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The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case … of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about … available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication …
Persistent link: https://www.econbiz.de/10014409073
methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools …
Persistent link: https://www.econbiz.de/10012677665
Intro -- Contents -- I. INTRODUCTION -- II. EQUITY RETURNS AND SYSTEMATIC DEFAULT RISK -- III. EXTRACTING SYSTEMATIC DEFAULT RISK MEASURES FROM CREDIT DERIVATIVES PRICES -- IV. IS SYSTEMATIC DEFAULT RISK PRICED IN EQUITY RETURNS? -- V. CONCLUSIONS -- REFERENCES.
Persistent link: https://www.econbiz.de/10012691070
The paper relies on a firm-level data on transition economies to examine the relationship between informality and bank credit. We find evidence that informality is robustly and significantly associated with lower access to and use of bank credit. We also find that higher tax compliance costs...
Persistent link: https://www.econbiz.de/10012677574
This paper investigates the role of informality in affecting the magnitude of the fiscal multiplier in a panel of 141 countries, using the local projections method. We find a strong negative relationship between the degree of informality and the size of the fiscal multiplier. This result holds...
Persistent link: https://www.econbiz.de/10015060449
'Leaning against the wind' (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a...
Persistent link: https://www.econbiz.de/10014408003
This paper examines the current level of central bank independence (CBI) and transparency in a broad sample of countries using newly constructed measures, and looks at the evolution in both measures from an earlier time period. Increases in CBI have tended to occur in more democratic countries...
Persistent link: https://www.econbiz.de/10014409026
The financial health of central banks and its relation to policy outcomes has recently been recognized as an important policy issue. While case study evidence clearly indicates that weak central bank finances can hamper effective policy implementation, the question of whether central bank...
Persistent link: https://www.econbiz.de/10014409048
The paper analyzes the challenges for the Eastern Caribbean Central Bank (ECCB) to be an effective lender of last resort (LOLR) as part of a modern banking crisis resolution framework. The main results from the theoretical model of the ECCB's institutional arrangement are that the majority of...
Persistent link: https://www.econbiz.de/10014409060
The paper reviews the policy response of major central banks during the 2007-08 financial market turbulence and suggests that there is scope for convergence among central bank operational frameworks through the adoption of those elements that proved most instrumental in calming markets. These...
Persistent link: https://www.econbiz.de/10014409061