We examine the European Central Bank's ad-hoc communication and explore how it informs future monetary policy decisions. Using the rich dataset of the intermeeting verbal communication among the members of the European Central Bank's Governing Council between 2008 and 2014, we construct a...

We examine the degree and sources of disagreement between the Federal Open Market Committee (FOMC) and the Federal Reserve's (Fed's) staff about the appropriate policy rate for the period 1987-2011. For that purpose, we compute a counterfactual interest rate for the Fed's staff , based on its...

We assess the relevance of the monetary policy of the ECB in the context of persistent inflation differentials among euro area members and ask whether it takes into account this structural difference. Our results reveal that the ECB has adopted an appropriate monetary policy rule to prevent low...