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The similarity of ECB’s communication

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  • Amaya, Diego
  • Filbien, Jean-Yves

Abstract

This article examines the communication of European Central Bank (ECB) at press conferences and its impact on financial markets. We compare consecutive central banker conference speeches and document that the similitude of these speeches has been increasing over time. We find evidence that the similarity of ECB communication has helped stock markets learn from ECB monetary policy.

Suggested Citation

  • Amaya, Diego & Filbien, Jean-Yves, 2015. "The similarity of ECB’s communication," Finance Research Letters, Elsevier, vol. 13(C), pages 234-242.
  • Handle: RePEc:eee:finlet:v:13:y:2015:i:c:p:234-242
    DOI: 10.1016/j.frl.2014.12.006
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Hüning, Hendrik, 2016. "Asset market response to monetary policy news from SNB press releases," HWWI Research Papers 177, Hamburg Institute of International Economics (HWWI).
    2. Michael Ehrmann & Jonathan Talmi, 2016. "Starting from a Blank Page? Semantic Similarity in Central Bank Communication and Market Volatility," Staff Working Papers 16-37, Bank of Canada.
    3. Hüning, Hendrik, 2017. "Asset market response to monetary policy news from SNB press releases," The North American Journal of Economics and Finance, Elsevier, vol. 40(C), pages 160-177.
    4. repec:eee:jimfin:v:79:y:2017:i:c:p:136-156 is not listed on IDEAS

    More about this item

    Keywords

    Monetary policy; Sentiment; Similarity;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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