Search Results - subject:"empirical reaction function"

The importance of the wording of the ECB

Rosa, Carlo; Verga, Giovanni - London School of Economics (LSE) - 2005

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...

Persistent link: https://www.econbiz.de/10010745720

The Importance of the Wording of the ECB

Rosa, Carlo; Verga, Giovanni - Centre for Economic Performance, LSE - 2005

. Keywords: ECB communication, transparency, monetary policy forecast, empirical reaction function, Euribor rate curve JEL … estimate the ECB-specific empirical reaction function. Obviously, our null hypothesis is that if the ECB is sufficiently …. First, we estimate a different empirical reaction function: we use both a different indicator and set of economic variables …

Persistent link: https://www.econbiz.de/10005670431