ECB Foreign Exchange Intervention and the Euro : Institutional Framework, News and Intervention

Using a unique intervention "news" data set, this paper investigates the impact of ECB intervention and intervention-related "news" (newswire reports) on the euro exchange rate. A time-series study of "news" generated by ECB officials and market participants regarding intervention and the value of the euro as well as an event study of firm reports of ECB intervention is conducted. Both studies find significant short-run effects on the euro value, while only "negative" statements (official statements denying past intervention or ruling out future intervention) appear to have persistent effects

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Year of publication:	2013
Authors:	Fatum, Rasmus ; Hutchison, Michael M.
Publisher:	[S.l.] : SSRN
Subject:	Wechselkurspolitik \| Exchange rate policy \| Zentralbank \| Central bank \| Euro \| EU-Staaten \| EU countries \| Ankündigungseffekt \| Announcement effect \| Signalling \| Geldpolitik \| Monetary policy

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Extent:	1 Online-Ressource (23 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 22, 2002 erstellt
Other identifiers:	10.2139/ssrn.304519 [DOI]
Classification:	F31 - Foreign Exchange ; F33 - International Monetary Arrangements and Institutions ; F42 - International Policy Coordination and Transmission ; G15 - International Financial Markets
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014034101