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European Stock Markets and the ECB's Monetary Policy Surprises

2008
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Release : 2008
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Book Synopsis European Stock Markets and the ECB's Monetary Policy Surprises by : Martin T. Bohl

Download or read book European Stock Markets and the ECB's Monetary Policy Surprises written by Martin T. Bohl. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt: This paper contributes to the literature measuring the response of stock markets to monetary policy actions. We analyze the reaction of European stock market returns to unexpected interest rate decisions by the ECB. Endogeneity between interest rate changes and stock returns is taken into account using the identification through heteroskedasticity approach. Relying on different methods to extract monetary policy shocks, we find a negative and significant relation between unexpected ECB decisions and European stock markets performance. Moreover, monetary policy decisions of the ECB are well anticipated by the market implying that the central bank successfully communicates its monetary policy.

A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers

2018-01-24 Business & Economics
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Release : 2018-01-24
Genre : Business & Economics
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Book Rating : 545/5 ( reviews)

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Book Synopsis A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers by : Richard Varghese

Download or read book A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers written by Richard Varghese. This book was released on 2018-01-24. Available in PDF, EPUB and Kindle. Book excerpt: ECB President Draghi’s Jackson Hole speech in August 2014 arguably marked a new phase of unconventional monetary policies (UMPs) in the euro area. This paper examines the market impact and tranmission channels of this new wave of UMPs using a modified event study framework. They are found to have a more prominent impact on inflation expectations and exchange rates compared to the earlier UMP announcements. The impact on bank equity, however, is less significant in part due to narrowing profit margin in a low interest rate environment; and the marginal effect on sovereign spread compression has diminished. By extracting components of monetary policy shocks from the yield curve, we find that the traditional signaling channel of the monetary policy transmission continued to play an important role, but the portfolio rebalancing channel became more important in the new phase. Spillovers to non-euro area EU countries (the Czech Republic, Denmark, Poland, and Sweden) are transmitted mainly through the portfolio rebalancing channel, largely affecting sovereign yields and exchange rates.

The Impact of the ECB's Conventional and Unconventional Monetary Policies on Stock Markets

2015
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Release : 2015
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Book Synopsis The Impact of the ECB's Conventional and Unconventional Monetary Policies on Stock Markets by : Deren Unalmis

Download or read book The Impact of the ECB's Conventional and Unconventional Monetary Policies on Stock Markets written by Deren Unalmis. This book was released on 2015. Available in PDF, EPUB and Kindle. Book excerpt:

Inflation Expectations

2009-12-16 Business & Economics
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Release : 2009-12-16
Genre : Business & Economics
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Book Rating : 778/5 ( reviews)

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Book Synopsis Inflation Expectations by : Peter J. N. Sinclair

Download or read book Inflation Expectations written by Peter J. N. Sinclair. This book was released on 2009-12-16. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

ECB Monetary Policy Surprises Identification Through Cojumps in Interest Rates

2014
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Release : 2014
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Book Synopsis ECB Monetary Policy Surprises Identification Through Cojumps in Interest Rates by : Lars Winkelmann

Download or read book ECB Monetary Policy Surprises Identification Through Cojumps in Interest Rates written by Lars Winkelmann. This book was released on 2014. Available in PDF, EPUB and Kindle. Book excerpt:

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