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Look who's talking: ECB communication during the first years of EMU

Author

Listed:
  • David-Jan Jansen

    (De Nederlandsche Bank, Research Division, P.O. Box 98, 1000 AB Amsterdam, The Netherlands)

  • Jakob de Haan

Abstract

This paper studies communication by European central bankers during the first years of the European Economic and Monetary Union. We find that comments by central bankers on interest rates, inflation and economic growth in the Eurozone have often been contradictory. However, over the years, interest rate statements have become more in line with each other. National central banks continue to dominate communication on monetary policy. The ECB Executive Board is the only group of central bankers to observe radio silence before ECB Governing Council meetings. Copyright © 2006 John Wiley & Sons, Ltd.

Suggested Citation

  • David-Jan Jansen & Jakob de Haan, 2006. "Look who's talking: ECB communication during the first years of EMU," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 11(3), pages 219-228.
    • Handle: RePEc:ijf:ijfiec:v:11:y:2006:i:3:p:219-228
    DOI: 10.1002/ijfe.294
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    References listed on IDEAS

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    1. Jakob De Haan & Sylvester C.W. Eijffinger, 2000. "The Democratic Accountability of the European Central Bank: A Comment on Two Fairy‐tales," Journal of Common Market Studies, Wiley Blackwell, vol. 38(3), pages 393-407, September.
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    3. Fratzscher, Marcel, 2008. "Communication and exchange rate policy," Journal of Macroeconomics, Elsevier, vol. 30(4), pages 1651-1672, December.
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    5. Mr. Kevin Ross, 2002. "Market Predictability of ECB Policy Decisions: A Comparative Examination," IMF Working Papers 2002/233, International Monetary Fund.
    6. David-Jan Jansen & Jakob de Haan, 2006. "Look who's talking: ECB communication during the first years of EMU," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 11(3), pages 219-228.
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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