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This paper examines the effects of monetary policy on the equity values of European banks. We identify monetary policy shocks by looking at changes in the EONIA one-month and two-year swap contract rates during narrow windows around the press statements and press conferences announcing monetary...
Persistent link: https://www.econbiz.de/10011928956
On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.
Persistent link: https://www.econbiz.de/10011706117
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
The European Central Bank (ECB) reduced its deposit rate into negative territory in June 2014. It has been reduced …
Persistent link: https://www.econbiz.de/10012226804
In this paper, we examine the relationship between market participants' perception of central bank predictability and … their assessment of central bank communication skills and success in conveying objectives as well as the importance of … respect to the performance of the Bank of England, the Bank of Japan, the European Central Bank, and the Federal Reserve. Our …
Persistent link: https://www.econbiz.de/10011447433
In this paper, we examine the relationship between market participants' perception of central bank predictability and … their assessment of central bank communication skills and success in conveying objectives as well as the importance of … respect to the performance of the Bank of England, the Bank of Japan, the European Central Bank, and the Federal Reserve. Our …
Persistent link: https://www.econbiz.de/10011447633
in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood … by the observation that the money at the core of these systems, central bank money, is injected into the economy on terms …
Persistent link: https://www.econbiz.de/10011296085
This paper examines the importance of central bank communication in ensuring the effectiveness of monetary policy and … audiences. Central banks must also meet the demand for more understandable information about policies and tools, while at the … same time overcoming the challenge posed by the wider public’s rational inattention. Since the European Central Bank was …
Persistent link: https://www.econbiz.de/10012627174
The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side …
Persistent link: https://www.econbiz.de/10011712553
to which indicators the central bank is assumed to respond to, ignoring the data-rich environment in which policy … reacts to a synthesis of the available information on the current and future state of the economy. - Taylor rules ; Monetary …
Persistent link: https://www.econbiz.de/10003973570