Talking by numbers — Communicated uncertainty of the ECB

Oliver Sauter, Sebastian Schroff, Ulli Spankowski and Hans-Peter Burghof

Intereconomics: Review of European Economic Policy, 2013, vol. 48, issue 5, 287-292

Abstract: Using a novel approach, this paper analyses the deliberately communicated uncertainty of the ECB to the market. Specifi cally, it semantically analyses the uncertainty expressed in offi cial ECB press statements. The analysis shows how the ECB tries to alert or appease the market with different levels of communicated uncertainty. The appeasement through low uncertainty communication levels is particularly pronounced during times of fi nancial distress. Further, the analysis shows that the ECB tried to alert the market through an increasing level of communicated uncertainty prior to the outbreak of the global fi nancial crisis. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:intere:v:48:y:2013:i:5:p:287-292

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DOI: 10.1007/s10272-013-0471-x

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