Does money matter in the ECB strategy?
Berger, Helge ;  de Haan, Jakob ;  Sturm, Jan-Egbert ;  ;  Universität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft

Main titleDoes money matter in the ECB strategy?
Subtitlenew evidence based on ECB communication
AuthorBerger, Helge
Authorde Haan, Jakob
AuthorSturm, Jan-Egbert
EditorUniversität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft
No. of Pages25 S.
Series ; 2006,1 : Volkswirtschaftliche Reihe
KeywordsECB, communication, monetary policy
Classification (DDC)330 Economics
Also published in
AbstractWe 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.
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FU DepartmentDepartment Business and Economics
Year of publication2006
Type of documentBook
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Created at2008-06-13 : 07:57:49
Last changed2016-01-05 : 02:38:07
Static URLhttp://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000000239