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

To overcome the limits on traditional monetary policy imposed by the effective lower bound
on short-term interest rates, in recent years the Federal Reserve and other advanced …

To ensure the safety and soundness of the global financial system as well as individual
financial institutions and to reduce systemic risk, numerous policy measures and regulatory …

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 …

We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and
administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary …

A survey on monetary policy communication among former members of the Governing
Council of the European Central Bank (ECB) reveals that enhancing credibility and trust is …

Monetary policy affects private sector expectations through not only its actions, but also its
communication. In this paper, we adopt a novel approach to compare the impact of central …

Despite considerable efforts of the European Central Bank (ECB) to support bank
intermediation after the 2008 financial crisis, the recovery of euro area banks remained …

The decision-making process in the ECB's Governing Council remains opaque as the ECB,
in contrast to many other central banks, does not publish the votes for or against a policy …

This paper examines the effects of foreign exchange (FX) communications on FX markets in
Colombia and Mexico. Our estimations follow the calendar-time portfolio approach using …