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during the 2007-10 financial crisis. The findings suggest that financial stability communication by central banks are … perceived by markets to contain relevant information, and they underline the importance of differentiating between communication …
Persistent link: https://www.econbiz.de/10013127492
Does it matter what the central bank had said during a monetary policy announcement? The paper proposes a new approach to identifying the effects of forward guidance taking into account what the central bank had said and how financial markets perceived it. I use computational linguistic methods...
Persistent link: https://www.econbiz.de/10013233323
-FX correlations. I find that a negative tone in central banks’ communication results to a lower stock-bond correlation, which supports …
Persistent link: https://www.econbiz.de/10013249487
Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real …-world developments have spawned a huge new scholarly literature on central bank communication -- mostly empirical, and almost all of it … written in this decade. We survey this ever-growing literature. The evidence suggests that communication can be an important …
Persistent link: https://www.econbiz.de/10012759390
Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real …-world developments have spawned a huge new scholarly literature on central bank communication -- mostly empirical, and almost all of it … written in this decade. We survey this ever-growing literature. The evidence suggests that communication can be an important …
Persistent link: https://www.econbiz.de/10012464715
We quantify the informational content of statements issued by the interest-rate setting committee of the Central Bank of Brazil (COPOM), building on the methodology developed by Lucca and Trebbi (2011). Using Google search queries, we measure the extent to which each COPOM statement is perceived...
Persistent link: https://www.econbiz.de/10010199541
. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and … how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence …
Persistent link: https://www.econbiz.de/10013329414
This paper summarizes the results of a Survey on Monetary policy Communication conducted among central banks in Central … transparency and communication strategies of the central banks. The results of the Survey reveal that today the central banks pay … process. The overall conclusion of the Monetary policy communication Survey is that the communication and the transparency of …
Persistent link: https://www.econbiz.de/10011717595
central banks. Overall, our results suggest that central bank communication contains systematic biases that could lead to …
Persistent link: https://www.econbiz.de/10011911134
Central banks no longer set the short-term interest rates that they use for monetary policy purposes by manipulating the supply of banking system reserves, as in conventional economics textbooks; this process normally involves little or no variation in the supply of central bank liabilities. In...
Persistent link: https://www.econbiz.de/10014025618