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  "documentTitle": "What if the ECB raises its policy rates? Roland Berger Institute",
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      "text": "CHANGES ON POLICY RATES",
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      "text": "Yield (%)",
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      "text": "Forward guidance aims to influence the slope of the yield curve. By communicating the central banks 'stance' on planned monetary actions, the central bank aims to influence the expectations of market participants.",
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      "text": "Policy rate changes aim to shift the level of the yield curve up (increasing the policy rate) and down (decreasing the policy rate), particularly at the short end.",
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      "text": "Asset purchases aim to change the slope of the yield curve. By outright purchases, central banks add to demand for specific assets (e.g. government bonds). As a result, bond prices increase, and yields fall.",
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      "text": "Source: RBA",
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