Work detail

ECB's Oral Communication and Future Monetary Policy

Author: Mgr. Nicolas Fanta
Year: 2017 - summer
Leaders: prof. Roman Horváth Ph.D.
Consultants:
Work type: Finance, Financial Markets and Banking
Masters
Language: English
Pages: 73
Awards and prizes:
Link: https://is.cuni.cz/webapps/zzp/detail/185586/
Abstract: T he t hesis ai ms t o s he d li g ht o n t he E ur o p e a n Ce ntr al B a n k s c o m m u nic ati o n i n
or der t o i de ntif y its m ai n c o m p o ne nts b e ari n g i nf or m ati o n a b o ut f ut ure c h a n ges
i n t he p olic y r ate. For t he a n al ysis, t he st u d y i ntr o d uces a m o di fic ati o n of a
wi del y use d a p pr o ac h b ase d o n t he disse nt e x presse d i n pre vi o us m o net ar y
p olic y v ote. Si nce t he E ur o p e a n Ce ntr al B a n k d o es n ot p u blis h t he v ote’s
det ails t he c o m m u nic ati o n of t he ce ntr al b a n k is use d as a pr o x y. Res ults
n ot o nl y c o n fir m t he pre dicti ve p o wer of t he c o m m u nic ati o n b ut f urt her m ore
i n dic ate t h at t he fi n a nci al m ar kets d o n ot f ull y i nc or p or ate t he i nf or m ati o n
c o nt ai ne d. A det aile d a n al ysis s h o ws t he rele va nce of t he ti mi n g, deli ver y a n d
c o nte nt of t he c o m m u nic ati o n. T he st u d y t heref ore pr o vi des a s u m m ar y of t he
i m p ort a nt f act ors of t he E ur o p e a n Ce ntr al B a n k b o ar d me m b ers st ate me nts
f or pre dicti n g f ut ure m o net ar y p olic y.

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