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Financial literacy and savings account returns

Deuflhard, Florian (contributor); … - European Central Bank - 2015

Savings accounts are owned by most households, but little is known about the performance of households' investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and...

Persistent link: https://www.econbiz.de/10015297767

Investor sentiment and dynamic connectedness in European markets : insights from the covid-19 and Russia-Ukraine conflict

Bouteska, Ahmed (contributor); Buchetti, Bruno (contributor) - European Central Bank - 2025

The primary objective of this study is to explore the dynamic relationships between equity returns or volatility and sentiment factors in European markets during both the periods preceding the COVID-19 pandemic, the COVID-19 itself, and the Russia-Ukraine war. We achieve this by applying the...

Persistent link: https://www.econbiz.de/10015429448

Oil prices, exchange rates and asset prices

Fratzscher, Marcel (contributor); … - European Central Bank - 2014

This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...

Persistent link: https://www.econbiz.de/10015301947

Stock market volatility and learning

Adam, Klaus; Marcet, Albert; Nicolini, Juan Pablo - European Central Bank - 2008

time separable preferences strongly improves empirical performance. Learning causes momentum and mean reversion of returns … restrict consideration to learning schemes that imply only small deviations from full rationality. The findings are robust to … the particular learning rule used and the value chosen for the single free parameter introduced by learning, provided …

Persistent link: https://www.econbiz.de/10005222379

Inattention to rare events : No 1841 / August 2015

Maćkowiak, Bartosz (contributor); … - European Central Bank - 2015

The world recently experienced several rare events with disastrous consequences: the global financial crisis, the European sovereign debt crisis, and the Fukushima nuclear accident. These events have in common that key decision-makers were unprepared for them, which aggravated these events. We...

Persistent link: https://www.econbiz.de/10015298419

Economic surprises and inflation expectations : has anchoring of expectations survived the crisis?; N°1671, April 2014

Lejsgaard Autrup, Søren (contributor); … - European Central Bank - 2014

This paper analyses price formation in medium- to longer-term maturity segments of euro area and US inflation-linked and nominal bond markets around the releases of important economic indicators.We compare the pre-crisis and crisis periods, controlling for liquidity effects observed in financial...

Persistent link: https://www.econbiz.de/10015301859

Anchoring the yield curve using survey expectations : N° 1632 / February 2014

Altavilla, Carlo (contributor); … - European Central Bank - 2014

The dynamic behavior of the term structure of interest rates is difficult to replicate with models, and even models with a proven track record of empirical performance have underperformed since the early 2000s. On the other hand, survey expectations are accurate predictors of yields, but only...

Persistent link: https://www.econbiz.de/10015302483

ECB-(RE)BASE : heterogeneity in expectation formation and macroeconomic dynamics

Adjemian, Stéphane (contributor); Bokan, Nikola (contributor) - European Central Bank - 2024

This paper introduces ECB-(RE)BASE as the model-consistent, or rational expectation version of the ECB-BASE model. It brings new analytical capabilities to consider varying degrees of heterogeneity in expectation formation across the agents of the model. While the original version of ECB-BASE...

Persistent link: https://www.econbiz.de/10015275222

Eurosystem's SEPA expectations

European Central Bank - 2009

Persistent link: https://www.econbiz.de/10015312020

How income expectations adjust to inflation : a consumers' expectations-revealed pass-through

Aprigliano, Valentina (contributor); … - European Central Bank - 2024

We use inflation and income growth expectations from the ECB Consumer Expectations Survey to measure the subjective expected pass-through of inflation to income in the main euro area countries. By aggregating consumers' responses to probabilistic questions, we obtain significantly higher...

Persistent link: https://www.econbiz.de/10015320536