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) 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. …
Persistent link: https://www.econbiz.de/10014314314
) 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 …
Persistent link: https://www.econbiz.de/10014349401
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
Persistent link: https://www.econbiz.de/10009422848
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 communication - mostly empirical, and almost all of it … written in this decade. We survey this evergrowing literature. The evidence suggests that communication can be an important …
Persistent link: https://www.econbiz.de/10012756645
Major currency areas are characterized by important differences in financial structure that are clear in microeconomic data. Surprisingly, this fact is seldom discussed in the analysis of the international transmission of shocks. This paper attempts to fill this gap. First, I show some stylized...
Persistent link: https://www.econbiz.de/10013320193
Central bank intervention in the form of quantitative easing (QE) during times of low interest rates is a controversial topic. This paper introduces a novel approach to study the effectiveness of such unconventional measures. Using U.S. data on six key financial and macroeconomic variables...
Persistent link: https://www.econbiz.de/10014532350
I study the effect of heterogeneous beliefs about asset prices on the long-term behavior of financial markets. Starting from the ideas of Abreu and Brunnermeier (2003), a two-dimensional system of differential equations is developed. The first dynamic variable is the asset price growth rate. The...
Persistent link: https://www.econbiz.de/10014501110
The relationship between macroeconomic variables and asset prices varies over time. Recent research points to monetary policy as an important driver of this dynamic relationship. On the one hand, most central banks pursue a mandate that takes into account expected inflation and some measure of...
Persistent link: https://www.econbiz.de/10012864709
Accommodative global liquidity conditions post-crisis have translated into low domestic borrowing costs and strong domestic credit growth, with household and corporate leverage trending upwards. Bank lending remains the predominant source of financing in Singapore, with cross-border and foreign...
Persistent link: https://www.econbiz.de/10013011670