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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Bibliographic Details

Published in:	MAGKS - Joint Discussion Paper Series in Economics
Main Author:	Baumgärtner, Martin
Format:	Article
Language:	English
Published:	2022
Subjects:	Communication Wirtschaft Unconventional Monetary Policy ECB High-Frequency Data Economics
Online Access:	PDF Full Text
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