The Market Impact of Fed Communications: The Role of the Press Conference

Narain, Namrata; Sangani, Kunal

doi:10.2139/ssrn.4354333

SSRN Journal

2023

DOI: 10.2139/ssrn.4354333

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The Market Impact of Fed Communications: The Role of the Press Conference

Namrata Narain

Kunal Sangani

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Cited by 3 publications

References 26 publications

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The Impact of Monetary Policy on REITs: Evidence from FOMC Announcements

Rosa

2024

J Real Estate Finan Econ

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This paper examines the response of equity and mortgage REITs to changes in the stance of monetary policy using an event study with intraday data. Monetary news around Federal Reserve’s announcements are decomposed into three types of surprise: changes in the current federal funds target rate, forward guidance and large-scale asset purchases. Estimation results show that monetary surprises have economically important and significantly negative effects on equity REITs. Around monetary announcements equity REIT returns are mostly spanned by US common stocks, while mortgage REITs maintain some distinct exposure to interest rate risks.

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The Impact of Monetary Policy on REITs: Evidence from FOMC Announcements

Rosa

2024

J Real Estate Finan Econ

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Impact of the Central Bank's Communication on FX Market Dynamics

Yukhymenko,

Sorochan

2023

VNBU

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This study explores the impact of central bank communications on FX market dynamics. Our main results suggest that the NBU’s statements and press releases on monetary policy issues do indeed matter. For instance, we find that exchange rate movements and volatility are negatively correlated with the volumes of publications of the NBU on its official website. However, this effect is noticeably larger for volatility than for exchange rate changes. The impact of communication on FX developments is strongest a week after a news release, and it persists further. Furthermore, these indicators turn out to be more sensitive to monetary policy announcements than NBU updates overall.

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Merkez Bankası Para Politikası Metinleri İçin Kosinüs Benzerlik Skorları: FED Basın Duyuruları Üzerine Ampirik Bir Analiz

Görgün,

Demireli

2024

Uluslararası Sosyal Ve Ekonomik Çalışmalar Dergisi

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Bu çalışma, Federal Açık Piyasa Komitesi'nin (FOMC) para politikası metinlerinin benzerlik analizi yoluyla incelenmesini amaçlamaktadır. Metin benzerlik skorları, ardışık duyurular arasındaki içerik benzerliğini belirlemek için kosinüs benzerliği teorisi kullanılarak hesaplanmıştır. Analiz sonuçları, belirli dönemlerde FOMC duyurularının içeriğinin önemli ölçüde benzeştiğini ve bu benzerliklerin ekonomik koşullardaki değişikliklere bağlı olarak şekillendiğini ancak nüfusun ekonomik koşullardaki değişimi dikkate alarak benzer politika metinlerine rağmen farklı davranışlar sergilediğini göstermektedir. Benzerliklerin, FOMC'nin politika kararlarına ilişkin tutarlılık ve güvenilirlik sağladığı, ancak belirsizlikler yaratabildiği ve FED’in iletişim etkinliğini azaltabileceği çalışmanın ilgi çekici sonuçları arasındadır. Çalışma, ayrıca doğal dil işleme (NLP) araçlarının merkez bankası iletişimlerinin analizinde kullanımının potansiyelini vurgulayarak literatüre katkı sağlamayı amaçlamaktadır.

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The Market Impact of Fed Communications: The Role of the Press Conference

Cited by 3 publications

References 26 publications

The Impact of Monetary Policy on REITs: Evidence from FOMC Announcements

The Impact of Monetary Policy on REITs: Evidence from FOMC Announcements

Impact of the Central Bank's Communication on FX Market Dynamics

Merkez Bankası Para Politikası Metinleri İçin Kosinüs Benzerlik Skorları: FED Basın Duyuruları Üzerine Ampirik Bir Analiz

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