Central bank communication crucial to formation of market expectations: ECB paper

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Introductory statements and question and answer (Q&A) sessions during press conferences provide market participants with crucial information when forming expectations on policy orientation, according to a European Central Bank (ECB) paper published on Friday.

Olivier Vergote and Josep Maria Gutiérrez, the paper's authors, measure the announcement effects of ECB communications on short-term interest rate expectations on 32 occasions when the ECB's Governing Council met to vote on a policy rate

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