Over the past two decades, high-frequency interest rate changes around the Federal
Reserve's Federal Open Market Committee (FOMC) announcements, or monetary policy …

This paper evaluates the literature on international unconventional monetary policies
(UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in …

We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

This paper discusses the evolution of central bank communication, focusing on recent efforts
by central banks to engage with a wider audience via social media. We document the social …

Exploiting confidential data from the euro area, we show that sound banks pass negative
rates on to their corporate depositors and that pass-through is not impaired when policy …

The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look
back on the ECB's record and learn lessons that can improve the conduct of policy in the …

We study a business cycle model of the international monetary system featuring a time-
varying demand for safe dollar bonds, greater risk-bearing capacity in the United States than …

This study analyses the effects of monetary and prudential policies taken in response to the
outbreak of the coronavirus pandemic to support bank lending conditions. More precisely …

This paper evaluates the impact of quantitative easing on income and wealth of individual
euro area households. We first estimate the aggregate effects of a quantitative easing (QE) …

What drives the reaction of financial markets to central bank communication on the days of
policy decisions? We highlight the role of two factors that we identify from high-frequency …