Governors move markets as much as ECB board members – paper
Presidents' speeches have greatest influence, followed by those given by heads of national central banks
Speeches by the governors of national central banks in the Eurosystem have a similar effect on bond yields to those by European Central Bank executive board members, a new paper finds – though the governors’ influence is still dwarfed by that of the ECB’s president.
Klodiana Istrefi, a principal economist at the ECB, wrote the paper with Florens Odendahl from the Bank of Spain and Giulia Sestieri from the Banque de France. It was published on June 20.
The three researchers created a dataset
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