文章基本信息

标题：The Importance of the Wording of the ECB
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作者：Carlo Rosa, Giovanni Verga
期刊名称：CEP Discussion Paper
出版年度：2005
卷号：2005
期号：jun
出版社：Centre for Economic Performance
摘要：This paper analyses the ECB communication, focusing in particular on its transparency dimension. We posit that if the ECB is transparent about its future policy decisions, then we should be able to forecast fairly well its future interest rate setting behaviour. We find that the predicting ability of the European monetary authority’s words, is similar to the one implied by market-based measures of monetary policy expectations. Moreover, the ECB’s wording provides complementary, rather than substitute, information with respect to economic and monetary variables.
关键词：ECB communication, transparency, monetary policy forecast, empirical reaction function, Euribor rate curve