WORKING PAPER SERIES NO 868 / FEBRUARY 2008: PURDAH ON THE RATIONALE FOR CENTRAL BANK SILENCE AROUND POLICY MEETINGS pptx

... environment, and either non-rationalexpectations or asymmetric information between the public and the central bank. If one or more of these conditions hold, central bank communication can matter. ... differences bear on economic outcomes. Policy decisions Most central banks nowadays inform the public about their monetary policy decisions on the day they are taken. However, this was not always ... press conferences. 23ECB Working Paper Series No 898May 2008there are four main differences. First, while providing background information on the rationale for the decision, the ECB press conference...

... between the information content of the BLS for bank loan growth compared to the other financial indicators considered. The main conclusion is that the BLS maintains its information content also ... and conditions for the loans. The aforementioned tables present the panel regression results for bank loan growth to non-financial corporations using realised corporate credit standards or conditions ... consumption (not reported). 15ECB Working Paper Series No 1160 February 2010 The next step is to include control variables, in particular monetary policy rates, and the terms and conditions...

... data)0.51.01.52.02.53.00 1/1 10 2/0 10 2/2 20 3/1 50 4/0 50 4/2 60 5/1 70 6/0 70 6/2 80 7/1 90 8/0 90 8/3 00 9/2 01 0/1 01 1/0 11 1/2 21 2/1 3(%)euro areaEventsFra nceUKUSNote: Expectations from break-even inflation rate ... Boston, 2 2/0 9/0 2.10 Goldman Sachs, 1 4/1 0/0 2.11 See for example Deutsche Bank 0 8/1 1/0 2, Credit Suisse First Boston, 2 5/1 0/0 2.12 Credit Suisse First Boston, 2 8/1 1/0 2.13 Deutsche Bank, 1 3/1 2/0 2.15ECB Working ... done in this sub-section in order toidentify some working hypotheses on the reaction of capital markets to the discussion on the Stability and Growth Pact. Therefore we screened the weekly notes...

... deviationsbriefing material for the Council’s discussions on the monetary target for the year to come. Working PaPer SerieS no 967 / november 2008 Central bank miSPerCePtionS and the role of money ... under the assumption of asymmetricinformation as in Svensson and Woodford (2004). Their findings regarding the information value of money areeven more negative.17ECB Working Paper Series No 967November ... regarding the natural rate in a version of the K-Model. Under these assumptions the central bank can solve the estimation problem separately from the optimal policy problem.Svensson and Woodford...

... organizations), public non-financial organizations, other non-financial organizations and households) in the Banking System Survey. This information provides a basis for further enhancing of monetary ... http :// www.ecb.europa.eu or from the Social Science Research Network electronic library at http :// ssrn.com/abstract_id=2145295.Information on all of the papers published in the ECB Working Paper ... Series can be found on the ECB’s website, http :// www.ecb.europa.eu/pub/scientic/wps/date/html/index.en.htmlAcknowledgementsMany thanks to Julian von Landesberger, Björn Fischer and an anonymous...

... represented the last big state-owned bank in the region giving at once a large market share for the buyer (The Banker (2006)).9ECB Working Paper Series No 748 May 2007 the loan market. This also allows ... equilibrium (formally stated below) the economies’ gross interest rateswill be between 1/ Hand 1/ L. Note that due to imperfect competition in the banking market there will be two rates, one for ... madetogether and therefore the total demand decisions are affected negatively by the variance.12ECB Working Paper Series No 748 May 2007and µπand µSare the risk component due to inflation and...

... EuropeanUnion country.8one single merger from the others in the sample as a few of banks on the sample merged several times.Second, when considering a longer time span, the effect of other economic ... appropriate supervision (see Vives, 2000). The effect of changes on the capital levels on performance hinges on the recent theory of the banking firm, which isbased on the ‘specialness’ of banks in a ... toascertain whether the announcement of the bank merger creates shareholder value(normally in the form of cumulated abnormal stock market returns) for the target, the bidder and the combined entity...

... high. The decentralized bank policy focuses attention on information division within the firm. The bank as a whole has the same information both in the centralized and in the decentralized bank ... Optimal Contract) The solution outlined in the ContractOffered proposition is the constrained optimal contract. Consequently, either the Frankfurt or the London policy arises as the constrained ... contract proposed is the constrained optimal contract. In-formally, the question is whether the proposed contract is the best for t he bank in the game.Formally, the constrained optimal contract...

... of the conditioning set on the righ t-h and side. For example, the conditioning b anks do not necessarilyha ve to be a subset of the bank set on the left-hand side. M oreover, the cond itioning ... (1997). The tail probability estimator is con-ditional upon the tail index α and a c hoice of the threshold parameterm.18ECB Working Paper Series No. 527September 2005 WORKING PAPER SERIES NO. ... contained.24 The non-normalit y of stock returns in general is a well-known fact in financialeconomics since at least the fundamental work by Mandelbrot (1963). For a related27ECB Working Paper Series No. ...