The paper titled "Have Financial Markets Become More Efficient?" explores the evolving efficiency of financial markets, particularly in light of increasing intraday volatility and sophisticated investment strategies like those in the options market. The research builds on seminal works such as Gurkaynak, Sack, and Swanson (2007), Romer and Romer (2010), and Nakamura and Steinsson (2018), which examine the effects of macroeconomic releases, monetary policy surprises, and fiscal shocks on financial markets. In an age of high-frequency trading and complex options strategies, the study aims to determine whether financial markets have become more adept at efficiently reflecting such announcements.​

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