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Type | Journal Article |
Scope | Discipline-based scholarship |
Title | The reaction of asset markets to Swiss National Bank communication |
Organization Unit | |
Authors |
|
Item Subtype | Original Work |
Refereed | Yes |
Status | Published in final form |
Language |
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Journal Title | Journal of International Money and Finance |
Publisher | Elsevier |
Geographical Reach | international |
ISSN | 0261-5606 |
Volume | 29 |
Number | 3 |
Page Range | 486 - 503 |
Date | 2010 |
Abstract Text | In this paper we analyze high-frequency movements in Swiss asset markets in reaction to real-time communication by the Swiss National Bank. Our analysis of central bank communication encompasses monetary policy announcements, speeches and interviews. We examine the reactions of the currency market, the bond market and the stock exchange. The evidence suggests that speeches and interviews, along with monetary policy announcements, engender a significant price reaction. This paper sheds light on the relevance of communications other than monetary policy announcements. |
Related URLs | |
Digital Object Identifier | 10.1016/j.jimonfin.2009.07.004 |
Other Identification Number | merlin-id:5922 |
PDF File | Download from ZORA |
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