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dc.contributor.authorNeuenkirch, Matthiasen_US
dc.date.accessioned2011-10-25en_US
dc.date.accessioned2012-04-04T13:50:02Z-
dc.date.available2012-04-04T13:50:02Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/56513-
dc.description.abstractIn this paper, we study the role central bank communication plays in the monetary policy transmission mechanism. We employ the Swiss Economic Institute's Monetary Policy Communicator to measure the future stance of the European Central Bank's monetary policy. Our results indicate that, first, communication influences prices and output. Second, communication partly crowds out the effects of the short-term interest rate as the latter's influence is lower and its implementation lag increases compared to a benchmark model without central bank communication. Future work on monetary policy transmission should incorporate both a short-term interest rate and a communication indicator.en_US
dc.language.isoengen_US
dc.publisherUniv., Dep. of Business Administration & Economics Marburgen_US
dc.relation.ispartofseriesJoint discussion paper series in economics 43-2011en_US
dc.subject.jelE52en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordcentral bank communicationen_US
dc.subject.keywordEuropean Central Banken_US
dc.subject.keywordmonetary policy shocksen_US
dc.subject.keywordmonetary policy transmissionen_US
dc.subject.keywordvector autoregressionen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwInformationsverhaltenen_US
dc.subject.stwStaatliche Informationen_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwMakroökonomischer Einflussen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwEurozoneen_US
dc.titleMonetary policy transmission in vector autoregressions: A new approach using central bank communicationen_US
dc.typeWorking Paperen_US
dc.identifier.ppn670501425en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:MAGKS Joint Discussion Paper Series in Economics, Universität Marburg

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