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Title:Does money matter in the ECB strategy? : New evidence based on ECB communication PDF Logo
Authors:Berger, Helge
de Haan, Jakob
Sturm, Jan-Egbert
Issue Date:2006
Series/Report no.:CESifo working papers 1652
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.
Subjects:ECB
communication
monetary policy
JEL:E52
E58
E43
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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