This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank...

This paper proposes that an important instrument of monetary policy of the Bundesbank, is how it communicates with the public. We argue that communication by senior central bank officials represents an instrument of monetary policy that complements changes in interest rates. Moreover, the...

In this paper I outline - from a practitioner's as well as from a researcher's perspective - several of the key developments that took place during the last century in monetary policy. In particular, I describe how the monetary system evolved from gold standard, prevailing throughout most of the...

In this paper I outline – from a practitioner's as well as from a researcher's perspective – several of the key developments that took place during the last century in monetary policy. In particular, I describe how the monetary system evolved from gold standard, prevailing throughout most of...

Over decades, if not centuries, the reputation of central banks has gone through ups and downs. The Great Moderation marked a period in which inflation came down from rather high levels. Growth and employment were at least satisfying and output variability declined substantially. Was this...

In this paper we provide an estimate of the likelihood of conflict between the federal government and the Bundesbank for the 1989 - 1998 period. We rely on a novel proxy for the impact of public communication by Bundesbank officials on the probability of conflict, in addition to interest rate,...

Whilst the debate on the merits of adopting the euro rage on in the UK, comparatively little attention is paid to the way in which the ECB is managing monetary policy in the euro zone. This analysis describes the success of the first five years of the euro's life. Not only has price stability...

We combine modern methods from Speech Emotion Recognition and Natural Language Processing with high-frequency financial data to analyze how the vocal emotions and language of ECB President Mario Draghi affect the yield curve of major euro area economies. Vocal emotions significantly impact the...

Transparent communication is a prerequisite for delivering an effective monetary policy. In this paper, we examine over 3000 speeches from central bankers to investigate the topics euro area national banks and the ECB most frequently talk about. Text-based ideal point analysis enables us to...

In this paper I outline – from a practitioner’s as well as from a researcher’s perspective – several of the key developments that took place during the last century in monetary policy. In particular, I describe how the monetary system evolved from gold standard, prevailing throughout...