|
EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/19116
|
| | |
| Title: | | Does money matter in the ECB strategy? : New evidence based on ECB communication  |
| 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
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/19116
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|