take into account forward-looking information released by the central bank. The results show that, compared to surprises in …-varying signals of the central bank. I augment the standard monetary policy Bayesian Vector Autoregression (BVAR) with additional … information variables from Fed statements, which allows us to study the information-free effects of monetary policy shocks and to …

The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side …

satisfied. Moreover, when the central bank has few information on the private agents' expectations formation of inflation, we … point, and the studies that have treated the following problem, 'Why does the central bank set the band target?' are very … central bank adopts it, and inflation band targeting can be solved the time inconsistency problem when this condition is …

Does the effect of monetary policy depend on the macroeconomic information released by the central bank? Because … differences between central bank's and private agents' information sets affect private agents' interpretation of policy decisions …, this paper aims to investigate whether the publication of macroeconomic information by the central bank modifies private …

Monetary policy shocks that convey new macroeconomic information are significant predictors of both the absolute and … risk-adjusted returns from value investing. Positive Fed information shocks lead to higher subsequent value returns …. Crashes in the returns of value investing are most likely to occur in the aftermath of negative Fed information shocks. The …

bank activity has on interbank markets. In our model, banks optimize a portfolio of risky investments and riskless excess … household deposits. We then introduce a central bank into the model and show that central bank activity enhances financial … stability. We model the default of a large bank and analyse the resulting contagion effects. This is compared to a common shock …

We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff …