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their decisions to the public. This paper studies whether the communication of central banks can be used to explain upcoming … central bank communication during times of financial crisis. This is done by constructing an indicator to measure the … bank level during the financial crisis despite the rapid growth of economic uncertainty, and that communication can be a …
Persistent link: https://www.econbiz.de/10012016799
This paper investigates the financial market effects of the ECB's communication on the Pandemic Emergency Purchase … Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as … whether spreads react differently to communication by specific ECB Executive Board members. Markets turn out to be sensitive …
Persistent link: https://www.econbiz.de/10014330976
We examine the European Central Bank's ad-hoc communication and explore how it informs future monetary policy decisions …. Using the rich dataset of the intermeeting verbal communication among the members of the European Central Bank's Governing … Council between 2008 and 2014, we construct a measure of communication assessing its inclination towards easing, tightening or …
Persistent link: https://www.econbiz.de/10012010470
decision-makers, and that attributed communication can mitigate some of their effects. …
Persistent link: https://www.econbiz.de/10014380707
In this paper we distinguish the responses of conventional and unconventional monetary policy measures on macroeconomic variables, using a high frequency data set which measures the impact of the ECB's monetary policy decisions. For the period 2002:01 to 2019:06 we show that unconventional and...
Persistent link: https://www.econbiz.de/10012099289
We assess empirically whether monetary policy announcements impact firm expectations. Two features of our data set are key. First, we rely on a survey of production and price expectations of German firms, that is, expectations of actual price setters. Second, we observe the day on which firms...
Persistent link: https://www.econbiz.de/10012159806
This paper studies the effects of ECB communications about unconventional monetary policy operations on the perceived sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and classified with respect to the specific ECB...
Persistent link: https://www.econbiz.de/10009783711
This paper examines the immediate impact that the unexpected announcement of the ECB's Corporate Sector Purchase Program on March 10, 2016 had on corporate bond prices. Employing a differences-in-differences specification augmented to a spatial autoregressive model, the impact of the CSPP...
Persistent link: https://www.econbiz.de/10012844149
This paper studies central bank communication of the ECB as a potential factor that explains the contribution to … able to use central bank communication to effectively steer private sector expectations in such a way that it has a robust … to be more sensitive towards the effects of central bank communication. More specifically, larger banks and highly …
Persistent link: https://www.econbiz.de/10012829038
We estimate the impact of the ECB's announcement of the extended asset purchase programme (EAPP) on 22 January 2015 on global equity prices, bond yields and the euro exchange rate. We find that the EAPP announcement benefited global financial markets by boosting equity prices in the euro area...
Persistent link: https://www.econbiz.de/10012971231