Published Classic International Journal of Central Banking Published May 2005Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and StatementsRefet S. Gürkaynak · Brian Sack · Eric T. SwansonThis 2005 International Journal of Central Banking paper by Refet Gürkaynak, Brian Sack, and Eric Swanson tests whether asset-price responses to FOMC announcements can be adequately characterized by a …