Do Markets Care Who Chairs the Central Bank?
利用15个国家30年的公告数据，研究央行行长任命对汇率和债券收益率的影响，发现市场对意外任命反应显著，尤其当央行缺乏独立性或名义锚时。
This paper assesses the impact of central bank governor appointments on exchange rates and bond yields using a new data set of announcements spanning 15 countries and 30 years. The results show that exchange rates exhibit a statistically significant response to the announcement of a new governor, especially when the appointee's identity was not anticipated. The reactions are especially pronounced for banks lacking either independence or a nominal anchor. New governors are not generally thought to lack credibility, however, as announcements generally do not cause exchange rate or bond yield movements signaling expectations of higher inflation or looser monetary policy.