Financial stability reports effective communication tool: NBP paper

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Financial stability reports tend to reduce market volatility and have a long-lasting effect on stock market returns, according to a National Bank of Poland (NBP) paper published on Friday.

Benjamin Born, Michael Ehrmann and Marcel Fratzscher, the paper's authors, examine how communication from central banks through financial stability reports, speeches and interviews affect financial markets. They build a dataset based on the reactions of stock markets to more than 1,000 releases of financial

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