Format:
37 S.
,
graph. Darst.
,
22 cm
Series Statement:
Working paper series / National Bureau of Economic Research 13101
Content:
This paper assesses the effects of central bank governor appointments on financial market expectations of monetary policy. To measure these effects, we assemble a new dataset of appointment announcements from 15 countries, and conduct an event study analysis on exchange rates, bond yields, and stock prices. The analysis reveals a significant reaction of exchange rates and bond yields to unexpected appointments. The reactions are not unidirectional, and thus do not suggest new governors suffer from a generic credibility problem. Federal Reserve chairman appointments stand out in terms of their unusually pronounced effects on financial markets.
Note:
Literaturverz. S. 28 - 29
Additional Edition:
Erscheint auch als Online-Ausgabe
Language:
English
URL:
Volltext
(kostenfrei)
Author information:
Kuttner, Kenneth N. 1960-
Author information:
Posen, Adam Simon 1966-
