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Why do long-run interest rates respond to central bank communication? Whereas existing explanations imply a common set … effects along the yield curve. To evaluate this channel, we use the publication of the Bank of England's Inflation Report …
Persistent link: https://www.econbiz.de/10012844266
banks given their specific institutional, economic and financial environment. We take the case of the Bank of Russia in … variables and opportunity costs. Furthermore, the analysis also delivers preliminary results of the information content of money …
Persistent link: https://www.econbiz.de/10013100833
We assess the impact of the Eurosystem's Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. We first build a theoretical model in which banks compete in the credit and deposit markets. We distinguish between direct and indirect effects. Direct effects...
Persistent link: https://www.econbiz.de/10012844182
information channels. In this article, we address this question by comparing the communication of the European Central Bank (ECB … what type of information central banks provide when they communicate with parliaments compared to other existing …
Persistent link: https://www.econbiz.de/10014078813
. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and …
Persistent link: https://www.econbiz.de/10014079351
statements and see how the central bank's thinking has evolved; however, more substantial changes, which will eventually be … required, might then be harder to understand. Using variation in the drafting process at the Bank of Canada, this paper studies … the extent to which similarity in central bank statements matters for the reception of their content in financial markets …
Persistent link: https://www.econbiz.de/10012962430
that communication plays a significant role in enhancing the accuracy when trying to estimate the bank's reaction function …
Persistent link: https://www.econbiz.de/10012952829
) announced by the European Central Bank (ECB) in January 2015. The shock associated to the APP is identified with a combination …
Persistent link: https://www.econbiz.de/10012954345
We estimate the response of euro area sovereign bond yields to purchase operations under the ECB's Public Sector Purchase Programme (PSPP), using granular data on all PSPP-eligible securities at daily frequency. To avoid simultaneity bias in the estimated relationship between yields and purchase...
Persistent link: https://www.econbiz.de/10012956267
This paper examines whether central bank communication stabilises euro area inflation expectations through the … information and news channel. A novelty of the study is its use of data from Google Analytics on ECB website traffic as proxy for … communication on the information demand of the public and ultimately on inflation expectations. Overall, this study shows that …
Persistent link: https://www.econbiz.de/10013227730