Ideology and monetary policy: the role of political parties’ stances in the ECB’s parliamentary hearings

Nicolò Fraccaroli, Alessandro Giovannini, Jean-Francois Jamet () and Eric Persson

No 2655, Working Paper Series from European Central Bank

Abstract: We investigate whether ideology drives the sentiments of parliamentarians when they speak to the central bank they hold accountable. To this end, we collect textual data on the quarterly hearings of the ECB President before the European Parliament from 1999 to 2019. We apply sentiment analysis to more than 1,900 speeches of individual Members of the European Parliament (MEPs) from 128 parties. We find robust evidence that MEPs’ sentiments toward the ECB are correlated with the ideological stance predominantly on a pro-/anti-European dimension rather than on a left-right dimension. JEL Classification: E02, E52, E58

Keywords: Central Bank Accountability; Central Bank Independence; Party Ideology; Sentiment Analysis (search for similar items in EconPapers)
Date: 2022-03
New Economics Papers: this item is included in nep-ban, nep-big, nep-cba, nep-eec, nep-mac and nep-mon
Note: 2244726
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20222655

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