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...
Сохранить в:
Опубликовано в:: | MAGKS - Joint Discussion Paper Series in Economics |
---|---|
Главный автор: | |
Формат: | Статья |
Язык: | английский |
Опубликовано: |
Philipps-Universität Marburg
2022
|
Предметы: | |
Online-ссылка: | PDF-полный текст |
Метки: |
Добавить метку
Нет меток, Требуется 1-ая метка записи!
|
Итог: | 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. |
---|---|
Объем: | 15 Seiten |
ISSN: | 1867-3678 |
DOI: | 10.17192/es2024.0712 |