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Using a large set of firm-level survey data from the euro area since 2009, we analyse how firms use their information to form expectations on the availability of bank finance. Our results suggest that firms update what otherwise look like adaptive expectations on the basis of the latest...
Persistent link: https://www.econbiz.de/10012135893
Central banks emphasize the use of communication as a tool of monetary policy. As central banks increasingly recognize that low public informedness limits their ability to communicate with the general public, several have begun to explicitly tailor their communication strategies for a broader...
Persistent link: https://www.econbiz.de/10012969118
equation, followed by the Taylor rule and the Phillips curve. We show that having theory-consistent expectations is beneficial …
Persistent link: https://www.econbiz.de/10013021981
We empirically investigate whether monetary policy announcements affect firms' and consumers' expectations by taking into account media treatments of monetary policy announcements. To identify exogenous changes in monetary policy stances, we use the standard financial monetary policy surprise...
Persistent link: https://www.econbiz.de/10012620697
Do firms' and consumers' expectations react to central bank announcements? Past literature has come to divergent conclusions, but it has systematically ignored how media treat the announcements. This paper investigates the link between monetary policy announcements and expectations by taking...
Persistent link: https://www.econbiz.de/10014267174
We study whether firms' expectations react to the Bank of England's monetary policy announcements by comparing the responses to the Decision Maker Panel (DMP) survey filed immediately before and after a Monetary Policy Committee (MPC) meeting. On the one hand, we find that firms' expectations...
Persistent link: https://www.econbiz.de/10014233608
equation, followed by the Taylor rule and the Phillips curve. We show that having theory-consistent expectations is beneficial …
Persistent link: https://www.econbiz.de/10014088086
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
We study the effects of central bank communication about financial stability on individuals’ expectations and risk-taking. Using a randomized information experiment, we show that communication causally affects individuals’ beliefs and investment behavior, consistent with an expectations...
Persistent link: https://www.econbiz.de/10012489541
Economic theory predicts that intertemporal decisions depend critically on expectations about future outcomes. Using …
Persistent link: https://www.econbiz.de/10012660381