文章基本信息

标题：Were Verbal Efforts to Support the Euro Effective? A High-Frequency Analysis of ECB Statements
本地全文：下载
作者：David-Jan Jansen en Jakob de Haan
期刊名称：DNB Working Papers / De Nederlandsche Bank
出版年度：2005
卷号：1
出版社：De Nederlandsche Bank
摘要：This paper studies the effects of verbal interventions by European cen- tral bankers on high-frequency euro-dollar exchange rates. We find that ECB verbal interventions have had only small and short-lived effects. Ver- bal interventions which are reported in news report headlines are more likely to be successful, whereas verbal interventions on days with releases of macroeconomic data are less successful. There is no difference in the effects of comments by members of the ECB Executive Board and presi- dents of national central banks. JEL classifications: E58, F31, C14
关键词：verbal intervention, high-frequency exchange rates, European Central Bank, sign test