Central bank informal communication became more frequent and acquired more mass media attention after the global financial crisis. Do investors remember past central bank communications when a new communication is released? Focusing on the United States, we show that abnormal stock returns increase as informal communications are repeated over time and within a short distance from each other.
Caiazza, S., Fiordelisi, F., Galloppo, G., Ricci, O. (2022). Informal central bank communication: The role of investor memories. ECONOMICS LETTERS.
Informal central bank communication: The role of investor memories
Stefano Caiazza;Giuseppe Galloppo;Ornella Ricci
2022-01-01
Abstract
Central bank informal communication became more frequent and acquired more mass media attention after the global financial crisis. Do investors remember past central bank communications when a new communication is released? Focusing on the United States, we show that abnormal stock returns increase as informal communications are repeated over time and within a short distance from each other.File in questo prodotto:
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