Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/24625 
Authors: 
Year of Publication: 
2007
Series/Report no.: 
ZEW Discussion Papers No. 07-054
Publisher: 
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim
Abstract: 
The communication policy of the European Central Bank attracts a lot of attention from financial markets. This paper analyses the informational content of the monthly introductory statements of the ECB president explaining interest rate decisions with regard to inflation expectations of financial market experts for the euro area from February 1999 to June 2007. Estimations are conducted for the influence of ECB communication on expectations formation besides other macroeconomic variables. As the results indicate, the indicator measuring the informational content of ECB rhetoric contributes to the explanation of inflation expectations formation.
Subjects: 
inflation expectations formation
central bank communication
Carlson-Parkin method
survey expectations
JEL: 
D84
D83
E58
E52
Document Type: 
Working Paper

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