Media news and market expectations: Insights into the ECB's new data-dependent policy regime

Catalin Dragomirescu-Gaina, Andrea Monticini and Francesco Salsano

Economics Letters, 2024, vol. 244, issue C

Abstract: Financial markets are known to respond to ECB policy announcements, yet these reactions could often reflect adjustments to heightened market expectations influenced by prior media coverage. News may have gained importance following the ECB's adoption of a “data-dependent” policy regime amidst persistent inflation in the Euro Area. Our empirical findings confirm this and underscore the complex interactions between media news and expectations in shaping market dynamics and reactions both before and during official policy announcements.

Keywords: ECB communication; Media news; Market expectations (search for similar items in EconPapers)
JEL-codes: D80 E44 E58 G12 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:244:y:2024:i:c:s0165176524004713

DOI: 10.1016/j.econlet.2024.111987

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