Showing 1 - 10 of 36
Persistent link: https://www.econbiz.de/10009691853
Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank communicationmostly empirical, and almost all of it written in this decade. We survey this...
Persistent link: https://www.econbiz.de/10003778823
The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...
Persistent link: https://www.econbiz.de/10003320671
Persistent link: https://www.econbiz.de/10003833581
Persistent link: https://www.econbiz.de/10003864720
Persistent link: https://www.econbiz.de/10003898986
Persistent link: https://www.econbiz.de/10003484230
Persistent link: https://www.econbiz.de/10003931234
There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically...
Persistent link: https://www.econbiz.de/10003969574
The paper analyses and compares the role that the tightening in liquidity conditions and the collapse in risk appetite played for the global transmission of the financial crisis. Dealing with identification and the large dimensionality of the empirical exercise with a Global VAR approach, the...
Persistent link: https://www.econbiz.de/10008901498