摘要：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.
