资源描述：
《纽约联邦储备银行做的调研》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、Volume14,Number6August2008FEDERALRESERVEBANKOFNEWYORKCCurrenturrentIIssuesssuesINECONOMICSANDFINANCEwww.newyorkfed.org/research/current_issuesHowEconomicNewsMovesMarketsLeonardoBartolini,LindaGoldberg,andAdamSacarnyExploringhowthereleaseofneweconomicdataaf
2、fectsassetpricesinthestock,bond,andforeignexchangemarkets,theauthorsfindthatonlyafewannouncements—thenonfarmpayrollnumbers,theGDPadvancerelease,andaprivatesectormanufacturingreport—generatepriceresponsesthatareeconomicallysignificantandmeasurablypersistent
3、.Bondyieldsshowthestrongestresponseandstockpricestheweakest.Theauthors’analysisofthedirectionoftheseeffectssuggeststhatnewsofstronger-than-expectedgrowthandinflationgenerallypromptsariseinbondyieldsandtheexchangevalueofthedollar.heU.S.governmentandsomepriv
4、ateorganiza-reviewandillustratesomeofthekeypatternsthatresearchersTtionsregularlyissuestatisticsontheperformancehaveobservedinmarketreactionstoeconomicreleases.ofthenation’seconomy.ThesedatareleasescanSpecifically,wetrackhowannouncementsofthirteeneco-leadt
5、oadjustmentsinthepriceoffinancialassetsasmarketnomicindicatorsaffectpricesinthreebroadassetclasses—participantsreassesstheirviewsoftheeconomy’scurrentbonds,stocks,andforeignexchange—overaten-yearperiodconditionanditslikelyfutureevolution.endingin2007.Indoi
6、ngso,wefocusonthemarket’sreactiontothepartofeachannouncementthatisactuallynews.ByNaturally,thenatureandextentofthemarketresponsewill“news,”wemeanthesurpriseelement,orthedifferencevarywiththeannouncement.Smallunexpectedchangesin1betweentheactualvalueannounc
7、edforanindicatorandmar-certaineconomicindicatorsmayrockassetpricesoveralongketparticipants’priorexpectationofwhatthatvaluewouldbe.period,whileshiftsinotherindicators—howeverlargeorsur-prising—arequicklyshruggedoffbythemarkets.Moreover,Ouranalysisprovidesle
8、ssonsontherelativescaleandper-whileannouncementsaboutsomeeconomicindicatorsaffectsistenceoftherecentresponsesofU.S.assetpricestoeconomicbondyieldsandexchangerates,newsaboutothersmaychieflyannouncements.Wefind
