Do markets care who chairs the central bank?
by Kenneth N. Kuttner
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.
Check nearby libraries
Buy this book
| Edition | Availability |
|---|---|
1
|
aaaa
|
Book Details
Edition Notes
"May 2007"
Includes bibliographical references (p. 28-29).
Also available in PDF from the NBER world wide web site (www.nber.org).
Classifications
The Physical Object
ID Numbers
Community Reviews (0)
Feedback?
| December 19, 2020 | Edited by MARC Bot | import existing book |
| December 3, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
| December 10, 2009 | Created by WorkBot | add works page |