Employing unique data derived directly from Reuters electronic brokerage platform for currency trading, this paper investigates the reaction of investors to central bank announcements on foreign exchange market in Poland in years 1999-2003. Our sample period is interesting as it captures a time...

Work on the impact of U.S. monetary policy on emerging financial markets mostly focuses on official federal funds rate announcements; empirical evidence using data on informal communication channels, such as speeches, is scant. Employing a unique data set covering formal and informal...

We analyze the impact of monetary policy communication of the National Bank of Poland (NBP), i.e. NBP announcements of interest rates changes and NBP announcements of new macroeconomic figures, on the financial market in Poland in its two main segments: the foreign exchange market and the stock...