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loan portfolio relatively unaffected. This may explain why the evidence for a bank lending channel in Germany seems to be …
Persistent link: https://www.econbiz.de/10011419387
Persistent link: https://www.econbiz.de/10005029515
The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central … Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking … strategy amid a collegial approach to decision-making, while the Bank of England is using a collegial communication strategy …
Persistent link: https://www.econbiz.de/10011604534
The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary … policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of … the diversity of views on the economic outlook that enhance the effectiveness of central bank communication. …
Persistent link: https://www.econbiz.de/10011604603
Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances …
Persistent link: https://www.econbiz.de/10011604611
Monetary policy in the euro area is conducted within a multi-country, multicultural, and multi-lingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the ECB? Using a...
Persistent link: https://www.econbiz.de/10011604624
The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...
Persistent link: https://www.econbiz.de/10011604662
Media coverage of monetary policy actions is a central channel of a central bank’s communication with the wider public …
Persistent link: https://www.econbiz.de/10011604725
The paper shows that there is a substantial degree of heterogeneity in forecast accuracy among Fed watchers. Based on a novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 basis points between the best and worst-performers...
Persistent link: https://www.econbiz.de/10011604741
. Focusing on the experience of the European Central Bank, this paper studies how explanations of monetary policy decisions at …
Persistent link: https://www.econbiz.de/10011604813