Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2011
, which tends to report more negatively on ECB policy decisions when inflation exceeds the inflation target. … central banks because the effectiveness of monetary policy depends to a large degree on their credibility among the general … public. Using the case of the European Central Bank (ECB), the paper analyses the favorableness with which monetary policy …