. Our findings bear important implications for the ECB forecasting process and ultimately for its communication strategy. …

. Our findings bear important implications for the ECB forecasting process and ultimately for its communication strategy. …

The aim of central bank communication is to provide information on monetary policy and the economic outlook in a timely … manner to the public. While research on central bank communication and specifically the European Central Bank's press … conference has shown that it has the potential to move markets, in-depth textual analysis of key communication tools creates room …

's monetary policy and augment them with communication indicators. First, we find that the ECB responded to risks to price …

muros. In addition, when the meeting takes place extra muros, the wording of the ECB communication during the press …

(ii) a large divergence of tone after 2009. The ECB communication becomes persistently more optimistic and less uncertain …-term interest rates respond less strongly to a monetary policy shock if ECB-Bundesbank communication is more cacophonous than on …