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CentrePiece article
Words and Deeds: Market Reactions when Central Banks Talk
Carlo Rosa and Giovanni Verga
June 2007
Paper No' CEPCP226:
Full Paper (pdf)

CentrePiece 12 (1) Summer 2007

What is the minute-by-minute effect of central bank communication on asset prices? New research by Carlo Rosa and Giovanni Verga finds that the unexpected component of announcements by the European Central Bank has a sizeable impact on interest rate futures.

This paper has been published as:
Carlo Rosa and Giovanni Verga (2007) On the Consistency and Effectiveness of Central Bank Communication: Evidence from the ECB, European Journal of Political Economy 23(1): 146-75.