Governing Council Members Research Articles

Artificial intelligence and central bank communication: the case of the ECB

ABSTRACT We examine whether artificial intelligence (AI) can decipher the European Central Bank’s communication. Employing 1769 inter-meeting verbal communication events of the European Central Bank’s Governing Council members, we construct an AI-based indicator evaluating whether the communication is leaning towards easing, tightening, or maintaining the monetary policy stance. We find that our AI-based indicator replicates reasonably similar indicators based on human expert judgement but at much higher speed and at much lower costs. Using our AI-based indicator and a number of robustness checks, our regression results show that ECB communication matters for future monetary policy even after controlling for financial market expectations and lagged monetary policy decisions.

Message by Governing Council Members, Indian Society of Anaesthesiologists National (West Zone).

Message by Governing Council Members, Indian Society of Anaesthesiologists National (West Zone).

The (not so) quiet period: Communication by ECB decision-makers during monetary policy blackout days☆

We use confidential data to provide an empirical primer on the European Central Bank’s (ECB) monetary policy quiet period between 2008 and 2021. Breaches of blackout rules happen regularly and their frequency is heterogeneous across ECB Governing Council members. We document that quiet period breaches trigger high-frequency market reactions that are up to more than twice as large as the median market reaction to speeches in inter-meeting periods. Controlling for member and time fixed effects, we find that breaches respond to absolute inflation deviations of policy-makers’ constituencies from the ECB’s target and to interest rate spreads inside the euro area. We also exploit plausibly exogenous variation in the ECB’s rotational voting schedule to show that non-voting members do not engage in strategic communication during the quiet period to lock in their voting peers.

The European Central Bank’s Ethical Rules

The study analyses the private securities transactions at the US Federal Reserve that have been made public since late 2021 and are worthy of criticism. It is shown by way of example that under the current applicable rules of conduct for the European Central Bank’s Governing Council members, such questionable transactions would neither be reported nor prohibited. The important goal of avoiding even the appearance of personal insider benefits and interest-driven monetary policy decisions is thus not achieved. In this respect, the rules of conduct for the members of the European Central Bank’s Governing Council require urgent revision even after they were recently adapted.

Message by Governing Council Members ISA National (South zone).

Message by Governing Council Members ISA National (South zone).

Utilization of Financial Resources and Development of School Facilities and Services for Students and Teachers of Esperanza National High School

This study is a descriptive correlational study which determined the impact of the utilization of financial resources on the development of school facilities and services for students and teachers. Teachers, Supreme Student Council (SSG) Officers, class mayors, student athletes, Parent-Teacher Association (PTA) Officers, disbursing officer, bookkeeper and supply officer were the respondents of this study. They gave a reliable information regarding the utilization of financial resources. Findings revealed that Maintence and Other Operating Expenses (MOOE), Special Education Fund (SEF) and other financial resources were well implemented and the development they have given to the school facilities and services for students and teachers was very satisfactory. Effective utilization of MOOE increased the positive perceptions of the respondents about the welfare and development of school facilities and services for students and teachers in terms of academic achievement and other school performance indicators. Thus, MOOE and SEF should be utilized according to the approved budget where the teachers, PTA officers and School Governing Council (SGC) members will be part of the budget hearing. School administrators should involve all the teachers and some stakeholders in budget planning and implementation and should follow the budget specifications in planning and implementation to avoid diversion of funds.

Perioperative management of post-COVID-19 surgical patients: Indian Society of Anaesthesiologists (ISA National) Advisory and Position Statement.

Perioperative management of post-COVID-19 surgical patients: Indian Society of Anaesthesiologists (ISA National) Advisory and Position Statement.

Second wave of COVID-19 pandemic and the surge of mucormycosis: Lessons learnt and future preparedness: Indian Society of Anaesthesiologists (ISA National) Advisory and Position Statement.

Second wave of COVID-19 pandemic and the surge of mucormycosis: Lessons learnt and future preparedness: Indian Society of Anaesthesiologists (ISA National) Advisory and Position Statement.

Building a Culture of Health at the Neighborhood Level Through Governance Councils

To explore facilitators and barriers to developing and sustaining collaboration among New York City Department of Health and Mental Hygiene’s Neighborhood Health Action Centers and co-located partners, who share information and decision-making through a Governance Council structure of representative members. Semi-structured interviews were conducted in 2018 with 43 Governance Council members across the three Action Centers of East Harlem (13), Tremont (15), and Brownsville (15), New York City. Governance Council members identified collaboration through information- and resource-sharing, consistent meetings and continuous communication as valuable for fostering a culture of health in their communities. Immediate benefits included building relationships, increased access to resources, and increased reach and access to community members. Challenges included difficulty building community trust, insufficient advertisement of services, and navigation of government bureaucracy. The Governance Councils forged collaborative relationships among local government, community-based organizations and clinical providers to improve health and well-being in their neighborhoods. Sharing space, resources and information is feasible with a movement towards shared leadership and decision-making. This may result in community-driven and tailored solutions to historical inequities. In shared leadership models, some internal reform by Government partners may be required.

COVID Operation Theatre- Advisory and Position Statement of Indian Society of Anaesthesiologists (ISA National).

COVID Operation Theatre- Advisory and Position Statement of Indian Society of Anaesthesiologists (ISA National).

The Neighborhood as a Unit of Change for Health: Early Findings from the East Harlem Neighborhood Health Action Center

Place-based approaches have been promoted as one way to reduce health inequities by addressing community-level factors that shape health, such as housing quality, healthcare systems, the built environment, and social capital. In 2016–2017, the NYC Health Department’s Center for Health Equity launched three Neighborhood Health Action Centers (Action Centers), which use a place-based approach to improve health in neighborhoods with disproportionate burdens of premature mortality. We describe this approach and the genesis of the Action Centers. We then describe the East Harlem Action Center, which was the first to open, and share findings from qualitative interviews with the East Harlem Action Center’s Governance Council, a group comprised of Action Center staff and co-located partners and programs which supports Action Center coordination. Interviewees felt that collaboration, being responsive to community needs, and being community based were essential elements of the Action Center. Interviewees recognized the complex dynamic of a large city agency serving as the host for the Action Center while simultaneously aiming to establish more equitable relationships with partners. Governance Council members’ expectations and hopes for the East Harlem Action Center were consistent with the overall vision and model for the Action Centers, which may facilitate implementation.

Investigating The Effect of Behavioral Intention on E-learning Systems Usage: Empirical Study on Tertiary Education Institutions in Ghana

AbstractThe objective of the study aimed at assessing the relationship that exists between antecedents of behavioral intentions, and how they impact on the usage of E-learning systems in tertiary institutions in Ghana. Empirical data for the study was obtained through a survey from 237 respondents made up of; governing council members, school management members, faculty members, ICT department staff and students from five tertiary education institutions in Ghana. The study developed an extended Technology Acceptance Model (TAM) by incorporating an external variable, self-efficacy. The hypothesized model was examined using Partial Least Squares Structural Equation Modelling (PLSSEM) technique using Smart PLS version 12 software. The paper argues that perceived usefulness, perceived ease of use and self-efficacy influenced individual’s behavioral intentions to utilize E-learning systems. However, the findings confirm that, through the mediating role of individuals’ behavioral intention to use, self-efficacy is the most influential factor that affects individual’s behavioral intentions to utilize E-learning systems in Ghana’s tertiary education institutions, relative to perceived usefulness and perceived ease of use. This result implies that self-efficacy is the main behavioral intention factor in determining E-learning system utilization, in Ghana’s tertiary education context. This study satisfies or fills an E-learning utilization literature shortfall by the extension of the Technological Acceptance Model (TAM) to investigate antecedents of behavioral intentions and their impact on E-learning systems usage among tertiary education institutions. Also, the study demonstrates the importance of behavioral intention-to-use as playing a full mediating role between self-efficacy and E-learning system usage.

Commit to Sit to Improve Nurse Communication.

Commit to Sit to Improve Nurse Communication.

Qualitative and quantitative central bank communication and inflation expectations

Abstract We aim to investigate the simultaneous and interacted effects of central bank qualitative and quantitative communication on private inflation expectations, measured with survey and market-based measures. The effects of ECB inflation projections and Governing Council members’ speeches are identified through an instrumental-variables estimation using a principal component analysis to generate relevant instruments. We find that ECB projections have a positive effect on current-year forecasts, and that ECB projections and speeches are substitutes at longer horizons. Moreover, ECB speeches and the ECB rate reinforce the effect of ECB projections when they are consistent, and convey the same signal about inflationary pressures.

Direct care nurses on the shared governance journey towards positive patient outcomes.

To describe shared governance in action through the example of one paediatric institution's decision to institute daily chlorhexidine bathing. Shared governance processes are discussed extensively in the literature; however, implementation of the processes can be challenging. Recently nurses at one paediatric hospital were involved in a hospital-wide practice change where the theoretical approach of shared governance was actualised. Several questions arose from direct care nurses about unwarranted variations in bathing practices across settings and whether bathing standardisation could address the recent increase in central line-associated bloodstream infections. Shared governance council members identified daily chlorhexidine bathing as a potential intervention to standardise bathing across the hospital and to decrease infection rates. At this time, chlorhexidine bathing had been widely adopted in adult hospitals but was less commonly practiced in paediatric institutions. This is a position paper describing the use of shared governance to make a house-wide practice decision and positively impact patient outcomes. Inquiry Council members conducted a systematic evidence search on best practices around chlorhexidine bathing. This evidence was used in Practice Council discussions to standardise house-wide practice. Once consensus was achieved, council members collaborated with Education Council to ensure understanding, competency, and the adoption and sustainment of the practice change. Patients with central lines are at decreased risk for acquiring a central line-associated blood stream infection due, in part, to the change in nursing practice to include daily chlorhexidine bathing. The shared governance structure was the vehicle through which this practice was vetted and instituted. This paper provides a real-life example of leveraging shared governance structures and the direct care nurse leaders within the councils when an organisation faces critical needs in patient care.

Dissecting the brains of central bankers: The case of the ECB’s Governing Council members on reforms

Since 2009, European central bankers have supported some reforms, in order to draw roadmaps to get out of the euro debt crisis. This paper tests whether the educational and professional background of European central bankers matter for the type of reforms each of them advocated. Through a textual analysis of public speeches delivered by the European central bankers, we draw a cognitive map for each of them and, thus, of the reforms they propose as ways out of the euro debt crisis. Our results show that their occupational background is an important determinant of their respective economic reform proposals.

Dissecting the Brains of Central Bankers: The Case of the ECB's Governing Council Members on Reforms

Since 2009, European central bankers have supported some reforms, in order to draw roadmaps to get out of the euro debt crisis. This paper tests whether the educational and professional background of European central bankers matter for the type of reforms each of them advocated. Through a textual analysis of public speeches delivered by the European central bankers, we draw a cognitive map for each of them and, thus, of the reforms they propose as ways out of the euro debt crisis. Our results show that their occupational background is an important determinant of their respective economic reform proposals.

Critical Race Theory and the Meaning of “Community” in District Partnerships

This article uses a critical race theory lens to explore how members of one community-district partnership understand “community.” Engaging the community through full service schools (Dryfoos & Maguire, 2002), parent engagement programs (Comer & Emmons, 2006), lab schools through universities (Goldring & Sims, 2005), and other partnerships have become a major strand of reform in schools and districts. However, there is a dearth of critical scholarship that explores the contested meanings and implications of evoking community-laden terminology and approaches (Sanders, 2003; Warren, 2005). Using a grounded theory approach, this case study draws from a combination of ethnographic observations of governance meetings, committee meetings, and events over a year and a half; semi-structured interviews with 11 governance council members from the school district and other partners; and document analysis. Iterative rounds of coding identified ten concepts that were organized into three key categories: geographical and sociocultural conceptualizations of community, “community” as a euphemism, and structuring constraints and empowerment through advisory roles. These findings have broad implications for how we engage in community development and district partnership work in ways that are constructive, effective, and socially just.

Do words matter? The impact of communication on the PIIGS' CDS and bond yield spreads during Europe's sovereign debt crisis

The paper aims to shed light on the role of communication in the European debt crisis. It examines the effects of public statements by ECB Governing Council members, EU officials and national representatives on the PIIGS' CDS and bond yield spreads. The focus lies on dovish statements that signal strong determination in the rescue of indebted countries, and hawkish statements that indicate limited commitment to support the PIIGS and protect its creditors. The analysis of daily data for the period between January 1, 2009 and August 12, 2011 in an EGARCH framework suggests that communication by representatives of Germany, France, and the EU as well as ECB Governing Council members had an immediate impact on both types of securities. No effects are found for communication by representatives of the smaller eurozone member countries.

Canadian Interest Rate Setting: The Information Content of Canadian and U.S. Central Bank Communication

We explain Canadian target rate decisions using macroeconomic variables as well as Bank of Canada (BOC) and Federal Reserve (Fed) communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to explain and predict 60 target rate decisions between 1998 and 2006. We find that communications, and most especially speeches and testimony by Canadian Governing Council members, provide a significant and robust explanation of Canadian target rate decisions. However, prior to the introduction of fixed announcement dates, Canadian communications contained more information on upcoming policy moves. Finally, communications by the U.S. Federal Reserve Bank—which are much more frequent—outperform our Canadian communication indicators in explaining Canadian interest rate decisions.