Tillmann, Peter; Walter, Andreas - 2018
focus on conflict between the presidents of the ECB and the Bundesbank, the main protagonists of monetary policy in the euro … than the Bundesbank's after 2009, and this gap widens after the SMP, OMT and APP announcements. We show that long …-term interest rates respond less strongly to a monetary policy shock if ECB-Bundesbank communication is more cacophonous than on …