BORDER

Nowcasting consumer price inflation using high-frequency scanner data: evidence from Germany

Retrieved on: 
Tuesday, April 23, 2024
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    Central bank asset purchases and auction cycles revisited: new evidence from the euro area

    Retrieved on: 
    Friday, April 19, 2024
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    Working Paper Series

    Key Points: 
      • Working Paper Series
        Federico Maria Ferrara

        Central bank asset purchases
        and auction cycles revisited:
        new evidence from the euro area

        No 2927

        Disclaimer: This paper should not be reported as representing the views of the European Central Bank
        (ECB).

      • Abstract
        This study provides new evidence on the relationship between unconventional monetary
        policy and auction cycles in the euro area.
      • The findings indicate that Eurosystem?s asset purchase flows mitigate
        yield cycles during auction periods and counteract the amplification impact of market volatility.
      • The dampening effect of central bank asset purchases on auction cycles is more sizeable and
        precisely estimated for purchases of securities with medium-term maturities and in jurisdictions
        with relatively lower credit ratings.
      • On the other hand, central banks may influence price dynamics in these markets, most notably
        through their asset purchase programmes.
      • If so, do central bank asset purchases
        affect bond yield movements around auction dates?
      • Auction cycles are present when secondary market yields rise in
        anticipation of a debt auction and fall thereafter, generating an inverted V-shaped pattern around auction
        dates.
      • ECB Working Paper Series No 2927

        3

        1

        Introduction

        The impact of central bank asset purchases on government bond markets is a focal point of economic and
        financial research.

      • If so,
        do central bank asset purchases shape yield sensitivity around auction dates?
      • The paper provides new evidence on the effects of Eurosystem?s asset purchases on secondary market
        yields around public debt auction dates.
      • The analysis builds on previous research based on aggregate data
        on central bank asset purchases and a shorter analysis period (van Spronsen and Beetsma 2022).
      • Using
        granular data on Eurosystem?s asset purchases offers an opportunity to shed light on the mechanisms linking
        unconventional monetary policy and auction cycles.
      • Given this legal constraint, the study
        hypothesises that the effect of asset purchases on 10-year auction cycles is mostly indirect, and goes via price
        spillovers generated by purchases of securities outside the 10-year maturity space.
      • Taken together, these results provide new evidence about auction cycles in Europe and contribute to a
        larger literature on the flow effects of central bank asset purchases on bond markets.
      • Section 4 offers descriptive evidence about auction cycles in the euro area.
      • Auction cycles are defined by the presence of an inverted V-shaped pattern in secondary market yields
        around primary auctions.
      • That is, government bond yields rise in the run-up to the date of the auction and
        fall back to their original level after the auction.
      • Their limited risk-bearing capacities and inventory management operations are
        seen as key mechanisms driving auction cycles (Beetsma et al.
      • ECB Working Paper Series No 2927

        7

        Second, central bank asset purchases can alleviate the cycle by (partly) absorbing the additional supply
        of substitutable instruments in the secondary market (van Spronsen and Beetsma 2022).

      • This expectation is
        supported by several analyses on the price effects of central bank bond purchases (D?Amico and King 2013;
        Arrata and Nguyen 2017; De Santis and Holm-Hadulla 2020).
      • Empirically, previous research has provided evidence of auction cycles taking place across different jurisdictions.
      • (2016) detect auction cycles for government debt in Italy, but not in Germany, during the European
        sovereign debt crisis.
      • Research on the impact of central bank asset purchases on yield cycles around auctions is still limited.
      • Their paper provides evidence
        that Eurosystem?s asset purchases reduce the presence of auction cycles for euro area government debt.
      • Nonetheless, several questions remain open about auction cycles and unconventional monetary policy
        in the euro area.
      • Therefore, they
        provide only a partial picture of auction cycles and central bank asset purchases in Europe.
      • The use of granular data on central bank asset purchases is especially important in light of the modalities
        of monetary policy implementation of the Eurosystem.
      • Altogether, these elements motivate further investigation of the relationship between central bank asset
        purchases and auction cycles in the euro area.
      • Taken together, these results confirm that Eurosystem?s asset purchases mitigate yield cycles during auction periods and counteract the amplification impact of market volatility.
      • The findings confirm that the flow
        effects of central bank purchases on yield movements around auction dates are driven by lower-rated countries.
      • Additional analyses provide evidence for an indirect effect of purchases on auction cycles and highlight
        the presence of substantial heterogeneity across jurisdictions and purchase programmes.
      • Flow Effects of Central Bank Asset Purchases on Sovereign Bond
        Prices: Evidence from a Natural Experiment.
      • Federico Maria Ferrara
        European Central Bank, Frankfurt am Main, Germany; email: [email protected]

        ? European Central Bank, 2024
        Postal address 60640 Frankfurt am Main, Germany
        Telephone
        +49 69 1344 0
        Website
        www.ecb.europa.eu
        All rights reserved.

    Empowering New Memoir Shares Latina Career Woman’s Journey to Success

    Retrieved on: 
    Tuesday, March 19, 2024
    Life, Social media, Female, Woman, Amazon (company), Family

    Charleston, SC, March 19, 2024 (GLOBE NEWSWIRE) -- The new memoir Life Beyond the Border: A Journey from Poverty to Passionate Purpose shares an inspiring story that traverses from the impoverished border town of Brownsville, Texas to the heights of entrepreneurial and personal success.

    Key Points: 
    • Charleston, SC, March 19, 2024 (GLOBE NEWSWIRE) -- The new memoir Life Beyond the Border: A Journey from Poverty to Passionate Purpose shares an inspiring story that traverses from the impoverished border town of Brownsville, Texas to the heights of entrepreneurial and personal success.
    • Written by acclaimed business coach and Mexican American Latina Stanford graduate, Griselda Castro Abousleman, Life Beyond the Border: A Journey from Poverty to Passionate Purpose shows how two remarkable women braved adversity to create a better world for their children.
    • Griselda begins her narrative in her birth-town of Brownsville and details the challenges she faced during her upbringing.
    • Griselda’s path led her to Standford University and then to prominence in an illustrious corporate career.

    Israeli strike on World Central Kitchen aid convoy shows growing danger of humanitarian work in conflict zones

    Retrieved on: 
    Friday, April 5, 2024
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    World Central Kitchen, one of the few international aid groups operating in Gaza, announced shortly after the attack that it would suspend its operations in Gaza.

    Key Points: 
    • World Central Kitchen, one of the few international aid groups operating in Gaza, announced shortly after the attack that it would suspend its operations in Gaza.
    • In 2023, 237 aid workers were killed, kidnapped or wounded, marking a sharp rise from the 35 humanitarians who faced the same fate in 1997.
    • Why has it become more dangerous for aid workers to operate in conflict zones?
    • But there are also many more aid workers than there used to be, and we are delivering aid in different ways.
    • In the Afghanistan War, for example, aid was funded by the U.S., which was a party to the conflict.
    • From the Taliban’s perspective, this wasn’t neutral; this was U.S. aid, and the U.S. was one of the fighting forces.
    • It sounds like the World Central Kitchen workers were in direct contact with IDF and had clearance from them to travel.
    • The World Central Kitchen workers were traveling along one of Israel’s preapproved aid delivery routes.
    • How is the Gaza conflict different from other wars in terms of aid worker attacks, and what could this mean for future humanitarian work there?
    • Six of the World Central Kitchen workers who were killed were foreigners, which is one reason why I think we are paying attention.


    Elizabeth Stites does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    How geopolitics is changing trade

    Retrieved on: 
    Wednesday, April 3, 2024
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    Yet, empirical evidence that geopolitical concerns are already materially affecting trade patterns is scant.

    Key Points: 
    • Yet, empirical evidence that geopolitical concerns are already materially affecting trade patterns is scant.
    • The impact of geopolitical distance on trade is heterogeneous: in particular, geopolitical considerations mostly affect European trade in strategic products.

    Fortune Names Maryam Banikarim to Lead Its Most Powerful Women and Brainstorm Tech Franchises

    Retrieved on: 
    Thursday, March 7, 2024
    Signals Network, International, School, Woman, Barnard College, New Yorker, Journalist, Education, MPW, NBCUniversal, Tech, Growth, Government, VCS, Public affairs, Brainstorm, Business school, Univision

    NEW YORK, March 7, 2024 /PRNewswire/ -- Fortune Media announced today the appointment of Maryam Banikarim as Managing Director, Fortune Live Media.

    Key Points: 
    • NEW YORK, March 7, 2024 /PRNewswire/ -- Fortune Media announced today the appointment of Maryam Banikarim as Managing Director, Fortune Live Media.
    • Banikarim will be responsible for the media company's prestigious Most Powerful Women (MPW) and Brainstorm Tech global franchises.
    • I couldn't be more excited to work with the talented group of journalists and professionals at Fortune to grow the Most Powerful Women and Brainstorm Tech franchises," said Banikarim.
    • Banikarim joins Fortune after being a guest co-chair of the 2023 Fortune Most Powerful Women summit and as a longtime member of the MPW community.

    American Council of Learned Societies Announces 2024 Luce/ACLS Dissertation Fellows in American Art

    Retrieved on: 
    Thursday, March 7, 2024
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    /PRNewswire-PRWeb/ -- The American Council of Learned Societies (ACLS) is pleased to announce the 2024 Luce/ACLS Dissertation Fellows in American Art .

    Key Points: 
    • /PRNewswire-PRWeb/ -- The American Council of Learned Societies (ACLS) is pleased to announce the 2024 Luce/ACLS Dissertation Fellows in American Art .
    • This year, seven exceptional doctoral candidates have been recognized for their promising research in object- and image-based American art history.
    • Since 1992, the Luce/ACLS Dissertation Fellowships in American Art Program has supported more than 300 historians of American art in researching and writing dissertations that advance scholarship on the history of the visual arts of the United States, including all facets of Native American art.
    • Formed a century ago, the American Council of Learned Societies (ACLS) is a nonprofit federation of 80 scholarly organizations.

    Palo Alto Networks Launches Private 5G Security Solutions with Partner Ecosystem

    Retrieved on: 
    Monday, February 26, 2024
    Cloud, Senior, NTT, AI, Intelligence, PANW, Internet of things, Generative, Growth, Private, Zero trust security model, NTT DATA, Synthetic media, Organization, Ecosystem, Policy, Telco, Mobile phone

    BARCELONA, Spain, Feb. 26, 2024 /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW) today announced end-to-end private 5G security solutions and services in collaboration with leading Private 5G partners. Bringing together Palo Alto Networks® enterprise-grade 5G Security and Private 5G partner integrations and services allows organizations to easily deploy, manage, and secure networks throughout their entire 5G journey. The launch addresses the need and desire for validated 5G integrations and furthers Palo Alto Networks strategic vision of an integrated, ecosystem approach to safeguard 5G deployments.

    Key Points: 
    • BARCELONA, Spain, Feb. 26, 2024 /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW) today announced end-to-end private 5G security solutions and services in collaboration with leading Private 5G partners.
    • Bringing together Palo Alto Networks ® enterprise-grade 5G Security and Private 5G partner integrations and services allows organizations to easily deploy, manage, and secure networks throughout their entire 5G journey.
    • Palo Alto Networks Private 5G partners are vetted via lab testing and have proven success with customers with Private 5G networks.
    • Celona, Druid, Ataya: Organizations building new private 5G networks with these partners can easily secure radio networks through integrations with Palo Alto Networks 5G Security.

    My Code Welcomes New Executive Director of Political

    Retrieved on: 
    Tuesday, February 20, 2024
    Voto Latino, Barack Obama, Congressional Hispanic Caucus Institute, American way, Associate, Executive, Black, American Progress, Organization, Policy, Senate

    SANTA MONICA, Calif., Feb. 20, 2024 /PRNewswire/ -- My Code, a leading multicultural media and marketing services company, today announced the appointment of Lizet Ocampo as Executive Director, Political. In this new role, Ocampo will spearhead electoral campaign efforts and support campaigns for organizations seeking to connect with diverse audiences through digital political advertising.

    Key Points: 
    • SANTA MONICA, Calif., Feb. 20, 2024 /PRNewswire/ -- My Code, a leading multicultural media and marketing services company, today announced the appointment of Lizet Ocampo as Executive Director, Political.
    • "In anticipation of the pivotal role diversity will play in the 2024 election, we're eager to welcome Lizet and expand our political team at My Code.
    • Ocampo boasts nearly two decades of political experience, most recently holding the role of Executive Director at Voto Latino, an organization dedicated to reaching Latino voters through digital first programming.
    • To learn more about My Code and how it helps brands authentically connect with underrepresented audiences, please visit www.mycodemedia.com .