decision rule of the ECB, we rank different rules according to their ability to aggregate the national counterfactual paths to …

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. …

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 …

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 …

-priori restrictions. Our empirical analysis for the euro area reveals that interest rate decisions of the ECB surprised financial markets … achieves strong identification, suggesting that unexpected ECB decisions have an immediate impact on the short-term money …