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The Importance of Being Vigilant : Has ECB Communication Influenced Euro Area Inflation Expectations?

Jansen, David-Jan; Haan, Jakob de - 2021

Using daily data on inflation-indexed bonds, we find evidence of a negative relationship between ECB communication regarding risks to price stability - measured on the basis of the frequency and strength of the keyword 'vigilance' - and changes in euro area break-even inflation. However, this...

Persistent link: https://www.econbiz.de/10013316794

Breaking Monetary Policy News : The Role of Mass Media Coverage of ECB Announcements for Public Inflation Expectations

Hirsch, Patrick; Feld, Lars P.; Köhler, Ekkehard A. - 2023

Using the variation in national television news of four major member states in the Eurozone, we find causal effects of …

Persistent link: https://www.econbiz.de/10014260707

Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus

Hristov, Nikolay - 2020

We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...

Persistent link: https://www.econbiz.de/10012838235

How to Limit the Spillover from an Inflation Surge to Inflation Expectations?

Dräger, Lena; Lamla, Michael; Pfajfar, Damjan - 2023

We study the effects of forward-looking communication in an environment of rising inflation rates on German consumers’ inflation expectations using a randomized control trial. We show that information about rising inflation increases short- and long-term inflation expectations. This initial...

Persistent link: https://www.econbiz.de/10014358863

Inflation Literacy, Inflation Expectations, and Trust in the Central Bank : A Survey Experiment

Dräger, Lena; Giang Hong Nghiem - 2023

This paper studies the causal effect of inflation literacy on inflation expectations and trust in the central bank using a randomized control trial (RCT) on a representative sample of the German population. In an experiment with two steps, we first test the effect of non-numerical information...

Persistent link: https://www.econbiz.de/10014346849

What Do Central Bankers Do? Evidence from the European Central Banks' Executive Board

Badinger, Harald - 2019

This paper examines how managers at the top of a public institution, central bank executives, allocate their working time. Using detailed information from personal diaries of the six members of the European Central Bank’s Executive Board over a period of two years, we codify and analyze more...

Persistent link: https://www.econbiz.de/10012892122

Central Bank Policies and Financial Markets : Lessons from the Euro Crisis

Mody, Ashoka - 2019

The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …

Persistent link: https://www.econbiz.de/10012892183

Breaking Monetary Policy News: The Role of Mass Media Coverage of ECB Announcements for Public Inflation Expectations

Hirsch, Patrick; Feld, Lars P.; Köhler, Ekkehard A. - 2023

Using the variation in national television news of four major member states in the Eurozone, we find causal effects of …

Persistent link: https://www.econbiz.de/10014290195

Is the Anchoring of Consumers' Inflation Expectations Shaped by Inflational Experience?

Dräger, Lena; Lamla, Michael - 2018

In this paper, we explore the degree of anchoring of consumers’ individual long-run inflation expectations utilizing the University of Michigan Survey of Consumer’s rotating panel micro-structure. Our results indicate that long-run inflation expectations became more anchored over the last...

Persistent link: https://www.econbiz.de/10011872099

The importance of being vigilant: has ECB communication influenced Euro area inflation expectations?

Jansen, David-Jan; de Haan, Jakob - 2007

Using daily data on inflation-indexed bonds, we find evidence of a negative relationship between ECB communication regarding risks to price stability - measured on the basis of the frequency and strength of the keyword vigilance' - and changes in euro area break-even inflation. However, this...

Persistent link: https://www.econbiz.de/10010274042