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美国论文代写-宏观经济新闻公告的形式和性质

美国论文代写-宏观经济新闻公告的形式和性质。Ederington和Lee(1996)分析了宏观经济新闻公告的影响。作者试图评估宏观经济的新闻公告将如何影响金融市场。他们不仅研究波动性溢出效应,还研究宏观经济变量的广泛列表。Edrington & Lee(1996)利用宏观经济新闻稿进行了测试,研究其对美国国债、欧洲美元、德国马克和日元期货合约的影响。他们试图回答的一些关键问题是,新闻公告将如何影响市场。其次,他们研究了宏观经济新闻对波动性的影响,以及基于所观察到的溢出效应所假设的波动性模式。

Edrington & Lee (1996) did tests with macroeconomic news release to study how it impacted on the T-bond, Eurodollar, German mark and Japanese yen futures contracts. Some of the key questions that they attempted to answer were how the news announcement will move the market. Secondly, they studied the impact of macroeconomic news with respect to volatility and volatility patterns assumed based on spillover effects that were observed. Thirdly, the authors set out to study how the markets responded to the information, and how quick they were to respond. This objective would show how some markets are more strongly integrated than others are and so response time assessment is more important. Fourthly, the response time of market with respect to both scheduled and unscheduled assessments are considered.
Macroeconomic news announcements cannot always be scheduled. Surprise announcements exist based on the situation and this could in fact have the most damage. Surprise news announcements result in uncertainty because of a poor understanding of transmission effects. Finally, the authors attempt to understand how new release will have an effect on the market volatility in general. Ederington and Lee (1996) have in fact made use of statistical tests that help understand announcement impact based on critical five-minute interval after the respective announcement has been delivered to the public. This form of study, therefore, was very time sensitive and their data could hence be understood as more reliable. In terms of macroeconomic news announcements, many types are identified, and the authors found that employment related news had the most significant impact on the financial market as compared to any other macroeconomic news. They were able to find that the release of news pertaining to the Producer Price Index or the PPI was observed to be the largest impact causing type. The consumer price index or the CPI was just as significant in the form of impact it raised in the market. Finally, trade deficits were analysed. In the analysis of trade deficits, the author was able to note that the impact is usually true when they are considered in terms of exchange rates and not the interest rates. Where the interest rates are considered, then the impact could be minimal based on the news. Similarly, in the context of construction level spending expenditures, the authors found that weekly news, scheduled or unscheduled seemed to have no effect at all. The authors established that all forms of changes noticed were in the time period of the weekends, typically Fridays and this could be because the macroeconomic news is usually released at this day.

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