We investigate the effects of the monetary policy conduct on the domestic capital market for a sample of developed countries where the capital market plays a significant role in the economy. We break down the policy rate innovations in rules-based and discretionary components in order to...

Central bank informal communications became more frequent and acquired more mass media attention after the global financial crisis. Do investors react to the content (e.g., future expansionary or restrictive policy) of informal central bank communications? And especially, do investors have a...

We propose a novel measure of intraday investor attention by using messages sent on Twitter around European Central Bank announcements. We then analyze the market impact of the press conferences conditional on the level of investor attention prior to the announcements. We find that absolute...