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文章基本信息

  • 标题:Look Who´s Talking: ECB Communication During the First Years of EMU
  • 本地全文:下载
  • 作者:David-Jan Jansen en Jakob de Haan
  • 期刊名称:DNB Working Papers / De Nederlandsche Bank
  • 出版年度:2004
  • 卷号:1
  • 出版社:De Nederlandsche Bank
  • 摘要:

    This paper studies ECB and Bundesbank communication on monetary policy during the first years of the European Economic and Monetary Union. We study whether statements by different (groups of) central bankers have been contradictory and whether differences have diminished over time. We find that statements on the interest rate, inflation and economic growth have indeed been contradictory. Fur- thermore, national central banks continue to dominate communication on monetary policy. Finally, only the ECB Executive Board has observed radio silence before ECB Governing Council meetings. A positive conclusion is that, over time, interest rate statements have become less contradictory.

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