This report studies the reaction of the level and volatility of the euro-dollar exchange rate to statements of ECB … find that the Bundesbank has dominated the news coverage. We conclude that ECB statements have mainly influenced volatility …

the ECB's target. However, until now there has been no formal test of whether this has in fact been the case. We fill this … drift away from the ECB's anchor in the course of 2007. …

Using daily data on inflation-indexed bonds, we find evidence of a negative relationship between ECB communication … start of a tightening of ECB monetary policy was increasingly likely. This suggests that communication should be closely in …

Consensus data, the ECB takes expected inflation and expected output growth into account in setting interest rates, while in the … using survey data we find that the ECB's policy has been stabilizing. Finally, using a framework suggested by English et al …. (2003), we find support for both policy inertia and serially correlated errors in ECB Taylor rules. …

We show that comments by euro area central bankers contain information on future ECB interest rate decisions, but that … Union, comments by ECB Executive Board members and high-level Bundesbank policy-makers were more informative than comments … outlook for economic growth. Finally, our results suggest that the ECB used communication especially to signal interest rate …

This paper estimates a monetary policy reaction function for the ECB over the period 1999-2009. To allow for a … the ECB cut rates more aggressively than expected solely on the basis of the worsening of macroeconomic conditions …

households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge … on the ECB's objectives is far from perfect. Both a weak desire to be informed and unawareness of insufficient knowledge …

the period 1998.6-2010.8. We first examine whether the recent financial crisis has affected ECB policies. Our results … indicate that the ECB puts stronger emphasis on maintaining price stability than earlier point estimates suggested. Next, we … analyse whether economic developments in individual euro area countries affect ECB decisions. Despite the diverging economic …

information to estimate the unknown policy positions of so - called virgin texts. We apply Wordscores to the ECB President … the Economic and Monetary Union (our reference texts) using various indicators of ECB communication as well as actual rate … accurate picture of ECB policy decisions during that period. The results also suggest changes in ECB communications occurred …