The Similarity of ECB's Communication
Posted: 9 Jun 2015 Last revised: 11 Jun 2015
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: Suggested Citation