Table 3 Descriptive statistics for US...

Table 3

Descriptive statistics for US and ECB monetary policy data

	Fed surprises	ECB surprises	Changes of the target federal funds	Changes of the target ECB funds
Mean	−1.978831	1.231170	−0.703289	−0.504568
Median	0.000000	0.154652	0.000000	0.000000
Maximum	26.20568	35.13652	28.00000	18.00000
Minimum	−86.48312	−95.16585	−70.00000	−44.00000
Std. Dev	15.36525	31.55671	28.10057	25.11493
Skewness	−4.720469	−1.416252	−2.022351	−1.00591
Kurtosis	26.32525	6.321631	5.566942	6.18354
Jarque–Bera	922.5516	29.32656	49.85632	55.12839
Probability	0.000000*	0.000000*	0.000000*	0.000000*
Observations	42	21	42	21

	Fed surprises	ECB surprises	Changes of the target federal funds	Changes of the target ECB funds
Mean	−1.978831	1.231170	−0.703289	−0.504568
Median	0.000000	0.154652	0.000000	0.000000
Maximum	26.20568	35.13652	28.00000	18.00000
Minimum	−86.48312	−95.16585	−70.00000	−44.00000
Std. Dev	15.36525	31.55671	28.10057	25.11493
Skewness	−4.720469	−1.416252	−2.022351	−1.00591
Kurtosis	26.32525	6.321631	5.566942	6.18354
Jarque–Bera	922.5516	29.32656	49.85632	55.12839
Probability	0.000000*	0.000000*	0.000000*	0.000000*
Observations	42	21	42	21

Note(s): This table presents summary statistics for US and ECB monetary policy announcement surprises. The data period is from August 11, 2015 until March 31, 2018. The monetary announcements surprises are collected from the website of the Fed and from the European Central Bank (ECB). The sample period includes 42 Fed announcements and 21 ECB announcements. We pursue Kuttner (2001) and define the mentioned surprises by applying the one-day change in the current-month futures rate. Statistical significance at the 1% is denoted by *. Target rate changes and surprises are calculated in basis points. Volatility and returns are measured in percent

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