Over the last decade, the simple instrument policy rule developed by Taylor (1993) has become a popular tool for evaluating monetary policy of central banks. As an extensive empirical analysis of the ECB s past behaviour still seems to be in its infancy, we estimate several instrument policy...

In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB’s communication channels we focus on the monthly press conferences. Based on a counting of certain signal words we construct a wording indicator...

Over the last decade, the simple instrument policy rule developed by Taylor (1993) has become a popular tool for evaluating monetary policy of central banks. As an extensive empirical analysis of the ECB's past behaviour still seems to be in its infancy, we estimate several instrument policy...

Die vorliegende Analyse befasst sich eingehend mit den am neuen Geldmarkt des Euro-Währungsgebiets getätigten Geschäften sowie mit den Bestimmungsgründen der Zinsbildung. Durch eine nur marginal modifizierte Taylor Regel wird in einer empirischen Analyse versucht, die tatsächliche...