Research considers why macroeconomic announcements impact asset prices

Federal Reserve
The Federal Reserve's eagle. Copyright Dan Hinge

The timing of a macroeconomic news announcement is "more important" than its relation to fundamentals in explaining its impact on asset prices, according to a working paper published by the European Central Bank (ECB).

In the paper, Is the intrinsic value of macroeconomic news announcements related to their asset price impact?, Thomas Gilbert, Chiara Scotti, Georg Strasser and Clara Vega analyse 36 closely watched US announcements from 1990 onwards.

The "intrinsic value" of an announcement is

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: