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Title:Look who's talking : ECB communication during the first years of EMU PDF Logo
Authors:Jansen, David-Jan
de Haan, Jakob
Issue Date:2004
Series/Report no.:CESifo working papers 1263
Abstract:This paper studies ECB and Bundesbank communication on monetary policy during the first years of the European Economic and Monetary Union. We study whether statements by different (groups of) central bankers have been contradictory and whether differences have diminished over time. We find that statements on the interest rate, inflation and economic growth have indeed been contradictory. Furthermore, national central banks continue to dominate communication on monetary policy. Finally, only the ECB Executive Board has observed radio silence before ECB Governing Council meetings. A positive conclusion is that, over time, interest rate statements have become less contradictory.
Subjects:central bank communication
European Central Bank
Bundesbank
JEL:E58
E52
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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