TAILIEUCHUNG - WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE

Since capital requirements under Basel I, the relevant regulation during our sample period, are generally risk insensitive, riskier banks cannot be formally required to hold more capital. Regulators may, however, discretionally ask banks to do so. In the US for example, regulators have modified Basel I to increase its risk sensitivity and the results could reflect these modifications (FDICIA). However, the coefficient on risk is twice as large for market leverage as for book leverage (Table VII). Since regulation pertains to book and not market capital, it is unlikely that regulation drives the negative relationship between leverage and. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 898 I MAY 2008 EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 898 I MAY 2008 CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE 1 by Alan S. Blinder2 Michael Ehrmann3 Marcel Fratzscher3 Jakob De Haan4 and David-Jan Jansen5 In 2008 all ECB publications feature a motif taken from the 10 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1120764 I This paper is forthcoming in the Journal of Economic Literature. The authors are grateful to Sylvester Eijffinger Gabriel Fagan Andreas Fischer Otmar Issing Frederic Mishkin Glenn Rudebusch Pierre Siklos Eric Swanson Charles Wyplosz and the editor and two anonymous referees of this Journal for valuable comments on earlier drafts. Views expressed in this article do not necessarily coincide with those of the European Central Bank de Nederlandsche Bank or the Eurosystem. 2 Princeton University - Department of Economics Princeton NJ 08544-1021 USA e-mail blinder@ 3 European Central Bank Kaiserstrasse 29 60311 Frankfurt am Main Germany e-mail and 4 University of Groningen - Department of Economics Postbus 72 9700 AB Groningen NL e-mail 5 De Nederlandsche Bank - Economics and Research Division . Box 98 1000 AB Amsterdam NL e-mail European Central Bank 2008 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http Fax 49 69 1344 6000 All rights reserved. Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the author s . The views expressed .

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