Is the ECB's monetary benchmark still alive?

Michael Frenkel () and Jan Rülke ()
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Michael Frenkel: WHU - School of Management
Jan Rülke: WHU - School of Management

Economics Bulletin, 2013, vol. 33, issue 2, 1204-1214

Abstract: We develop a simple test to show that the ECB's monetary benchmark serves as an anchor for financial markets. This result is more pronounced for the financial crisis 2007-2009 and when looking at longer-term forecasts. However, for non-EMU forecasters we do not find an anchoring effect.

Keywords: E43; E47; E44 (search for similar items in EconPapers)
JEL-codes: E4 E5 (search for similar items in EconPapers)
Date: 2013-05-18
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