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In its Monthly Bulletin of November 2002, the European Central Bank (ECB) stated that the monthly press conference held … by its President represents one of its most important communication channels and that it provides a comprehensive summary … react to the information released by the ECB. We found that the public not only understand but also believe the signals sent …
Persistent link: https://www.econbiz.de/10005797301
In its Monthly Bulletin of November 2002, the European Central Bank (ECB) stated that the monthly press conference held … by its President represents one of its most important communication channels and that it provides a comprehensive summary … react to the information released by the ECB. We found that the public not only understand but also believe the signals sent …
Persistent link: https://www.econbiz.de/10010746693
This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution …. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under … that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in …
Persistent link: https://www.econbiz.de/10011349470
simple interest rate rule is employed to interpret ECB policy since 1999. An evaluation of alternative policy rules across 11 … growth as the one used to interpret ECB policy is quite robust as long as it responds to current outcomes of these variables. …
Persistent link: https://www.econbiz.de/10010392194
This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet occupies a central role in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood by the observation that the money at the core of these...
Persistent link: https://www.econbiz.de/10011296085
We measure the tone (sentiment) of the ECB's Governing Council regarding economic outlook at the time of each monetary … policy meeting and use this information together with the Eurosystem/ECB staff macroeconomic projections to directly estimate … estimations, that the ECB has been either more averse to inflation above 2% ceiling or that the de facto inflation aim has been …
Persistent link: https://www.econbiz.de/10012239727
statements and press conferences announcing monetary policy actions taken by the ECB. We find that an unexpected decrease of 25 …
Persistent link: https://www.econbiz.de/10011928956
This article discusses a form of fiscal monetization that produces losses in the central bank's balance sheet, without a permanent increase in the money base. If an independent central bank acts as a long-sighted policymaker, an optimal helicopter monetary policy can be identified. At the same...
Persistent link: https://www.econbiz.de/10012210740
-frequency event study methodology and intraday data, we find that the effect of surprise interest rate cuts announced by the ECB on …
Persistent link: https://www.econbiz.de/10012182094
crisis have affected the conduct of monetary policy by the European Central Bank (ECB) within the Eurosystem, have led to the … Financial Supervision (ESFS) and the then of the Banking Union (BU), in some pillars of which the role of the ECB is significant …
Persistent link: https://www.econbiz.de/10014077291