Bayesian learning provides the core concept of information processing in financial markets. Typically, it is assumed … disclosed. Therefore, we extend standard Bayesian learning, suggesting traders infer news' precision from two different sources …' precision. -- Bayesian learning ; information quality ; precision signals ; macroeconomic announcements …

Bayesian learning provides the core concept of processing noisy information. In standard Bayesian frameworks, assessing … dis- closed. Therefore, we extend standard Bayesian learning, suggesting traders infer news' precision from magnitudes of …'s predictions and show that the effects are statistically and economically significant. -- Bayesian Learning ; Macroeconomic …

Bayesian learning provides a core concept of information processing in financial markets. Typically it is assumed that …. Therefore, we extend standard Bayesian learning allowing traders to infer news' precision from two different sources. If … learning ; information quality ; precision signals ; macroeconomic announcements …