Musard-Gies, Marie - HAL - 2006
steer market short- and long-term interest rates in the euro zone. To meet this goal, we "codify" the statements according … to whether they are neutral, hawkish, or dovish. We show, using a principal components analysis of euro-zone (short- and … long-term) interest rates that the euro-zone's market rates, react significantly to the bias in statements, and more …