Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/315104 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
IES Working Paper No. 1/2025
Verlag: 
Charles University in Prague, Institute of Economic Studies (IES), Prague
Zusammenfassung: 
We perform a quantitative synthesis of 807 estimates of the effect of macroeconomic news announcements on exchange rates, as reported in 25 studies. Estimates are tested for publication selection using visual examination of funnel plots, linear asymmetry tests, and recent non-linear testing techniques. Our analysis reveals that after the inclusion of the moderator variables, publication bias has a moderate but statistically significant effect on the reported estimates, although it does not strongly influence their magnitude. The primary sources of heterogeneity are driven by economic conditions, particularly interest rate differentials and inflation regimes. Surprisingly, the type of macroeconomic announcement does not systematically affect the variation in estimated effects, indicating that differences in the nature of the announcements have little impact on the reported results.
Schlagwörter: 
foreign exchange markets
macroeconomic announcements
event study
meta-analysis
publication bias
JEL: 
C52
F31
F36
G15
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.