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Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 3/2025
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We study the evolution of the European Central Bank's (ECB) monetary policy since July 2021, following the adoption of a new strategy and amid a period of volatile inflation. Utilizing text analysis, we assess changes in the general sentiment of the ECB's communication. Additionally, we employ topic modeling to develop an inflation focused tone index. By integrating these tone indices with real-time data from monetary policy meetings, we directly estimate the ECB's loss function. Our findings indicate a recent shift towards a more inflation-centered communication approach by the ECB. Preliminary results also suggest that the ECB's policy preferences have become more symmetric since July 2021.
Schlagwörter: 
asymmetric loss function
central bank communication
textual analysis
topic model
optimal monetary policy
JEL: 
E31
E52
E58
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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