Arbeitspapier

Does money matter in the ECB strategy? New evidence based on ECB communication

to connected objects

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.

Language: Englisch

Bibliographic citation: Series: KOF Working Papers ; No. 125

Classification: Wirtschaft
Central Banks and Their Policies
Monetary Policy
Interest Rates: Determination, Term Structure, and Effects

Subject: ECB
communication
monetary policy
Geldpolitik
Publikationsanalyse
Staatliche Information
EU-Staaten

Event: Geistige Schöpfung

(who): Berger, Helge
Haan, Jakob de
Sturm, Jan-Egbert

Event: Veröffentlichung

(who): ETH Zurich, KOF Swiss Economic Institute

(where): Zurich

(when): 2006

DOI: doi:10.3929/ethz-a-005118418.

Handle: http://hdl.handle.net/10419/50856

Last update: 11.02.2026, 5:45 PM CET

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Object type

Arbeitspapier

Associated

Berger, Helge
Haan, Jakob de
Sturm, Jan-Egbert
ETH Zurich, KOF Swiss Economic Institute

Time of origin

2006

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