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.

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.

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.

Can Excess Liquidity Signal an Asset Price Boom?

This paper analyses the relationship between the prevailing liquidity conditions (such as measures of money, credit and interest rates) and developments in asset prices from a monetary analysis perspective. After having identified periods of sustained excess liquidity, we analyse under which conditions they are more likely to be followed by an asset price boom. The results from a descriptive analysis of the developments in a number of macroeconomic and financial variables suggest that periods of sustained excess liquidity that are accompanied by strong economic activity, low interest rates, high real credit growth and low inflation have a higher likelihood of being followed by an asset price boom. This conclusion is also confirmed by a logit analysis

Social media conversations: When consumers do not react positively to brands’ kindness to others

International audienceIn the context of consumers’ advertising digital literacy, this research examines the impact of brand-consumer social media conversations. Based on Goffman’s ‘face-work’ as a theoretical lens, we investigate to which extent consumers can feel like brands show human traits when they interact with consumers on social media. Taking into account online communication’s multiple audience dilemma, we analyze how brand attachment influences the effect of brands’ interaction strategies on consumers’ attitude. Using an experimental method, we find that appreciative expressions from the brand have a positive effect on brand anthropomorphism when consumers are not attached to the brand. In contrast, appreciation does not show such an effect when consumers are attached to the brand. Therefore, this research contributes to the brand-consumer interactions and brand anthropomorphism literature and suggests that managers could segment their online conversation platforms depending on the kind of consumer brand relationships