Inflation of objectives instead of focus on inflation? : evidence on the ECB objective function from a textual analysis : study supported by the Brigitte Strube Foundation

Heinemann, Friedrich ; Kemper, Jan

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URN: urn:nbn:de:bsz:180-madoc-652008
Document Type: Working paper
Year of publication: 2022
The title of a journal, publication series: ZEW-Kurzexpertise
Volume: 22-07
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Kurzexpertisen
Subject: 330 Economics
Abstract: In this analysis, we investigate ECB communication by analyzing more than 3,800 speeches from 1999 until 2022. The study measures the attention which ECB Council members pay to various implicit and explicit monetary policy objectives. While price stability, according to the Maastricht Treaty, is the primary objective, other societal objectives can play a role for monetary policy reflections and decisions as well. A changing emphasis on alternative objectives over time but also cross-sectional differences between ECB Council members are an insightful source for current monetary policy debates. In these debates it is discussed to which extent central bank decisions may increasingly be constrained by objectives other than price stability. In addition to price stability, our analysis considers the following dimensions of a possible central bank objective function: financial stability, sovereign bond market stability, public debt, climate protection, and distribution.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.

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