Conrad, Christian ; Zumbach, Klaus Ulrich
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Abstract
We quantify all statements by major European politicians reported by Reuters during the August 2011 to December 2011 period and show that political communication significantly affects European stock and bond markets as well as the EUR-USD exchange rate. Communication with respect to Italy induces the strongest market reactions. Financial markets consider the German bondmarket a safe haven.
| Document type: | Working paper |
|---|---|
| Series Name: | Discussion Paper Series / University of Heidelberg, Department of Economics |
| Volume: | 0536 |
| Date Deposited: | 13 Dec 2012 11:05 |
| Date: | December 2012 |
| Number of Pages: | 9 |
| Faculties / Institutes: | The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics |
| DDC-classification: | 330 Economics |
| Series: | Discussion Paper Series / University of Heidelberg, Department of Economics |
