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It's Not Only What is Said, it's Also Who the Speaker is - Evaluating the Effectiveness of Central Bank Communication

Marek Rozkrut
2008 Social Science Research Network  
added to market uncertainty, as reflected in the increased volatility of financial asset prices.  ...  It examines the impact of policy-makers' statements on financial asset prices as well as on the predictability of monetary policy decisions in Poland.  ... 
doi:10.2139/ssrn.1167288 fatcat:jag5h63prrfdljhei76qbzmzum

Central Bank Communication and Monetary Policy Predictability under Uncertain Economic Conditions

Jonne O. Lehtimäki, Marianne Palmu
2019 Journal of Central Banking Theory and Practice  
This is done by constructing an indicator to measure the predictability of monetary policy by calculating the median of the policy makers' official comments.  ...  This paper studies whether the communication of central banks can be used to explain upcoming changes in their most important monetary policy instrument, the short-term refinancing rate, and whether the  ...  Various studies find that financial markets react to the information on the economic outlook and inflation that a central bank provides.  ... 
doi:10.2478/jcbtp-2019-0011 fatcat:qugas6j72rd4xdrvw7t36vkbxa

Experimentation in Financial Markets

Massimo Massa, Andrei Simonov
2009 Management science  
The results show how the information generated in the process of interdealer trading affects the incentive to experiment.  ...  I n this paper, we use a unique data set on the Italian interdealer bond market to empirically estimate the process of strategic experimentation.  ...  Acknowledgments The authors thank Yakov Amihud  ... 
doi:10.1287/mnsc.1090.1030 fatcat:hbvmx4l44bah5awqu47ane55se

Communication and Decision-Making by Central Bank Committees: Different Strategies, Same Effectiveness?

Michael Ehrmann, Marcel Fratzscher
2005 Social Science Research Network  
paper presents the authors' personal opinions and does not necessarily reflect the views of the European Central Bank.  ...  as well as an anonymous referee of the ECB WP Series and participants at the American Economic Association 2005 Annual Meetings and seminars at the ECB and the Free University Berlin for comments and discussions.This  ...  policy-makers are capable of influencing asset prices in the desired way.  ... 
doi:10.2139/ssrn.711168 fatcat:wtslsyagrvfopl6wgol73vlzxm

Forward-looking information in VAR models and the price puzzle

Sophocles N. Brissimis, Nicholas S. Magginas
2006 Journal of Monetary Economics  
In view of the increasing ability of financial markets to better predict monetary policy movements, financial asset prices, such as the federal funds rate futures, are ideal candidates for incorporating  ...  We show that augmenting a standard VAR with a small number of variables that have forward-looking informational content is capable of producing theory-consistent responses to monetary policy shocks.  ...  The markets' improved predictive ability may be attributed to several factors: The responsiveness of the prices of financial market instruments to monetary policy moves The way in which markets respond  ... 
doi:10.1016/j.jmoneco.2005.05.014 fatcat:frvvhbefgrfyjoky4lx6wejwb4

The Impact of ECB Communication on Financial Market Expectations

Michael J. Lamla, Sarah M. Lein
2006 Social Science Research Network  
important news to financial market agents.  ...  Our results suggest that financial market agents expect the ECB to prepare them for a change in interest rates well in advance.  ...  Looking at the contents of the statements by subject, the comments of the ECB on prices are the part financial markets react most strongly to, whereas the ECB's interpretation of developments in the real  ... 
doi:10.2139/ssrn.900411 fatcat:6kjmyftg4nfqnkigoq4pa3lcti

Stock Price Response to Earnings Announcements: Evidence From the Nigerian Stock Market

Pyemo N. Afego
2013 Journal of African Business  
Using the event study method, the speed of reaction of the market to annual earnings information releases for a sample of 16 firms listed on the exchange is tested.  ...  This paper examines the stock market reaction to annual earnings information releases using data on the Nigerian Stock Exchange.  ...  A study of share price adjustment to earnings announcements is of significance to investors, policy makers, regulators and researchers.  ... 
doi:10.1080/15228916.2013.844008 fatcat:jxvirav33rgjdcw6uljaseghiq

Stock Price Response to Earnings Announcements: Evidence from Nigeria

Pyemo Afego
2011 Social Science Research Network  
Using the event study method, the speed of reaction of the market to annual earnings information releases for a sample of 16 firms listed on the exchange is tested.  ...  This paper examines the stock market reaction to annual earnings information releases using data on the Nigerian Stock Exchange.  ...  A study of share price adjustment to earnings announcements is of significance to investors, policy makers, regulators and researchers.  ... 
doi:10.2139/ssrn.1768762 fatcat:5djdtzfluzc2pbhrvqjbosy2yi

Impact of Dividends Announcements on Stock Returns Evidence From Karachi Stock Market

2017 American Research Journal of Business and Management  
Finally, Karachi Stock Market reacts inefficiently on the release of information of earnings and dividends announcements.  ...  Using the event study method, the speed of reaction of the market to annual earnings information releases for a sample of 114 firms listed on the Karachi Stock Exchange.  ...  Market regulators and policy makers require to force penalties on companies that delay the release of their results.  ... 
doi:10.21694/2379-1047.15009 fatcat:rcgtrnmg2besllqditzqrqfnn4

Bringing Financial Stability into Monetary Policy

Eric M. Leeper, James M. Nason
2015 Social Science Research Network  
Although the de...nitions share the notion that ...nancial stability becomes an issue for policy makers when a breakdown in risk-sharing arrangements in ...nancial markets has a negative e¤ect on real  ...  These examples raise a cautionary ‡ag for policy attempts to control the growth and the composition of debt that ...nancial markets produce.  ...  Policy makers reacted to the crisis with wholesale reforms that took the economy in a new direction.  ... 
doi:10.2139/ssrn.2635384 fatcat:setkgmhaf5bdrp3i5nz3tgduaa

Bringing Financial Stability into Monetary Policy

Eric M. Leeper, James M. Nason
2014 Social Science Research Network  
Although the de...nitions share the notion that ...nancial stability becomes an issue for policy makers when a breakdown in risk-sharing arrangements in ...nancial markets has a negative e¤ect on real  ...  These examples raise a cautionary ‡ag for policy attempts to control the growth and the composition of debt that ...nancial markets produce.  ...  Policy makers reacted to the crisis with wholesale reforms that took the economy in a new direction.  ... 
doi:10.2139/ssrn.2524170 fatcat:vdfmdqat6zd3piz57lzm24zmiu

Bringing Financial Stability into Monetary Policy

Eric M. Leeper, James M. Nason
2014 Social Science Research Network  
Although the de...nitions share the notion that ...nancial stability becomes an issue for policy makers when a breakdown in risk-sharing arrangements in ...nancial markets has a negative e¤ect on real  ...  These examples raise a cautionary ‡ag for policy attempts to control the growth and the composition of debt that ...nancial markets produce.  ...  Policy makers reacted to the crisis with wholesale reforms that took the economy in a new direction.  ... 
doi:10.2139/ssrn.2523466 fatcat:pmzy353i7ffqtadopxx6aug4lq

Monetary Policy in a Low‐Interest‐Rate Environment: A Checklist

Huw Pill
2009 NBER International Seminar on Macroeconomics  
Nor does it imply that a central bank cannot react to new information.  ...  Transmission to financial markets, the real economy, and, ultimately, the price-setting process is strengthened. III.  ...  of the objective of price stability.  ... 
doi:10.1086/648713 fatcat:vk7f2hf7mzbbnpknymyoaewlra

Short-Selling Bans and the Global Financial Crisis: Are They Interconnected?

Martin T. Bohl, Badye Essid, Pierre L. Siklos
2018 Applied Economics Quarterly  
Our results are suggestive as evidence that the bans stemmed further deterioration in stock prices that policy makers sought to avoid, at least in a few economies.  ...  countries sampled, most notably in some of the major advanced economies.  ...  No responsibility for them should be attributed to the Autorité des marchés Financiers du Québec.  ... 
doi:10.3790/aeq.64.2.159 fatcat:q7dyolp6gbdshcbsi4j5miqztq

The opportunistic approach to monetary policy and financial market conditions

Ndahiriwe Kasaï, Ruthira Naraidoo
2013 Applied Economics  
We test the concept of the Opportunistic Approach to monetary policy in South Africa post 2000 inflation targeting regime.  ...  Second, the data supports the view that the South African Reserve Bank (SARB) behaves with some degree of nonresponsiveness when inflation is within the zone of discretion but react aggressively otherwise  ...  volatility relative to their information content.  ... 
doi:10.1080/00036846.2012.669464 fatcat:g3pqyjunyfah5dl6c3vpzzpxyi
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