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Look Who’s Talking: ECB Communication during the First Years of EMU

Listed author(s):
  • David-Jan Jansen
  • Jakob de Haan

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. Furthermore, 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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File URL: http://www.cesifo-group.de/DocDL/cesifo1_wp1263.pdf
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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1263.

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Date of creation: 2004
Handle: RePEc:ces:ceswps:_1263
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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.
  2. Laurence M. Ball & Niamh Sheridan, 2004. "Does Inflation Targeting Matter?," NBER Chapters,in: The Inflation-Targeting Debate, pages 249-282 National Bureau of Economic Research, Inc.
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