Bank of Canada working paper investigates market movers
In a working paper published in February by the Bank of Canada, author Scott Hendry examines whether central bank communication or the media's interpretation of events prove to have greater influences on the markets.
Hendry states the goal of this paper is to "investigate what type of information from Bank of Canada communication statements or the market commentary based on these statements has a significant effect on the volatility or level of returns in a short-term interest rate market".
He
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