Informal central bank communication: The role of investor memories

Stefano Caiazza, Franco Fiordelisi, Giuseppe Galloppo and Ornella Ricci

Economics Letters, 2022, vol. 217, issue C

Abstract: Central bank informal communication became more frequent and acquired more mass media attention after the global financial crisis. Do investors remember past central bank communications when a new communication is released? Focusing on the United States, we show that abnormal stock returns increase as informal communications are repeated over time and within a short distance from each other.

Keywords: Monetary policy; Central bank communication (search for similar items in EconPapers)
JEL-codes: E62 G10 G14 G18 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:217:y:2022:i:c:s0165176522002002

DOI: 10.1016/j.econlet.2022.110632

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