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In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB?s communication channels we focus on the monthly press conferences. Based on a counting of certain signal words we construct a wording indicator...
Persistent link: https://www.econbiz.de/10010297482
estimation for 20 OECD countries from 1970 onwards. The conclusion is that the exchange rate regime as such is not relevant for …
Persistent link: https://www.econbiz.de/10010297607
before the advent of the Euro. …
Persistent link: https://www.econbiz.de/10010297621
The official view on ECB monetary policy claims that monetary decisions are based solely on average data for the euro … reaction function estimations and a probit model of interest rate decisions for the first years of the euro area. The results … ignoring a potential national perspective may lead to a serious bias in the estimation of ECB reaction functions. The paper …
Persistent link: https://www.econbiz.de/10010297739
Lending and borrowing interest rates are often slow to adjust to changing capital market conditions. This paper argues that national differences of the pass-through speed in the EU can be regarded as a retail-oriented indicator of financial integration. Based on an ECB database the speed of...
Persistent link: https://www.econbiz.de/10010298095
With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are …
Persistent link: https://www.econbiz.de/10010298099
With the introduction of the euro, a single European money market has emerged. Further wholesale financial markets are …
Persistent link: https://www.econbiz.de/10010301768