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dc.contributor.authorNeuenkirch, Matthiasen
dc.date.accessioned2011-10-25-
dc.date.accessioned2012-04-04T13:50:02Z-
dc.date.available2012-04-04T13:50:02Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aPhilipps-University Marburg, Faculty of Business Administration and Economics |cMarburgen
dc.relation.ispartofseries|aMAGKS Joint Discussion Paper Series in Economics |x43-2011en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordcentral bank communicationen
dc.subject.keywordEuropean Central Banken
dc.subject.keywordmonetary policy shocksen
dc.subject.keywordmonetary policy transmissionen
dc.subject.keywordvector autoregressionen
dc.subject.stwGeldpolitiken
dc.subject.stwInformationsverhaltenen
dc.subject.stwStaatliche Informationen
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwMakroökonomischer Einflussen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwEurozoneen
dc.titleMonetary policy transmission in vector autoregressions: A new approach using central bank communication-
dc.typeWorking Paperen
dc.identifier.ppn670501425en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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