On the basis of a unique database of policy makers’ comments, we find that central bank communication does influence behavior of financial markets. This effect is asymmetric and depends on the contents and direction of the statements. Moreover, we investigate whether individual characteristics...

It has been proposed that central banks should target Nominal GDP (NGDP),as an alternative to targeting the money supply, exchange rate,or inflation. But the proposal appears in the context of the largest advanced economies. In fact NGDP Targeting may be more appropriate for middle-sized...

The main challenges currently faced by most central banks are generated by the effects of the economic and financial crisis. Thus, at the national, European and international level there is a trend of changing the economic governance structures and improving the regulatory and supervisory...