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  1. 1 Kozgazdasagi Szemle (Economic Review)

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  1. 1 Valentinyi A.

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Central-bank announcements and macroeconomic stability

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Valentinyi A.
Kozgazdasagi Szemle (Economic Review)
|
2005
|
vol. 52
|
issue 11
811-824
EN
Announcements by the central bank do not simply provide market participants with information. They also coordinate market expectations. So even announcements that seem to provide very little new information can elicit strong market reactions. Market participants uncertain about what information others have will also be uncertain whether other market participants know what they know. In a review of recent literature on global games, the paper shows how central-bank announcements may trigger or prevent speculative attacks.
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