Central bank outlook is key to rate decisions’ impact – Bundesbank paper

Deutsche Bundesbank headquarters, Frankfurt
Fabian Stürtz

Monetary policy decisions have different effects depending on whether they reveal that a central bank is optimistic about the economy, a working paper published by the Deutsche Bundesbank argues.

In Information effects of euro area monetary policy: new evidence from high-frequency futures data, Mark Kerssenfischer offers what he calls a “naive measure of monetary policy shocks”.

He computes the immediate change following European Central Bank announcements in two-year German bond yields and

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