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Announcements of ECB unconventional programs : implications for the sovereign risk of Italy
Falagiarda, Matteo; Reitz, Stefan - 2013
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
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Non-Monetary News in Central Bank Communication
Cieslak, Anna - 2019
We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central banks and a comprehensive classification of events, we decompose news conveyed by central banks into news about monetary policy, economic growth, and separately, shocks to risk...
Persistent link: https://www.econbiz.de/10012896694
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Central Bank Policy Rate Guidance and Financial Market Functioning
Moessner, Richhild; Nelson, William R. - 2013
Central bank communication has changed dramatically over the past decade, with some central banks providing guidance about or explicit forecasts of likely future policy rates. One frequently made argument against the provision by central banks of such guidance or forecasts is that it runs the...
Persistent link: https://www.econbiz.de/10014218883
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Influencing public trust in central banks : identifying who is open to new information
Hayo, Bernd; Méon, Pierre-Guillaume - 2022
Using a randomized controlled trial in a 2018 survey of a representative sample of the German population, we study whether providing information about the European Central Bank's (ECB) inflation record in comparison to its inflation target affects people's trust in the central bank. In the...
Persistent link: https://www.econbiz.de/10013460042
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Interpreting Monetary Policy Surprises : Does Central Bank Credibility Matter?
Oliveira, Sebastiao; Simon, Pedro - 2023
This paper uses the Brazilian central bank’s loss of credibility episode under President Dilma Rousseff … depending on the level of central bank’s credibility. With credibility, they understand a monetary policy surprise as a monetary … policy shock and decrease their inflation expectations 12 months ahead by -0.25%. With no credibility, they interpret it as …
Persistent link: https://www.econbiz.de/10014355112
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The Impact of ECB Communication on Financial Market Expectations
Lamla, Michael J.; Lein, Sarah M. - 2008
This paper analyzes European financial markets' comprehension and interpretation of ECB communication signals. By applying a novel indicator developed by Berger et al. (2006), that quantifies the contents of the ECB's introductory statements, we find that communication affects the term structure...
Persistent link: https://www.econbiz.de/10014058492
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Does it Pay to Watch Central Bankers' Lips? The Information Content of Ecb Wording
Heinemann, Friedrich; Ullrich, Katrin - 2008
In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB's communication channels we focus on the monthly press conferences. Based on a counting of certain signal words we construct a wording indicator...
Persistent link: https://www.econbiz.de/10014061640
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Central bank credibility in CEE countries : measurement and determinants
Dráb, Ján; Dujava, Daniel - 2020
We use three different indicators based on inflation expectations to measure central bank credibility in 9 countries in … Central and Eastern Europe. We quantify credibility using differences between official inflation targets and inflation …. Determinants of central bank credibility are investigated using pooled OLS. According to our results, stable and low inflation and …
Persistent link: https://www.econbiz.de/10012391669
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The macroeconomic effects of forward communication
Brubakk, Leif; Ellen, Saskia ter; Robstad, Ørjan; Xu, Hong - 2019
This paper provides an empirical assessment of the power of forward guidance at different horizons, shedding new light on the strength of the "forward guidance puzzle". Our identification strategy allows us to disentangle the change in future interest rates stemming from deviations from the...
Persistent link: https://www.econbiz.de/10012214409
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Central bank transparency and inflation (volatility) : new evidence
Weber, Christoph S. - 2016
The last decades have shown a tendency towards higher central bank transparency. It became customary for central bankers to explain their monetary policy decisions in detail and for them to publish inflation forecasts. This leads to the question of how central bank transparency is entangled with...
Persistent link: https://www.econbiz.de/10011525911