ECB

Why central banks announcing liquidity injections is more effective than forward guidance

We distinguish the announcement effects of conventional and unconventional monetary policy measures on macroeconomic variables using a high‐frequency data set that measures the impact of the European Central Bank's monetary policy decisions. For …

Information shocks and Uncertainty

This paper studies the effect of uncertainty on monetary policy shocks for the euro area. The analysis shows that various forms of forward guidance under high uncertainty produce results similar to those attributed to information shocks in the …