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We study how the Eurosystem Collateral Framework for corporate bonds helps the European Central Bank (ECB) fulfill its …
Persistent link: https://www.econbiz.de/10012208484
4207 This paper investigates the impact of European Central Bank's unconventional monetary policies between 2008-2016 on the government bond yields of eight European Monetary Union countries and up to eleven different maturities. In identifying this impact, it adopts a novel econometric...
Persistent link: https://www.econbiz.de/10012147209
Using micro data from the 2015 Dutch CentERpanel, we examine whether trust in the European Central Bank (ECB … find that higher trust in the ECB lowers inflation expectations on average, and significantly reduces uncertainty about … future inflation. Moreover, results from quantile regressions suggest that trusting the ECB increases (lowers) inflation …
Persistent link: https://www.econbiz.de/10012165306
We examine howthe verbal complexity of ECB communications affectsfi-nancial market trading based on high-frequency data … fromEuropean stock index futures trading. Studying the 34 events between May 2009 and June 2017, during which the ECB Governing …
Persistent link: https://www.econbiz.de/10012039675
We study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of ECB … purchases of Greek sovereign debt. ECB bond buying had a large impact on the price of short and medium maturity bonds, resulting …
Persistent link: https://www.econbiz.de/10011789289
in 2008–09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the … macroeconomic impact of the shock. According to our counterfactual simulations based on the structural model, in the absence of ECB …
Persistent link: https://www.econbiz.de/10011764878
in 2008.09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the … macroeconomic impact of the shock. According to our counterfactual simulations based on the structural model, in the absence of ECB …
Persistent link: https://www.econbiz.de/10011754899
forecasts from the ECB Survey of Professional Forecasters. We exploit the panel dimension in this dataset to examine whether … aligned with the ECB definition of price stability. More notably, however, we identify a trend toward a more uncertain and …
Persistent link: https://www.econbiz.de/10011636332
, including the ECB. The paper also reviews several possible empirical proxies for the less-explored concept of longer …
Persistent link: https://www.econbiz.de/10011641200
This paper shows that uncertainty has an impact on the effectiveness of monetary policy shocks. As uncertainty increases, so does the risk that a restrictive forward guidance shock will increase rather than decrease stock prices. This effect can be seen not only in high-frequency variables, but...
Persistent link: https://www.econbiz.de/10012542948