This paper analyzes European financial markets' comprehension and interpretation of ECB communication signals. By …, we find that communication affects the term structure of interest rates in the medium run over a horizon between five …

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 channel of financial stability communication. Individuals receiving a warning from …

) communication on asset prices (stock prices, gilt yields and interest rate futures) from 1999-2023. We extend MPC communication to … communication leads to greater asset price volatility than simple and clear communication. Central banks that want to avoid … monetary policy communication, the previous literature has disregarded an important source of variation in asset prices. …

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 …