While the established literature on central bank communication has traditionally dealt with communication of monetary policy messages to financial markets and the wider public, central bank communication on fiscal policy has so far received little attention. This paper empirically reviews the intensity of central banks’ fiscal communication by five central banks (the US [...]
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Posted on September 30th, 2012
Posted on July 11th, 2012
Financial markets are known for overreacting to public information. Central banks can reduce this overreaction either by disclosing information to a fraction of market participants only (partial publicity) or by disclosing information to all participants but with ambiguity (partial transparency). The authors of this paper show that, in theory, both communication strategies are [...] Posted on May 1st, 2012
This Thoughts paper is based on the Swiss Finance Institute – Capco conference proceedings and market survey. The inaugural SFI/Capco conference Banking in the “Glocal” World was held in March 2012 in Zurich, Switzerland. Now, cross-border banking faces its own ‘perfect storm’. Brand trust has never been more important to client loyalty. [...] Posted on March 18th, 2012
In a speech drawn from a paper presented at the Securities Industry and Financial Markets Association’s (SIFMA) Legal Entity Identifier Symposium in New York, Andrew Haldane – Executive Director for Financial Stability and member of the Financial Policy Committee – considers the benefits of finance adopting a common language that he believes “…could [...] Posted on March 11th, 2012
The goal of this paper is to investigate what type of information from Bank of Canada communication statements or the market commentary based on these statements has a significant effect on the volatility or level of returns in a short-term interest rate market. Two different text mining methods are used to extract interpretable [...] 7 pages
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