The High‐Frequency Response of the EUR‐USD Exchange Rate to ECB Communication
研究了欧洲央行新闻发布会沟通对欧元兑美元汇率的高频影响，发现关于未来价格稳定的声明会立即导致欧元升值，而关于经济活动和货币总量的沟通则无显著影响。
We investigate the impact of the European Central Bank's monetary policy communication during the press conference held after the monthly Governing Council meeting on the EUR‐USD exchange rate in high frequency. Based on the method of Content Analysis, we construct communication indicators for the introductory statement and find that communication with respect to future price developments is most relevant. In response to statements about increasing risks to price stability the EUR appreciates on impact. To the contrary, communication about economic activity and monetary aggregates does not generate significant exchange rate reactions.