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Media news and market expectations: Insights into the ECB's new data-dependent policy regime

Author

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  • Dragomirescu-Gaina, Catalin
  • Monticini, Andrea
  • Salsano, Francesco

Abstract

Financial markets are known to respond to ECB policy announcements, yet these reactions could often reflect adjustments to heightened market expectations influenced by prior media coverage. News may have gained importance following the ECB's adoption of a “data-dependent” policy regime amidst persistent inflation in the Euro Area. Our empirical findings confirm this and underscore the complex interactions between media news and expectations in shaping market dynamics and reactions both before and during official policy announcements.

Suggested Citation

  • Dragomirescu-Gaina, Catalin & Monticini, Andrea & Salsano, Francesco, 2024. "Media news and market expectations: Insights into the ECB's new data-dependent policy regime," Economics Letters, Elsevier, vol. 244(C).
    • Handle: RePEc:eee:ecolet:v:244:y:2024:i:c:s0165176524004713
    DOI: 10.1016/j.econlet.2024.111987
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    More about this item

    Keywords

    ECB communication; Media news; Market expectations;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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