This paper proposes a new efficient algorithm for the computation of Greeks for options using the binomial tree. We also show that Greeks for European options introduced in this article are asymptotically equivalent to the discrete version of Malliavin Greeks. This fact enables us to show that...

The forward guidance provided by central banks is regarded as an essential new monetary policy tool which influences market expectations under the recent low interest rates. This research investigates whether U.S. forward guidance shapes market expectations by using the assets' price formation...

In recent years, central banks have focused on communication with financial markets, and have tended to conduct policy with high transparency in order to further enhance the effectiveness of monetary policy. In this research, we focus on the members of the U.S. Federal Open Market Committee...