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Though unconventional monetary policy is still new, already there is a conventional wisdom that the impact of monetary policy is related to the composition of the asset mix. This turns out to be incomplete and potentially misleading. In this paper, we find more complex effects on bank lending...
Persistent link: https://www.econbiz.de/10014393221
Central banks often make announcements even though, in models in which dynamic time inconsistency of optimal policy plays a role, they have an incentive to lie. This paper studies the way inflation targeting affects the incentives the central bank faces in announcing its target inflation rate...
Persistent link: https://www.econbiz.de/10014078808
Central banks often make announcements even though, in models in which dynamic time inconsistency of optimal policy plays a role, they have an incentive to lie. This paper studies the way inflation targeting affects the incentives the central bank faces in announcing its target inflation rate...
Persistent link: https://www.econbiz.de/10014118009
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 Council press conferences covered unconventional...
Persistent link: https://www.econbiz.de/10012039675
Kontext einer sich entwickelnden neuen unkonventionellen Geldpolitik. Kommunikation wird als eine geldpolitische Politikoption … central bank communication and the management of expectations referring to a practical institutional example, we also comment …) before the European Parliament (EP), in the context of an evolving monetary policy. Communication is finally described as a …
Persistent link: https://www.econbiz.de/10011644116
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … predictability of policy actions. We study how monetary policy communication should and has worked under such circumstances. Our main …
Persistent link: https://www.econbiz.de/10011663996
This paper employs text-mining techniques to analyse the communication strategy of the Central Bank of Nigeria (CBN … (MPC) represents an important tool of central bank communication, we construct a corpus based on 87 policy communiques with … readability, sentiments, and topics of the policy documents. While the CBN’s communication has increased substantially over the …
Persistent link: https://www.econbiz.de/10012178168
of monetary policy communication on financial markets. Using natural language processing tools, we construct measures of … linguistic and structural complexity that capture governor-specific trends in communication. We find that while RBI's monetary … policy communication is linguistically complex on average, the length of monetary policy statements has gone down and …
Persistent link: https://www.econbiz.de/10012008396
central bank communication and the management of expectations referring to a practical institutional example, we also comment … on the role the Monetary Dialogue in the context of an evolving monetary policy. Communication is finally described as a …
Persistent link: https://www.econbiz.de/10011691556
communication. We might expect interest rate expectations, and potentially other asset prices, to react to official communication if … such communication helps inform market participants. We find evidence that the publication of the Minutes of the Monetary … for the UK are arguably less strong than Kohn and Sack’s (2003) findings for US Federal Reserve communication. Although …
Persistent link: https://www.econbiz.de/10003384156