Journal article

Authors list: Tillmann, P; Walter, A

Publication year: 2019

Pages: 68-74

Journal: Economics Letters

Volume number: 176

DOI Link: https://doi.org/10.1016/j.econlet.2018.12.035

Publisher: Elsevier

Abstract: 

When members of monetary policy committees communicate with the public, the resulting cacophony of voices is often considered a source of confusion. We associate each speech delivered by the presidents of the ECB and the Bundesbank since 2008 with a tone score and construct a measure of diverging tone. Shocks to the tone divergence between the Eurosystem's main protagonists drive volatility, policy uncertainty and risk premia.

Harvard Citation style: Tillmann, P. and Walter, A. (2019) The effect of diverging communication: The case of the ECB and the Bundesbank, Economics Letters, 176, pp. 68-74. https://doi.org/10.1016/j.econlet.2018.12.035

APA Citation style: Tillmann, P., & Walter, A. (2019). The effect of diverging communication: The case of the ECB and the Bundesbank. Economics Letters. 176, 68-74. https://doi.org/10.1016/j.econlet.2018.12.035