Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/272157 
Year of Publication: 
2023
Citation: 
[Journal:] EconPol Forum [ISSN:] 2752-1184 [Volume:] 24 [Issue:] 1 [Year:] 2023 [Pages:] 42-45
Publisher: 
CESifo GmbH, Munich
Abstract: 
Topic analysis of the European Central Bank (ECB) press conferences reveals meaningful communication patterns. Similar press conferences are clustered in time ¦ The revisions to the ECB narrative accompany the changes in policy direction. Market volatility increases when the ECB substantially updates its wording in the monetary analysis section as compared to keeping it rather static relative to the previous period. Shifts in ECB communication introduce incremental volatility above and beyond that created by a change in policy stance
Document Type: 
Article

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