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higher consumption. Moreover, the shock absorption capability increases in an economy with CBDC. This particularly applies to …
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The news about the economy contained in a central bank announcement can affect public expectations. This paper shows, using both event studies and vector autoregressions, that such central bank information effects are an important channel of the transatlantic spillover of monetary policy. They...
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Does the effect of monetary policy depend on the macroeconomic information released by the central bank? Because differences between central bank's and private agents' information sets affect private agents' interpretation of policy decisions, this paper aims to investigate whether the...
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We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock … component and a central bank information shock component. We identify both components using changes in interest rate futures and … that a contractionary interest rate shock appreciates the dollar, increases the excess bond premium, and leads to a decline …
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