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 …

show that it depends upon the underlying country weighting scheme in the monetary decision process of the ECB whether or …. Finally, we produce an estimate of the actual policy weights the ECB has implicitly attached to each of the member countries …. Developments in small member countries have received more than proportional weights in actual monetary policy decisions of the ECB. …

fears. In addition, the ECB appears to have been more effective in addressing liquidity risk since the onset of the crisis …

central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the … ECB communication that are all based on the ECB President’s introductory statement at the press conference following an … ECB policy meeting. Our results suggest that even though the indicators are sometimes quite different from one another …

reversed, and that in the euro period the Friedman-Ball link is empirically supported, implying that the ECB can achieve lower …