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Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia

Bernoth, Kerstin; Wolff, Guntram - de Nederlandsche Bank - 2006

two signals depends on the transparency of the country. Greater transparency reduces risk premia. The empirical results … markets are unsure about the true extent of creative accounting. Fiscal transparency reduces risk premia. Instrumental …

Persistent link: https://www.econbiz.de/10005030205

Has the Clarity of Humphrey-Hawkins Testimonies Affected Volatility in Financial Markets?

Jansen, David-Jan - de Nederlandsche Bank - 2008

By applying readability statistics to the Humphrey-Hawkins testimonies given by the Federal Reserve Chairman, I test whether the clarity of central bank communication affects volatility in financial markets. There are three key results. First, when clarity matters, the results are unequivocal:...

Persistent link: https://www.econbiz.de/10005101834

Aiming for the Bull's Eye: Inflation Targeting under Uncertainty

Demertzis, M.; Viegi, N. - de Nederlandsche Bank - 2004

We study the implications of uncertainty for ination targeting. We apply Brainard's static framework which imposes multiplicative uncertainty in the monetary transmission. Brainard's main result is that in the presence of uncertainty, monetary authorities become naturally more cautious. But this...

Persistent link: https://www.econbiz.de/10005106777

The communication policy of the European Central Bank: An overview of the first decade

Haan, Jakob de; Jansen, David-Jan - de Nederlandsche Bank - 2009

Since its inception, the European Central Bank (ECB) has regarded communication as anintegral part of its monetary policy. This paper describes and evaluates ECB communications during the first decade of its operation.We conclude that, overall, ECB communication has contributed to the...

Persistent link: https://www.econbiz.de/10004983366

How much does the public know about the ECB's monetary policy? Evidence from a survey of Duch households

Cruijsen, Carin van der; Jansen, David-Jan; Haan, Jakob de - de Nederlandsche Bank - 2010

Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge on the ECB's objectives is far from perfect. Both a weak...

Persistent link: https://www.econbiz.de/10008587050

Transparency of banking supervisors

Liedorp, Franka; Mosch, Robert; Cruijsen, Carin van der; … - de Nederlandsche Bank - 2011

Following Eijffinger and Geraats (2006), we construct an index of transparency of banking supervisors that takes … political, economic, procedural, policy and operational transparency into account. Based on a survey, we construct the index for … 24 banking supervisors. There are large differences among transparency of supervisors. The average total score is 9 …

Persistent link: https://www.econbiz.de/10009144152

Strategic Loan Defaults and Coordination: An Experimental Analysis

Trautmann, Stefan; Vlahu, Razvan - de Nederlandsche Bank - 2011

This paper experimentally studies the impact of uncertainty about bank and borrower fundamentals on loan repayment. We find that solvent borrowers are more likely to default strategically when stricter disclosure creates common knowledge about bank weakness. Borrowers are also less likely to...

Persistent link: https://www.econbiz.de/10009274333

Clarity of Central Bank Communication About Inflation

Bulír, Ales; Cihák, Martin; Jansen, David-Jan - de Nederlandsche Bank - 2011

This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010....

Persistent link: https://www.econbiz.de/10009393909