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Estimating the monetary policy interest-rate-to-performance sensitivity of the European banking sector at the zero lower bound
Hayo, Bernd; Henseler, Kai; Rapp, Marc Steffen - 2019 - Version: 23-October-2018
Using an event-study design, we investigate monetary policy interest-rate-to-performance sensitivity of the European banking sector over the 07/2012-06/2017 period when interest rates were (close to) zero. We apply the Wordscores approach to introductory statements of ECB's Governing Council...
Persistent link: https://www.econbiz.de/10011959752
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Estimating the monetary policy interest-rate-to-performance sensitivity of the European banking sector at the zero lower bound
Hayo, Bernd; Henseler, Kai; Rapp, Marc Steffen - In: Finance research letters 31 (2019), pp. 471-475
Persistent link: https://www.econbiz.de/10012421773
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Estimating the Monetary Policy Interest-Rate-To-Performance Sensitivity of the European Banking Sector at the Zero Lower Bound
Hayo, Bernd - 2019
Using an event-study design, we investigate monetary policy interest-rate-to-performance sensitivity of the European banking sector over the 07/2012–06/2017 period when interest rates were (close to) zero. We apply the Wordscores approach to introductory statements of ECB's Governing Council...
Persistent link: https://www.econbiz.de/10012894591
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Self-monitoring or reliance on newswire services : how do financial market participants process central bank news?
Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 26 March 2014
We study how financial market participants process news from four major central banks - the Bank of England (BoE), the … Bank of Japan (BoJ), the European Central Bank (ECB), and the Federal Reserve (Fed), using a novel survey of 450 financial … learn about central bank events than on self-monitoring. In general, the Fed is watched most closely, followed by the ECB …
Persistent link: https://www.econbiz.de/10010356175
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Self-monitoring or reliance on newswire services : how do financial market participants process central bank news?
Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 26 March 2014
We study how financial market participants process news from four major central banks - the Bank of England (BoE), the … Bank of Japan (BoJ), the European Central Bank (ECB), and the Federal Reserve (Fed), using a novel survey of 450 financial … learn about central bank events than on self-monitoring. In general, the Fed is watched most closely, followed by the ECB …
Persistent link: https://www.econbiz.de/10010336192
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The German public and its trust in the ECB : the role of knowledge and information search
Hayo, Bernd; Neuenkirch, Edith - 2013
In this paper, we analyse the effects of objective and subjective knowledge about monetary policy, as well as the information search patterns, of German citizens on trust in the ECB. We rely on a unique representative public opinion survey of German households conducted in 2011. We find that...
Persistent link: https://www.econbiz.de/10010196544
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The German public and its trust in the ECB : the role of knowledge and information search ; conference paper
Hayo, Bernd; Neuenkirch, Edith - 2013 - This version: 31 October 2013
In this paper, we analyse the effects of objective and subjective knowledge about monetary policy, as well as the information search patterns, of German citizens on trust in the ECB. We rely on a unique representative public opinion survey of German households conducted in 2011. We find that...
Persistent link: https://www.econbiz.de/10010482584
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Complexity of ECB communication and financial market trading
Hayo, Bernd; Henseler, Kai; Rapp, Marc Steffen - 2019
We examine howthe verbal complexity of ECB communications affectsfi-nancial market trading based on high-frequency data fromEuropean stock index futures trading. Studying the 34 events between May 2009 and June 2017, during which the ECB Governing Council press conferences covered unconventional...
Persistent link: https://www.econbiz.de/10012039675
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Is European Monetary Policy Appropriate for the Emu Member Countries? A Counterfactual Analysis
Hayo, Bernd - 2006
This paper analyses whether interest rate paths in the EMU member countries would have been different if the previous national central banks had not handed over monetary policy to the ECB. Using estimates of monetary policy reaction functions over the last 20 years before the formation of EMU,...
Persistent link: https://www.econbiz.de/10012733263
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Behind Closed Doors : Revealing the ECB’S Decision Rule
Hayo, Bernd - 2011
This paper aims at discovering the decision rule the Governing Council of the ECB uses to set interest rates. We construct a Taylor rule for each member of the council and for the euro area as a whole, and aggregate the interest rates they produce using several classes of decision-making...
Persistent link: https://www.econbiz.de/10013120378