Central bank announcements move financial markets. The response of inflation and growth expectations, on the other hand … seemingly puzzling results for the euro area and provide evidence that they are due to central bank information effects. That is …

Central bank announcements have strong effects on interest rates, but small or even counterintuitive effects on … results for the euro area and provide evidence that they are due to central bank information effects. That is, ECB …

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht … accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve …

guidance to European bond yields show that central bank communication is very relevant for international transmission. In …

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve …

bank credibility. Forward guidance and the credibility of the central bank are uniquely modeled by utilizing a game … of forward guidance effectiveness, but still one that is below the fully credible case. (2) If a central bank is … macroeconomic variables to forward guidance statements in structural models with perfect credibility. (4) Imperfect central bank …