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Evaluating the Impact of Dividend Restrictions on Euro Area Bank Market Values

Andreeva, Desislava Č.; Bochmann, Paul; Schneider, Julius - 2023

This paper evaluates the impact of the March 2020 European Central Bank recommenda-tion that banks do not pay dividends or buy back shares on their market values. It documents a causal negative impact on bank share prices of around 7% during the two weeks following its announcement. The...

Persistent link: https://www.econbiz.de/10014254495

Lifting the banking veil: Credit standards' harmonization through lending transparency

Kang, Jung Koo; Loumioti, Maria; Moerman, Regina Wittenberg - 2020

We explore whether the transparency in banks' lending activities enhances the harmonization of credit terms that a bank … information on loan characteristics and performance. We find that loans originated under the transparency regime share more … convergence in their credit terms, suggesting that transparency facilitates learning across a bank's different geographic regions …

Persistent link: https://www.econbiz.de/10012422029

Which kind of transparency? On the need for clarity in monetary policy-making

Winkler, Bernhard - 2000

In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple … potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of … this perspective transparency primarily hinges on a shared mode of interpretation ('common understanding') between the …

Persistent link: https://www.econbiz.de/10011604072

On the indeterminacy of new-Keynesian economics

Beyer, Andreas; Farmer, Roger E. A. - 2004

We study identiÞcation in a class of three-equation monetary models. We argue that these models are typically not identiÞed. For any given exactly identiÞed model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to...

Persistent link: https://www.econbiz.de/10011604369

Central bank transparency and private information in a dynamic macroeconomic model

Pearlman, Joseph G. - 2005

We investigate the role of economic transparency within the framework of one of Townsend’s models of ‘forecasting the …

Persistent link: https://www.econbiz.de/10011604501

Transparency, disclosure and the federal reserve

Ehrmann, Michael; Fratzscher, Marcel - 2005

indeed have improved transparency in the sense that information is now released to the markets at an earlier time and with …

Persistent link: https://www.econbiz.de/10011604503

Quantitative goals for monetary policy

Fatás, Antonio; Mihov, Ilian; Rose, Andrew K. - 2006

We study empirically the macroeconomic effects of an explicit de jure quantitative goal for monetary policy. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation of both having a quantitative target, and of hitting a...

Persistent link: https://www.econbiz.de/10011604661

Transparency, expectations, and forecasts

Bauer, Andrew; Eisenbeis, Robert; Waggoner, Daniel; Zha, Tao - 2006

, implying the possible effects of the FOMC’s transparency. On the other hand, we find little evidence that the common forecast …

Persistent link: https://www.econbiz.de/10011604683

Monetary policy in the media

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006

Media coverage of monetary policy actions is a central channel of a central bank’s communication with the wider public, and thus an important factor for its credibility and policy effectiveness. This paper analyses the coverage which ECB monetary policy decisions receive in the print media,...

Persistent link: https://www.econbiz.de/10011604725

Stale information, shocks and volatility

Gropp, Reint E.; Kadareja, Arjan - 2006

that the results have implications for debate surrounding the opacity of banks and the transparency requirements that may …

Persistent link: https://www.econbiz.de/10011604732