Arbeitspapier
ECB Foreign Exchange Intervention and the Euro: Institutional Framework, News and Intervention
Using a unique intervention news data set, this paper investigates the impact of ECB intervention and intervention-related news (newswire reports) on the euro exchange rate. A time-series study of news generated by ECB officials and market participants regarding intervention and the value of the euro as well as an event study of firm reports of ECB intervention is conducted. Both studies find significant short-run effects on the euro value, while only negative statements (official statements denying past intervention or ruling out future intervention) appear to have persistent effects.
- Language
-
Englisch
- Bibliographic citation
-
Series: EPRU Working Paper Series ; No. 2002-10
- Classification
-
Wirtschaft
- Subject
-
Wechselkurspolitik
Euro
Zentralbank
Signalling
Ankündigungseffekt
EU-Staaten
- Event
-
Geistige Schöpfung
- (who)
-
Fatum, Rasmus
Hutchison, Michael M.
- Event
-
Veröffentlichung
- (who)
-
University of Copenhagen, Economic Policy Research Unit (EPRU)
- (where)
-
Copenhagen
- (when)
-
2002
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Fatum, Rasmus
- Hutchison, Michael M.
- University of Copenhagen, Economic Policy Research Unit (EPRU)
Time of origin
- 2002
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