Financial Markets and ECB Monetary Policy Communication – A Second QE Surprise

Financial Markets and ECB Monetary Policy Communication – A Second QE Surprise

This paper shows that a different communication style of the European Central Bank (ECB) affects stock prices differently. A break in the ECB’s communication from 2016 onwards makes it necessary to adjust the identification of monetary policy surprises in the euro area. By modifying the high-frequen...

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Gepubliceerd in:MAGKS - Joint Discussion Paper Series in Economics
Hoofdauteur: Baumgärtner, Martin
Formaat: Artikel
Taal:Engels
Gepubliceerd in: Philipps-Universität Marburg 2022
Onderwerpen:
Communication
Wirtschaft
Unconventional Monetary Policy
ECB
High-Frequency Data
Economics
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