We study the effects of central bank communication about financial stability on individuals’ expectations and risk …-taking. Using a randomized information experiment, we show that communication causally affects individuals’ beliefs and investment … behavior, consistent with an expectations channel of financial stability communication. Individuals receiving a warning from …

This paper investigates the financial market effects of the ECB's communication on the Pandemic Emergency Purchase … Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as … whether spreads react differently to communication by specific ECB Executive Board members. Markets turn out to be sensitive …