This paper investigates the instantaneous and dynamic effects of ECB forward guidance announcements on the term structure of private short-term interest rate expectations. We estimate the static and dynamic impact of forward guidance on private agents’ expectations about future short-term interest rates using a high-frequency methodology and an ARCH model, complemented with local projections. We find that ECB forward guidance announcements decrease most of the term structure of private short-term interest rate expectations, this being robust to several specifications. The effect is stronger on longer maturities and persistent
During the period of policy easing in 2013 and prospective tightening in 2017-2019 the National Bank...
This paper proposes to assess the usefulness of central banks forward guidance since the start of th...
This paper analyses the signaling effect of the European Central Bank’s (ECB) statements related to ...
This paper investigates the instantaneous and dynamic effects of ECB forward guidance announcements ...
This paper investigates the instantaneous and dynamic effects of ECB forward guidanceannouncements o...
We explore empirically the theoretical prediction that waves of optimism or pessimism may have aggre...
This paper reviews the literature on the communication policy of the European Central Bank (ECB) add...
Many central banks in the world nowadays regard their external communication as an important tool to...
In this paper, we aim at testing whether press conferences held after the meeting of the ECB's monet...
This paper analyses changes in short-term interest rate expectations and uncertainty during ECB Gove...
We suggest that forward guidance, via “binding” the central bank’s actions and creating associated e...
This paper reviews the literature on the communication policy of the European Central Bank (ECB) add...
We evaluate the extent to which the explanatory power detected in the term structure in different m...
Despite its important role in monetary policy and finance, the expectations hypothesis (EH) of the t...
In this paper, we use survey forecasts to investigate the impact of forward guidance on the predicta...
During the period of policy easing in 2013 and prospective tightening in 2017-2019 the National Bank...
This paper proposes to assess the usefulness of central banks forward guidance since the start of th...
This paper analyses the signaling effect of the European Central Bank’s (ECB) statements related to ...
This paper investigates the instantaneous and dynamic effects of ECB forward guidance announcements ...
This paper investigates the instantaneous and dynamic effects of ECB forward guidanceannouncements o...
We explore empirically the theoretical prediction that waves of optimism or pessimism may have aggre...
This paper reviews the literature on the communication policy of the European Central Bank (ECB) add...
Many central banks in the world nowadays regard their external communication as an important tool to...
In this paper, we aim at testing whether press conferences held after the meeting of the ECB's monet...
This paper analyses changes in short-term interest rate expectations and uncertainty during ECB Gove...
We suggest that forward guidance, via “binding” the central bank’s actions and creating associated e...
This paper reviews the literature on the communication policy of the European Central Bank (ECB) add...
We evaluate the extent to which the explanatory power detected in the term structure in different m...
Despite its important role in monetary policy and finance, the expectations hypothesis (EH) of the t...
In this paper, we use survey forecasts to investigate the impact of forward guidance on the predicta...
During the period of policy easing in 2013 and prospective tightening in 2017-2019 the National Bank...
This paper proposes to assess the usefulness of central banks forward guidance since the start of th...
This paper analyses the signaling effect of the European Central Bank’s (ECB) statements related to ...