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SUMMARY:Financial market implications of monetary policy coordination - Dr
  Peter Phelps\, University of Leeds
DTSTART:20141015T150000Z
DTEND:20141015T160000Z
UID:TALK53785@talks.cam.ac.uk
CONTACT:Clare Eaves
DESCRIPTION:Relatively little is known about international monetary-surpri
 ses and particularly the impact of surprises arising on the same trading d
 ay in financial markets. This paper investigates monetary announcements ar
 ising on the same trading day for various UK-related financial securities 
 over the period 1999-2014. We introduce a relevant multi-factor model\, wh
 ich captures domestic and international monetary-surprises\, including coi
 nciding monetary announcements made by central banks in the UK\, Euro Area
  and US and estimate it using a moments-based technique. The estimation re
 sults provide an indication of the importance of coinciding monetary-surpr
 ises relative to non-coinciding monetary surprises and other non-monetary-
 surprises identified by the model. \n\n\nPeter Phelps is Lecturer in Appli
 ed Economics at the University of Leeds\, where he teaches a module in res
 earch skills at undergraduate level and a postgraduate module in econometr
 ics. He obtained his PhD from the Land Economy Department at Cambridge Uni
 versity\, researching into the stabilisation prospects of the European Eco
 nomic and Monetary Union (EMU). He has also conducted economics research a
 t Volterra Consulting\, the Asian Development Bank's Office for Regional E
 conomic Integration (OREI) and the International Monetary Fund. His curren
 t research focuses on the role of macroeconomic policy in international an
 d regional contexts\, including implications of policy coordination and th
 e endogeneity conditions of EMU.
LOCATION:Mill Lane Lecture Room 4
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