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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...
Wedi'i Gadw mewn:
| Cyhoeddwyd yn: | MAGKS - Joint Discussion Paper Series in Economics |
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| Prif Awdur: | |
| Fformat: | Erthygl |
| Iaith: | Saesneg |
| Cyhoeddwyd: |
Philipps-Universität Marburg
2022
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| Pynciau: | |
| Mynediad Ar-lein: | Testun PDF llawn |
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| Crynodeb: | 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-frequency identification of monetary policy shocks in the euro area, I can show that two quantitative easing shocks occur per decision: One during the release and one during the press conference. Although the impact on policy rates is identical, the release window shock seems to have a more pronounced effect on stock prices. |
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| Disgrifiad Corfforoll: | 15 Seiten |
| ISSN: | 1867-3678 |
| DOI: | 10.17192/es2024.0712 |