households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge … on the ECB's objectives is far from perfect. Both a weak desire to be informed and unawareness of insufficient knowledge …

the ECB's target. However, until now there has been no formal test of whether this has in fact been the case. We fill this … drift away from the ECB's anchor in the course of 2007. …

We show that comments by euro area central bankers contain information on future ECB interest rate decisions, but that … Union, comments by ECB Executive Board members and high-level Bundesbank policy-makers were more informative than comments … outlook for economic growth. Finally, our results suggest that the ECB used communication especially to signal interest rate …

information to estimate the unknown policy positions of so - called virgin texts. We apply Wordscores to the ECB President … the Economic and Monetary Union (our reference texts) using various indicators of ECB communication as well as actual rate … accurate picture of ECB policy decisions during that period. The results also suggest changes in ECB communications occurred …

We investigate whether ECB balance sheet policy announcements in the wake of the global financial crisis have affected … the ECB.s monetary policy credibility as measured by long-term inflation expectations, by looking at their effects on euro … expectations. We therefore find no strong evidence to suggest that ECB balance sheet policy announcements have led to much higher …

Since its inception, the European Central Bank (ECB) has regarded communication as anintegral part of its monetary … policy. This paper describes and evaluates ECB communications during the first decade of its operation.We conclude that …, overall, ECB communication has contributed to the effectiveness of its monetary policy. Our review of the literature shows …