change in the equity price index, the exchange rate, and the size of the European Central Bank's (ECB) balance sheet. It uses … tenors extend the Keynesian view that the central bank's monetary policy actions have a decisive influence on long …

of central banks. Because of their market-moving potential, it is particularly important how they are drafted. Often …, central banks start from the previous statement and update the earlier text with only small changes. This way, it is … straightforward to compare statements and see how the central bank's thinking has evolved. This paper studies to what extent such …

Central Bank (ECB) on stock returns and volatilities of U.S. NYSE and German DAX listed commercial banks. We find that Fed … news has the most influence on both U.S. and German listed bank stocks and an unexpected policy rate increase (decrease …) lowers (raises) returns and raises volatility in the majority of cases. On the other hand, ECB news generally increases bank …

market participants. This paper assesses the impact of reforms to the Bank of England's operating framework over the last two …, which are the key benchmark for many derivatives and bank loans. Since longer-term rates are more important than overnight … reduction of volatility in the design of central banks' operating frameworks. The results also suggest that additional …