Monetary Union (EMU) member countries. Notable differences emerge across the countries. Taking a euro area perspective, we also … show that it depends upon the underlying country weighting scheme in the monetary decision process of the ECB whether or … not there has been a synchronisation of business and inflation cycles among the EMU member countries over the years …

inverted with the onset of the financial crisis. To shed light on the underlying decision rule of the ECB, we rank different …

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the … somewhat more important in the later half of the sample, only played a minor role most of the time. Our estimates of ECB … interest rate decisions suggest that the ECB’s words (monetary-sector based policy intensions) are not an important determinant …

(EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner’s model, monetary …. Although we come up with some weak evidence for increased business cycle amplitudes within the EMU, we neither find a … significant general effect of the EMU on wage growth nor on unemployment. …