@techreport{NBERw13101,
 title = "Do Markets Care Who Chairs the Central Bank?",
 author = "Kenneth N. Kuttner and Adam S. Posen",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "13101",
 year = "2007",
 month = "May",
 URL = "http://www.nber.org/papers/w13101",
 abstract = {This paper assesses the effects of central bank governor appointments on financial market expectations of monetary policy. To measure these effects, we assemble a new dataset of appointment announcements from 15 countries, and conduct an event study analysis on exchange rates, bond yields, and stock prices. The analysis reveals a significant reaction of exchange rates and bond yields to unexpected appointments. The reactions are not unidirectional, and thus do not suggest new governors suffer from a generic credibility problem. Federal Reserve chairman appointments  stand out in terms of their unusually pronounced effects on financial markets.},
}