Euro Area Market Reactions to the Monetary Developments Press Release.

Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the "news" or "surprise" in the released data for annual M3 growth and the move in the interest rates for a time-window surrounding the press release. We find that the publication of monetary data has a statistically significant impact on interest rates with maturities ranging from 1 to 10 years, with the largest effect on the 1-2 year segment. Turning to the short end of the yield curve, since mid-2001 rates with maturities up to 6 months do not react much to the monetary developments press release. Our results suggest that market participants may look through short-term movements of annual M3 growth and focus instead on the trend rate of monetary expansion over the medium term when gauging the policy relevant signals.High-frequency data ; Macroeconomic announcements ; Money growth.

Euro area market reactions to the monetary developments press release

Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the “news” or “surprise” in the released data for annual M3 growth and the move in the interest rates for a time-window surrounding the press release. We find that the publication of monetary data has a statistically significant impact on interest rates with maturities ranging from 1 to 10 years, with the largest effect on the 1-2 year segment. Turning to the short end of the yield curve, since mid-2001 rates with maturities up to 6 months do not react much to the monetary developments press release. Our results suggest that market participants may look through short-term movements of annual M3 growth and focus instead on the trend rate of monetary expansion over the medium term when gauging the policy relevant signals. JEL Classification: E43, E44, E52, E58high-frequency data, macroeconomic announcements, money growth

Les crédits nouveaux à l’habitat des ménages : tendances récentes.

En dépit d’un fléchissement par rapport à ses sommets de la fin de 2010, la distribution de prêts à l’habitat est restée soutenue au 1er semestre 2011 : la remontée des taux de ces derniers mois a peu pesé jusqu’à présent sur la demande des ménages, la production de prêts se maintenant à des niveaux élevés.crédits nouveaux à l’habitat, ancien, neuf, amélioration-entretien, répartition des financements, taux d’intérêt bancaire, prêts relais.

Euro area market reactions to the monetary developments press release

Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the “news” or “surprise” in the released data for annual M3 growth and the move in the interest rates for a time-window surrounding the press release. We find that the publication of monetary data has a statistically significant impact on interest rates with maturities ranging from 1 to 10 years, with the largest effect on the 1-2 year segment. Turning to the short end of the yield curve, since mid-2001 rates with maturities up to 6 months do not react much to the monetary developments press release. Our results suggest that market participants may look through short-term movements of annual M3 growth and focus instead on the trend rate of monetary expansion over the medium term when gauging the policy relevant signals

Les crédits nouveaux à l’habitat des ménages : tendances récentes.

Ralentissement de la distribution du crédit à l’habitat dans un contexte marqué par le resserrement des conditions d’octroi et un net affaiblissement de la demande des ménages.Crédits nouveaux à l’habitat, ancien, neuf, amélioration-entretien, répartition des financements, taux d’intérêt bancaire, prêts relais.