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Talking by numbers — Communicated uncertainty of the ECB

Author

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  • Oliver Sauter
  • Sebastian Schroff
  • Ulli Spankowski
  • Hans-Peter Burghof

Abstract

Using a novel approach, this paper analyses the deliberately communicated uncertainty of the ECB to the market. Specifi cally, it semantically analyses the uncertainty expressed in offi cial ECB press statements. The analysis shows how the ECB tries to alert or appease the market with different levels of communicated uncertainty. The appeasement through low uncertainty communication levels is particularly pronounced during times of fi nancial distress. Further, the analysis shows that the ECB tried to alert the market through an increasing level of communicated uncertainty prior to the outbreak of the global fi nancial crisis. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Oliver Sauter & Sebastian Schroff & Ulli Spankowski & Hans-Peter Burghof, 2013. "Talking by numbers — Communicated uncertainty of the ECB," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 48(5), pages 287-292, September.
    • Handle: RePEc:spr:intere:v:48:y:2013:i:5:p:287-292
    DOI: 10.1007/s10272-013-0471-x
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