Providing Content for ECB Announcements

Name: Providing Content for ECB Announcements
Brand: Vita e Pensiero
Price: 6.00 EUR
Availability: OnlineOnly

digital

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Issue

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2007 - 4

Title

Providing Content for ECB Announcements

Author

Carlo Rosa

Publisher

Vita e Pensiero

Format

Article |

Pdf

Pages

Online from

04-2007

Issn

0035-676X (print) | 1827-7918 (digital)

€ 6.00

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Description

This paper proposes a new objective methodology for analysing the verbatim transcripts of central bank announcements. I apply a statistical method based on locally recurring word patterns, the descending hierarchical classification algorithm, to identify the characteristic themes of the monthly press conferences of the President of the ECB. The econometric evidence suggests that these press conferences convey information to the public. Moreover, the reaction of market rates strongly depends on the principal themes of the statement.