haku: @author Anker, P. / yhteensä: 2
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| Tekijä: | Anker, P. Wasmund, J. |
| Otsikko: | Signalling with offical interest rates: The ase of the German discount and lombard rate |
| Lehti: | European Journal of Finance
2005 : FEB, VOL. 11:1, p. 17-31 |
| Asiasana: | Germany Market efficiency |
| Vapaa asiasana: | Lombard rate Operating procedure Term structure |
| Kieli: | eng |
| Tiivistelmä: | A major feature of the operating procedure of the European Central Bank (ECB) is its reliance on standing facilities. It is intended that the official rates on those facilities also serve the function signalling. This paper is telling from the case of Germany, where the Bundesbank followed a similar signalling strategy. In particular the article examines whether announcements of official interest rates provide information not already contained in other policy measures and whether the resulting recisions of expectations are efficient. Huge differences are found between signalling in the case of increasing and decreasing interest rates. |
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