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

Berger, Helge; Haan, Jakob; Sturm, Jan-Egbert

Abstract

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

Helge Berger

Free University Berlin - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Jakob De Haan

University of Groningen - Faculty of Economics and Business; De Nederlandsche Bank; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

KOF Swiss Economic Institute; CESifo (Center for Economic Studies and Ifo Institute for Economic Research); CESifo (Center for Economic Studies and Ifo Institute for Economic Research) - Ifo Institute for Economic Research

January 2006

CESifo Working Paper Series No. 1652

Abstract:
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 latter 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 intentions) are not an important determinant of its actions.

Number of Pages in PDF File: 27

Keywords: ECB, communication, monetary policy

JEL Classification: E58, E52, E43

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Date posted: February 23, 2006

Suggested Citation

Berger, Helge, Haan, Jakob De and Sturm, Jan-Egbert, Does Money Matter in the ECB Strategy? New Evidence Based on ECB Communication (January 2006). CESifo Working Paper Series No. 1652. Available at SSRN: http://ssrn.com/abstract=886489

Contact Information

Helge Berger Free University Berlin - Department of Economics ( email ) Boltzmannstr. 20 Berlin 14195, 14195 Germany +49 30 838-54037 (Phone) +49 30 838-52782 (Fax) HOME PAGE: http://www.wiwiss.fu-berlin.de/berger/eng_index.htm
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) ( email ) Poschinger Str. 5 Munich, DE-81679 Germany +49 89 9224 1266 (Phone) +49 89 9224 1409 (Fax) HOME PAGE: http://www.CESifo.de
Jakob De Haan (Contact Author) University of Groningen - Faculty of Economics and Business ( email ) PO Box 800 Groningen, 9700 AV Netherlands +31 0 50 3633706 (Fax)
De Nederlandsche Bank ( email ) P.O. Box 98 Amsterdam, 1000 AB Netherlands
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Poschinger Str. 5 Munich, DE-81679 Germany HOME PAGE: http://www.CESifo.de
Jan-Egbert Sturm KOF Swiss Economic Institute ( email ) Zurich Switzerland
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Poschinger Str. 5 Munich, 81679 Germany HOME PAGE: http://www.cesifo.de
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) - Ifo Institute for Economic Research ( email ) Poschinger Str. 5 Munich, 01069 Germany

Abstract

Citations (11)

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

Helge Berger

Jakob De Haan

Jan-Egbert Sturm

Date posted: February 23, 2006

Suggested Citation

Contact Information

Helge Berger

Jakob De Haan (Contact Author)

Jan-Egbert Sturm