Does Money Matter in the ECB Strategy? New Evidence Based on ECB Communication

By Helge Berger, Jakob de Haan, Jan-Egbert Sturm. Social Science Research Network, 2006

153 citations recorded by the source corpus.

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy stance suggests that developments in the monetary sector, while somewhat more important in the later half of the sample, only played a minor role most of the time. Our estimates of ECB interest rate decisions suggest that the ECB’s words (monetary-sector based policy intensions) are not an important determinant of its actions.

Subfields: Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/7a43b378223fc96b2d6efc0004b02e7f856b3098

Citations in the corpus

• Interest Rate Expectations in the Media and Central Bank Communication (2013, unknown): “Berger et al. (2011b) is a welcome exception.”
• Heterogeneity in Money Holdings Across Euro Area Countries: The Role of Housing (2011, unknown): “Facts and findings to date The monetary pillar of the ECB's policy framework has been discussed extensively in the academic literature (Gerlach and Svensson, 2003; Gerlach, 2004; Woodford, 2008; Beck andWieland, 2007; Fisher et al., 2008; Berger et al., 2011).”