The Similarity of ECB's Communication

Posted: 9 Jun 2015 Last revised: 11 Jun 2015

See all articles by Diego Amaya

Diego Amaya

Wilfrid Laurier University

Jean-Yves Filbien

University of Lille I

Date Written: June 5, 2015


This article examines the communication of European Central Bank (ECB) at press conferences and its impact on financial markets. We compare consecutive central banker conference speeches and document that the similitude of these speeches has been increasing over time. We find evidence that the similarity of ECB communication has helped stock markets learn from ECB monetary policy.

Keywords: Monetary Policy, Sentiment, Similarity

JEL Classification: E52, E58, G14

Suggested Citation

Amaya, Diego and Filbien, Jean-Yves, The Similarity of ECB's Communication (June 5, 2015). Finance Research Letters, Vol. 13, 2015, Available at SSRN:

Diego Amaya

Wilfrid Laurier University ( email )

Waterloo, Ontario N2L 3C5

Jean-Yves Filbien (Contact Author)

University of Lille I ( email )

104, avenue du peuple Belge
Villeneuve d'Ascq Cedex, 59655

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