Using a novel approach, this paper analyses the deliberately communicated uncertainty of the ECB to the market. Specifically, it semantically analyses the uncertainty expressed in official ECB press statements. The analysis shows how the ECB tries to alert or appease the market with different...

Historical Origins of Uncertainty in Economic Theory -- Theoretical Foundations of Monetary Policy under Uncertainty -- Empirical Investigations of Market Uncertainty -- Communicated Uncertainty of the European Central Bank.