|
|
|
|
||||
|
||||
Is ECB Communication Effective?Carlo RosaFederal Reserve Banks - Federal Reserve Bank of New York Giovanni VergaUniversità degli Studi di Parma April 2005 Centre for Economic Performance Discussion Paper No. 0682 Abstract: In its Monthly Bulletin of November 2002, the European Central Bank (ECB) stated that the monthly press conference held by its President represents one of its most important communication channels and that it provides a comprehensive summary of the policy-relevant assessment of economic developments. After providing a glossary to translate the qualitative information of the press conferences into an ordered scale, we verify empirically whether and to what extent market expectations react to the information released by the ECB. We found that the public not only understand but also believe the signals sent by the European monetary authority.
Number of Pages in PDF File: 22 Keywords: communication, credibility, ECB, glossary, Repo, Euribor, news approach. JEL Classification: E50, E52, E58 working papers seriesDate posted: November 17, 2004Suggested Citation |
|
|||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo6 in 0.375 seconds
