Does money matter in the ECB strategy?

Open access
Date
2006Type
- Working Paper
ETH Bibliography
yes
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Abstract
We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy stance suggests that developments in the monetary sector, while somewhat more important in the later half of the sample, only played a minor role most of the time. Our estimates of ECB interest rate decisions suggest that the ECB’s words (monetary-sector based policy intensions) are not an important determinant of its actions. Show more
Permanent link
https://doi.org/10.3929/ethz-a-005118418Publication status
publishedJournal / series
KOF Working PapersVolume
Publisher
KOF Swiss Economic Institute, ETH ZurichSubject
EUROPA; MONETARY POLICY; monetary policy; communication; ECB; NATIONAL BANKS + CENTRAL BANKS; EUROPE; GELDPOLITIK; NATIONALBANKEN + ZENTRALBANKENOrganisational unit
03716 - Sturm, Jan-Egbert / Sturm, Jan-Egbert
02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
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ETH Bibliography
yes
Altmetrics