Is ECB Communication Effective?

Carlo Rosa and Giovanni Verga

CEP Discussion Papers from Centre for Economic Performance, LSE

Abstract: In its Monthly Bulletin of November 2002, the European Central Bank (ECB) stated that the monthly press conference held by its President represents one of its most important communication channels and that it provides a comprehensive summary of the policy relevant assessment of economic developments. After providing a glossary to translate the qualitative information of the press conferences into an ordered scale, we verify empirically whether and to what extent market expectations react to the information released by the ECB. We found that the public not only understand but also believe the signals sent by the European monetary authority.

Keywords: communication; credibility; ECB; glossary; Repo; Euribor; news approach (search for similar items in EconPapers)
JEL-codes: E50 E52 E58 (search for similar items in EconPapers)
Date: 2005-04
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
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Citations: View citations in EconPapers (28)

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Working Paper: Is ECB communication effective? (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:cep:cepdps:dp0682

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