caa a22 4500 605534306 CHVBK 20210128100842.0 cr unu---uuuuu 210128e20150201xx s 000 0 eng 10.1007/s10663-014-9258-y doi (NATIONALLICENCE)springer-10.1007/s10663-014-9258-y Financial market reaction to Federal Reserve communications: Does the global financial crisis make a difference? [Elektronische Daten] [Bernd Hayo, Ali Kutan, Matthias Neuenkirch] This paper studies the effects of Federal Reserve communications on US financial market returns from 1998 to 2009 and asks whether they changed significantly during the global financial crisis of August 2007-July 2009. We find, first, that central bank communication moves financial markets in the intended direction. In particular, shorter maturities are affected in an economically meaningful way. Second, speeches by the chairman generate relatively larger market reactions than communication by other governors or presidents. Finally, central bank communication is even more market relevant during the subsample covering the global financial crisis. Springer Science+Business Media New York, 2014 Central bank communication nationallicence Federal Reserve nationallicence Global financial crisis nationallicence Financial markets nationallicence Monetary policy nationallicence Hayo Bernd Philipps-University Marburg, Marburg, Germany aut Kutan Ali Southern Illinois University Edwardsville, Edwardsville, IL, USA aut Neuenkirch Matthias Department of Economics, University of Trier, 54286, Trier, Germany aut Empirica Springer US; http://www.springer-ny.com 42/1(2015-02-01), 185-203 0340-8744 42:1<185 2015 42 10663 https://doi.org/10.1007/s10663-014-9258-y text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10663-014-9258-y text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Hayo Bernd Philipps-University Marburg, Marburg, Germany aut NATIONALLICENCE 700 1- Kutan Ali Southern Illinois University Edwardsville, Edwardsville, IL, USA aut NATIONALLICENCE 700 1- Neuenkirch Matthias Department of Economics, University of Trier, 54286, Trier, Germany aut NATIONALLICENCE 773 0- Empirica Springer US; http://www.springer-ny.com 42/1(2015-02-01), 185-203 0340-8744 42:1<185 2015 42 10663