Is ECB Communication Effective?

In its Monthly Bulletin of November 2002, the European Central Bank (ECB) stated that the monthly press conference held by its President represents one of its most important communication channels and that it provides a comprehensive summary of the policy relevant assessment of economic developments. After providing a glossary to translate the qualitative information of the press conferences into an ordered scale, we verify empirically whether and to what extent market expectations react to the information released by the ECB. We found that the public not only understand but also believe the signals sent by the European monetary authority.communication, credibility, ECB, glossary, Repo, Euribor, news approach

The Importance of the Wording of the ECB

This paper analyses the ECB communication, focusing in particular on its transparency dimension. We posit that if the ECB is transparent about its future policy decisions, then we should be able to forecast fairly well its future interest rate setting behaviour. We find that the predicting ability of the European monetary authority's words, is similar to the one implied by market-based measures of monetary policy expectations. Moreover, the ECB's wording provides complementary, rather than substitute, information with respect to economic and monetary variables.ECB communication, transparency, monetary policy forecast, empirical reaction function, Euribor rate curve

The Impact of Central Bank Announcements on Asset Prices in Real Time: Testing the Efficiency of the Euribor Futures Market

This paper examines the effect of European Central Bank communication on the price discovery process in the Euribor futures market using a new tick-by-tick dataset. First, we show that two pieces of news systematically hit financial markets on Governing Council meeting days: the ECB policy rate decision and the explanation of its monetary policy stance. Second, we find that the unexpected component of ECB explanations has a significant and sizeable impact on futures prices. This indicates that the ECB has already acquired some credibility: financial markets seem to believe that it does what it says it will do. Finally, our results suggest that the Euribor futures market is semi-strong form informational efficient.market efficiency, central bank communication, news shock, tickby-tick Euribor futures data, event-study analysis.

Offshoring, Extent of the Shadow Economy and Firm Performance. Evidence from Italy

Being the G-7 country with the largest shadow-economy share, we posit that Italy's manufacturing firms - to counter emerging economies' competition - could alternatively offshore or enter the shadow economy. Within this context, we investigate, in a sample of Italian firms, whether internationalised firms outperform purely domestic firms in terms of efficiency, innovativeness and skill composition. Using propensity-score-matching and difference-in-difference techniques we find evidence that: (i) offshoring impacts TFP negligibly but, (ii) labour cost relocation robustly causes offshoring; (iii) offshoring firms are more likely innovative and R&D-oriented; (iv) firms in high- shadow -economy provinces less likely offshore. It is also evidenced that the latter firms show lower TFP and R&D expenditure.trade integration; offshoring; empirics of global sourcing; shadow economy

Primi risultati di una ricerca condotta sugli apparati radicali di alcune piante forestali

L’articolo tende ad esaminare lo sviluppo degli apparati radicali di alcune specie arboree e di stabilire in conseguenza la validità di ogni pianta, sia come singola entità o in associazione con altre. L’obiettivo è quello di ricavare qualche elemento che contribuisca ad arricchire le notizie dateci dai relatori sulla sperimentazione in una zona di rimboschimento sita nel Goceano, esattamente sul versante della catena del Marghine

Studio idrologico per l'approvvigionamento idrico dell'Isola del Giglio

After giving brief information on the history and geography of the island, an accurate hydrologic investigation Into pOssible precipitation storage is reported. Three separate earth-diked reservoirs are considered feasible, and the minimum monthly volume of water available from each is determined (several different prediction methods are used). The investigation clearly indicates that the storage system suggested would eliminate the present need for naval-tanker drinking-water supply

La Stazione di rilevamento dati meteorologici dell'Istituto di idraulica agraria

A brief Introduction discusses the importance of meteorology to agriculture today, and is followed by a description of the Institute's telecommunication system for receiving current meteorological bulletins and Meteosat Images. After illustrating the present utilization of the data, emphasis is laid upon the need for amplifying the existing apparatus so that a servi ce may be available in the near future for all Sardi nian farmers

Considerazioni sulle piogge giornaliere prevedibili a Sassari

After a long line of statistical recourses the author carries aut his research valuing the adaptation of Galton probabilistic logarithmic-normal law to the every day rains occurred during about forty years in the town of Sassari. The check of the discovered law is carried out by the test of χ2 and the signe test. The research ends with the application of Poisson distribution for the research of probability that some precipitations of considerable intensity have to reveal themselves seldom during a period of a hundred years

Indagine sull'approvvigionamento idrico dell'isola dell'Asinara

The A. developes a survey, carried to find out the possibilities of gathering and assembling rain water, because water is the first step for any effort to improve the habitat there. The suggestion is to make the whole island a national natural park, with the purpose of presercing its echological values, which have been saved tin now owing to its present destination, an agricultural settlement for convicts

‘Sono cittadino del Mediterraneo’ Erri De Luca il poeta e il mare

Il saggio apre una finestra sulle numerose pagine che lo scrittore e poeta Erri De Luca ha dedicato al Mediterraneo. De Luca più di molti altri è impregnato di mediterraneità dandone continuamente testimonianza nei suoi numerosi scritti e nelle sue vibranti interviste. Partendo da queste considerazioni si traccia una linea immaginaria che partendo da uno dei suoi ultimi lavori Il più e il meno del 2015 arriva a ritroso fino alla raccolta poetica Solo Andata del 2005, recentemente transcodificata in cortometraggio per la regia di Alessandro Gassman, per mostrare come l’Europa debba al Mediterraneo quasi tutto, dal suo nome antico a una miriade di voci dei suoi vocabolari, dall’architettura al vino, dalla filosofia ai numeri, al teatro, all’olio, fino alla sua divinità monoteista. La civiltà d’Europa nasce dall’immaginazione meridionale e più in generale dalla mediterraneità di cui è intrisa. Attraverso De Luca il Mediterraneo torna a essere protagonista di un mondo di carta in cui finalmente si vede un orizzonte di luce. Lo scrittore sembra quindi volerci lasciare in eredità un prezioso tesoro: per imparare a navigare nuovamente come i nostri antenati nel Mediterraneo dobbiamo superare i confini esterni e interni della nostra memoria e lasciarci guidare dal mondo di carta della poesia.peer-reviewe