Anderes, Marc; Rathke, Alexander; Streicher, Sina; … - 2019 - This version: October 2019
examine whether this form of ECB communication adds information to a shadow interest rate that summarises the overall policy … stance as interpreted by financial markets. To measure communication, we use information based on ECB press releases … interest rates have hit their effective lower bounds (ELB). In case of the European Central Bank (ECB), this should have …