English, Article, Journal or magazine article edition: Do Markets Care Who Chairs the Central Bank? Kenneth Kuttner; Adam Posen

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Bookmark: http://trove.nla.gov.au/version/119978
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Do Markets Care Who Chairs the Central Bank?
Author
  • Kenneth Kuttner
  • Adam Posen
Physical Description
  • preprint
Notes
  • 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.
  • RePEc:wil:wileco:2007-5
Language
  • English
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