This paper investigates the financial market effects of the ECB’s communication on the Pandemic Emergency Purchase Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as press releases, ECB blog contributions, speeches, and interviews on changes in government bond spreads. Second, we assess whether spreads react differently to communication by specific ECB Executive Board members. Markets turn out to be sensitive to both the communication channel and the communicating ECB Executive Board member.

中文翻译：

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欧洲央行的沟通对政府债券利差的影响

本文研究了欧洲央行关于大流行病紧急购买计划（PEPP）的沟通对金融市场的影响。我们首先利用10个欧元区国家的数据，分析了新闻稿、欧洲央行博客投稿、演讲和采访等不同沟通渠道对政府债券利差变化的影响。其次，我们评估利差是否对特定欧洲央行执行委员会成员的沟通做出不同的反应。事实证明，市场对沟通渠道和进行沟通的欧洲央行执行委员会成员都很敏感。