We study how financial market participants process news from four major central banks - the Bank of England (BoE), the Bank of Japan (BoJ), the European Central Bank (ECB), and the Federal Reserve (Fed), using a novel survey of 450 financial market participants from around the world. Our results...

In this paper, we study whether central bank communication has a positive effect on market participants' perception of central banks' (i) credibility, (ii) unorthodox measures, and (iii) independence. We utilise a survey of more than 500 financial market participants from around the world who...

In this paper, we examine the relationship between market participants' perception of central bank predictability and their assessment of central bank communication skills and success in conveying objectives as well as the importance of transparency-enhancing measures, such as voting records,...

Die fortschreitende Digitalisierung und die zunehmende Popularität digitaler Zahlungsmöglichkeiten haben zu gravierenden Veränderungen im Zahlungsverhalten geführt. Als Konsequenz erörtert die EZB zurzeit die Einführung eines digitalen Euros. Vorteile bestehen in der Erweiterung...

Die vorliegende Studie untersucht das Ausmaß der Geldwäsche im deutschen Immobiliensektor und deren Auswirkungen auf die Immobilienpreise anhand von Informationen zu Verdachtsmeldungen aus dem Verpflichtetenkreis des Geldwäschegesetzes sowie öffentlich zugänglichen Informationen zu...

Empirical papers analysing the transmission of (unconventional) monetary policy typically rely on a vector autoregressive framework. In this paper, I complement these studies and employ a matching approach to examine the impact of the Bank of England's asset purchase program on macroeconomic...

Firms often struggle with the successful commercialization of innovations, and there is a need for reliable predictors. Prior research suggests that intellectual property (IP) rights play a key role in the commercialization of innovations. However, to what extent can IP rights be used to predict...

In this first empirical analysis of how sanctions affect international migration, we apply two estimation strategies, a panel difference-in-differences model and an event study approach. Our dataset covers 79,791 dyad-year observations, reflecting migration flows from 157 origin countries to 32...

We examine the asymmetric impact of shocks to macroeconomic expectations and their underlying dispersion on equity risk premia across different market regimes. First, we rely on a two-state logit mixture vector autoregressive model and use Consensus Economics survey data on GDP growth,...

In this paper, we empirically assess how economic sanctions imposed by the UN and the US affect the target states' GDP growth. Our sample includes 68 countries and covers the period 1976-2012. We find, first, that sanctions imposed by the UN have a statistically and economically significant...