Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/76309
Authors: 
Jansen, David-Jan
de Haan, Jakob
Year of Publication: 
2003
Series/Report no.: 
CESifo Working Paper 927
Abstract: 
This paper studies the reaction of the mean and volatility of the euro-dollar exchange rate to statements of ECB officials during the first years of EMU. We focus on statements on monetary policy and the (potential) strength of the euro. We find that the Bundesbank has dominated the news coverage. We conclude that ECB statements have mainly influenced volatility. In some cases there are effects of statements on the level of the euro-dollar rate. Efforts to talk up' the euro have not been successful. There is also evidence of asymmetric reactions to news.
Subjects: 
ECB
euro
foreign exchange
news approach
Document Type: 
Working Paper

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