Shadow banking is a widely discussed topic but is not well understood. It is the subject of
intense regulatory scrutiny but is not yet clearly defined. Shadow banking means one thing …

We show the existence of a very short-term relationship at the daily frequency between
changes in the price of a country's major commodity export and changes in its nominal …

This article reviews, evaluates, and links research that studies foreign exchange volatility
reaction to macro announcements. Scheduled and unscheduled news typically raises …

We provide new empirical evidence for the way in which financial markets process
information. Our results rely critically on high-frequency intraday price and volume data for …

The influence of the Federal Reserve's unanticipated target rate decisions on US asset
prices has been the subject of numerous studies. More recently, researchers have looked at …

We investigate the information contained in foreign exchange (FX) volume using a novel
data set from the over-the-counter market. We find volume helps predict next-day currency …

This paper investigates the impact of FOMC announcements on cryptocurrency risk
spillovers under different market conditions and their mechanisms of action. We calculate …

In 1913, Congress purposefully created the Federal Reserve as an independent central
bank, which created a fundamental tension: how to ensure the Fed remains accountable to …

The increase in central bank transparency has been one of the main developments in
central banking in the past two decades. This leads to the question of the effect of central …

This paper examines the financial market impact of different types of Federal Reserve
communications on several US asset prices (Treasury rates, stock prices, and the euro-US …