volume, an early exit, and a faster exit from the program on output and inflation in the euro area. Model simulations showed … that economic growth and inflation rates would decrease in all three scenarios. However, the effects of the scenario with … particular, an early exit from the program should significantly affect inflation rates, an effect that the European Central Bank …

Easing ("tapering") impact asset prices. To quantify beliefs of market participants, we use data from Twitter, the social …In this paper we analyze the extent to which peoples' changing beliefs about the timing of the exit from Quantitative … media application. Our data set covers the entire Twitter volume on Federal Reserve tapering in 2013. Based on the time …