This paper reviews the existing indices on anti-trafficking policy and proposes the integration of statistical indicators into the indices coded from qualitative texts in order to improve the objectivity of evaluation. Examining the validity of the existing indices, the 3P Index and the...

The present paper studies the consequences of conflicting narratives for the transmission of monetary policy shocks. We focus on conflict between the presidents of the ECB and the Bundesbank, the main protagonists of monetary policy in the euro area, who often disagreed on policy over the past...

In this paper we dissect the public debate about the future course of monetary policy and trace the effects of selected topics of this discourse on U.S. asset prices. We focus on the "taper tantrum" episode in 2013, a period with large revisions in expectations about Fed policy. Based on a novel...

Most meetings of the Governing Council of the ECB take place intra muros at the ECB's premises in Frankfurt. Some meetings, however, are held extra muros, i.e. outside Frankfurt, hosted by one of the national central banks. This paper uses high-frequency surprises from meeting days to show that...