alexander - 2011
This paper provides new empirical evidence on policy-makers' voting patterns on interest rates. Applying (pooled) Taylor-type rules and using real-time information available from published inflation reports and voting records, the paper tests for heterogeneity among committee members in three...
Persistent link: https://www.econbiz.de/10009380404
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ECB communication as a stabilization and coordination device: evidence from ex-ante inflation uncertainty
Fernandes, Cecilia Melo - 2021
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 information not only reduces professional...
Persistent link: https://www.econbiz.de/10012603073
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Central bank communication and trust : an experimental study on the European Central Bank and the general public
Mochhoury, Sarah - 2023
While it has become clear that communication is a monetary policy tool for central banks, and extensive research has been conducted on central bank communication with financial markets, little is known so far on central bank communication with the general public. My research provides new...
Persistent link: https://www.econbiz.de/10014342276
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Instinctive versus reflective trust in the European Central Bank
Angino, Siria; Secola, Stefania - 2022
Political science research has established that trust in institutions, including central banks, is shaped by socio-economic and demographic factors, as well as by the assessment of institutional features and by slow-moving components such as culture. However, the role of cognitive processes has...
Persistent link: https://www.econbiz.de/10013189267
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Information acquisition ahead of monetary policy announcements
Ehrmann, Michael; Hubert, Paul - 2023
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