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Quantitative easing in the euro area : an event study approach
Urbschat, Florian; Watzka, Sebastian - 2017
We examine the effects of the Asset Purchase Programme (APP) gradually introduced by the European Central Bank from … quantifying the cumulative decrease of spreads and by running event regressions for several Euro Area countries. Focusing on the …
Persistent link: https://www.econbiz.de/10011743065
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Quantitative easing in the Euro Area
Urbschat, Florian; Watzka, Sebastian - 2017
We examine the effects of the Asset Purchase Programme (APP) gradually introduced by the European Central Bank from … quantifying the cumulative decrease of spreads and by running event regressions for several Euro Area countries. Focusing on the …
Persistent link: https://www.econbiz.de/10011641961
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Information or uncertainty shocks?
Baumgärtner, Martin - 2020
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
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The Effects of Central Bank's Verbal Guidance : Evidence from the ECB
Galardo, Maddalena - 2017
In this paper we propose a new indicator of central bank's verbal guidance, which measures communications about the … European Central Bank as a test case. First, we analyze the main determinants of our index and estimate the unexpected …
Persistent link: https://www.econbiz.de/10012947321
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Asset Price Volatility in EU-6 Economies : How Large is the Role Played by the ECB?
Ciarlone, Alessio - 2018
European economies belonging to the EU but not to the euro area. This has partly shielded their financial markets from the …
Persistent link: https://www.econbiz.de/10012915141
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The Real-Time Impact of ECB Press Conferences on Financial Markets
Ulrich, Maxim - 2019
conferences of the European Central Bank we find that the ECB's announcements of non-standard monetary policy measures first …
Persistent link: https://www.econbiz.de/10012864697
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Central Bank Policy Rate Guidance and Financial Market Functioning
Moessner, Richhild; Nelson, William R. - 2013
Central bank communication has changed dramatically over the past decade, with some central banks providing guidance … behavior of financial markets in the United States, the euro area and New Zealand in light of the communication strategies of …. While we find evidence that central bank policy rate forecasts influence market prices in New Zealand, we find no evidence …
Persistent link: https://www.econbiz.de/10014218883
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Management Guidance and Monetary Policy Transmission in the Eurozone
Afzali, Mansoor; Colak, Gonul; Mai, Sinh Thoi; Savor, … - 2023
intraday data to measure European Central Bank’s interest rate surprises, we show that issuing earnings guidance prior to the …
Persistent link: https://www.econbiz.de/10014254415
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The Importance of the Wording of the ECB
Rosa, Carlo; Verga, Giovanni - 2005
This paper analyzes the ECB communication, focusing in particular on its transparency dimension. We posit that if the ECB is transparent about its future policy decisions, then we should be able to forecast fairly well its future interest rate setting behavior. We find that the predicting...
Persistent link: https://www.econbiz.de/10014064019
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Forecast Targeting and Financial Stability : Evidence from the European Central Bank and Bank of England
Curi, Claudia; Murgia, Lucia Milena - 2022
European Central Bank and Bank of England over the period 2003-2018. We adopt a forward-looking version of the Taylor rule as …
Persistent link: https://www.econbiz.de/10013403572