Responses of Swiss interest rates and stock prices to ECB policy surprises

Swiss Journal of Economics and Statistics

Table 1 Correlation between different measures of ECB policy surprises

	Target	Timing	FG	QE	info
Target
Timing	\(-\)0.06
FG	\(-\)0.21**	0.00
QE	\(-\)0.10	0.00	0.02
Info	\(-\)0.15	\(-\)0.15	0.15	\(-\)0.06
Mopo	0.13	0.05	\(-\)0.24**	\(-\)0.08	\(-\)0.03

This table presents pairwise correlations between different ECB policy shocks for the time period between October 2004 and June 2020. The correlations between Target surprises and the other policy shocks are based on 152 observations. A sample of 150 observations underlies the other pairwise correlations. Asterisks indicate significant correlations
\(^{*}p<\)0.1; \(^{**}p<\)0.05; \(^{***}p<\)0.01