WORKING PAPER SERIES NO 1332 / APRIL 2011: CENTRAL BANK COMMUNICATION ON FINANCIAL STABILITY docx

... WORKING PAPER SERIES NO 1332 / APRIL 2011by Benjamin Born, Michael Ehrmannand Marcel Fratzscher CENTRAL BANK COMMUNICATION ON FINANCIAL STABILITY 19ECB Working Paper Series No 1332 April ... whether financial stability- related communication “creates news” and/or “reduces noise”. The paper s findings suggest that communication about financial stability has important repercussions on financial ... results are not driven by the initial market reaction on the day of the announcement. 17ECB Working Paper Series No 1332 April 20114.1 Stylized facts about timing and content of communication How...

WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc

... the way the central bank thinks WORKING PAPER SERIES NO 898 / MAY 2008In 2008 all ECB publications feature a motif taken from the 10 banknote. CENTRAL BANK COMMUNICATION AND MONETARY POLICYA ... 18ECB Working Paper Series No 898May 20083. Central bank communication in practice Many central banks with similar monetary policy objectives nonetheless follow fundamentally different communication ... make central bank communication matter: nonstationarity (whether of the economy or the policy rule), the learning that is a natural concomitant of such an environment, and either non-rationalexpectations...

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Working PaPer SerieS no 967 / november 2008: Central bank miSPerCePtions and the role of money in interest rate rules pptx

... their negative implications.12ECB Working Paper Series No 967November 2008 on the particular model of inﬂation determination preferred by the central bank. The optimal monetary policy that maximizes ... PaPer SerieS no 967 / november 2008 Central bank miSPerCePtionS and the role of money in intereSt rate ruleSby Günter W. Beck and Volker Wieland19ECB Working Paper Series No 967November ... (3)π∗denotes the central bank s inﬂation target. In the following, it is normalized at zero along withsteady-state inﬂation,π. The rational expectation Et[.] of the objective function is conditional8Traditional...

WORKING PAPER SERIES NO 1350 / JUNE 2011: THE OPTIMAL WIDTH OF THE CENTRAL BANK STANDING FACILITIES CORRIDOR AND BANKS’ DAY-TO-DAY LIQUIDITY MANAGEMENT pdf

... facilities in monetary policy operations. Second,the optimal width should not only be an empirical problem, but it is also a theoretical, normative one:only if one understands precisely the economic ... conditionsbefore the realization of autonomous factor shocks are a priori balanced, the unconditional interest rate(2) equals the central bank s target12iB. Conditional on the realization of η1, (2) ... session on the basis of banks’ expectations regardingtheir end-of-day liquidity positions. Hence, as long as the distribution of the second autonomous factorshock is symmetric, expactations...

WORKING PAPER SERIES NO 1376 / SEPTEMBER 2011: THE PRICE OF LIQUIDITY THE EFFECTS OF MARKET CONDITIONS AND BANK CHARACTERISTICS pptx

... does the same for nonbidding banks,but note that there are no nonbidding Landesbanks or cooperative central banks.17ECB Working Paper Series No 1376September 2011Table 1 Bank characteristics: ... CONDITIONS AND BANK CHARACTERISTICSECB LAMFALUSSY FELLOWSHIPPROGRAMME19ECB Working Paper Series No 1376September 2011Tab le 2 Bank characteristics: nonbiddersDescriptive statistics on ... for cooperative central banks, as compared with 22,794million for private banks, 2,092 million for savings banks, 678 million for cooperatives, and22ECB Working Paper Series No 1376September...

WORKING PAPER SERIES NO 1394 / NOVEMBER 2011: BANK RISK DURING THE FINANCIAL CRISIS DO BUSINESS MODELS MATTER? pot

... based on stock market information. 21ECB Working Paper Series No 1394November 2011iii. Central bank liquidity demand (bid) – Our third measure of bank risk is based on information on liquidity ... 18ECB Working Paper Series No 1394November 2011banks. In this situation, there is a greater incentive for banks to ease financial constraints and increase lending, thereby taking on more ... regulation requires that a part of bank capital be unavailable to creditors upon failure, and be available to shareholders only contingent on good performance. 15ECB Working Paper Series No 1394November...

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WORKING PAPER SERIES NO 1395 / NOVEMBER 2011: ON THE IMPORTANCE OF PRIOR RELATIONSHIPS IN BANK LOANS TO RETAIL CUSTOMERS pptx

... States.(http :// www.creditreform.de/Deutsch/Creditreform/Info-Center/Fachartikel/International_Business/Archiv/Verschuldung.jsp) 13 The average monthly income of our sample borrowers corresponds to ... 14 We define a relationship borrower as someone who has a transaction account relationship with the savings bank before applying for a loan. WORKING PAPER SERIES NO 1395 / NOVEMBER 2011by Manju ... are no unobservable borrower characteristics that bias our estimates of the impact of prior relationships on default rates. 11ECB Working Paper Series No 1395November 2011 In a second set...

WORKING PAPER SERIES NO. 351 / APRIL 2004: INTEREST RATE DETERMINATION IN THE INTERBANK MARKET pot

... 28ECB Working Paper Series No. 351 April 2004In 2004 all publications will carry a motif taken from the €100 banknote. WORKING PAPER SERIES NO. 351 / APRIL 2004INTEREST RATEDETERMINATION ... deposit facility). Finally, the 18ECB Working Paper Series No. 351 April 2004W ORKING PAPER SERIES NO. 351 / APRIL 2004INTEREST RATEDETERMINATION IN THE INTERBANKMARKETby Vítor GasparGabriel ... computed. 22ECB Working Paper Series No. 351 April 2004the evolution of the maintenance period is not new in the literature. A large number of papers analyse this phenomenon. Hamilton (1996), Wurtz...

Working PaPer SerieS no 1150 / January 2010: Do bank loanS anD creDit StanDarDS have an effect on outPut? a Panel aPProach for the euro area doc

... European Central Bank. Information on all of the working papers published in the ECB’s Working Paper Series can be found on the ECB’s website, http :// www.ecb.europa.eu/pub/scientiﬁ c/wps/date/html/index.en.htmlISSN ... Journal of Monetary Economics 51, pp. 451-71.[19] European Central Bank (2008a), Financial Integration in Europe, April. [20] European Central Bank (2008b), "The role of banks in the monetary ... enhance the knowledge of the dynamic relationshipsbetween the situation of the …nancial sector, credit provision, real economic activityand in‡ation.19ECB Working Paper Series No 1150January...

WORKING PAPER SERIES NO 1457 / AUGUST 2012: EXCESSIVE BANK RISK TAKING AND MONETARY POLICY pptx

... http :// ssrn.com/abstract_id=1573675.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.htmlMacroprudential ... However,@di@'iis not generally monotonic. The only unambiguous propertyis that at 'hwe have@di@'i'i='h> 0.The reason for the absence of a monotonic relation here ... of inefﬁcient banks decreases the share of active banks with the bad project. On banks’ liability side there is no separation like there is on banks’ asset side. Calling dia bank s optimal...

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