Eintrag weiter verarbeiten
The long-run information effect of central bank communication
Gespeichert in:
| Personen und Körperschaften: | , , |
|---|---|
| Titel: | The long-run information effect of central bank communication/ Stephen Hansen, Michael McMahon, Matthew Tong |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2020]
|
| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2363 (January 2020)
|
| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | Why do long-run interest rates respond to central bank communication? Whereas existing explanations imply a common set of signals drives short and long-run yields, we show that news on economic uncertainty can have increasingly large effects along the yield curve. To evaluate this channel, we use the publication of the Bank of England's Inflation Report, from which we measure a set of highdimensional signals. The signals that drive long-run interest rates do not affect short-run rates and operate primarily through the term premium. This suggests communication plays an important role in shaping perceptions of long-run uncertainty. |
|---|---|
| Umfang: | 1 Online-Ressource (circa 73 Seiten); Illustrationen |
| ISBN: |
9789289940061
9289940069 |
| DOI: | 10.2866/49682 |