‘Whatever it takes’ and the role of Eurozone news
Minke Van Der Heijden,
Roel Beetsma and
Applied Economics Letters, 2018, vol. 25, issue 16, 1166-1169
This letter shows that the ‘Whatever it takes’ speech by ECB President Draghi on 26 July 2012 and the ensuing installation of the Outright Monetary Transactions’ framework are associated with a reduction in the domestic and cross-border effect of Eurozone news on absolute yield changes in Eurozone sovereign debt. These results are consistent with the popular view that these actions helped to avoid a collapse of the Eurozone.
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