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Michael R Frenkel and Jan C Rülke
''Is the ECB's monetary benchmark still alive?''
( 2013, Vol. 33 No.2 )
We develop a simple test to show that the ECB's monetary benchmark serves as an anchor for financial markets. This result is more pronounced for the financial crisis 2007-2009 and when looking at longer-term forecasts. However, for non-EMU forecasters we do not find an anchoring effect.
Keywords: E43; E47; E44
JEL: E4 - Money and Interest Rates: General
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Manuscript Received : Oct 25 2012 Manuscript Accepted : May 18 2013

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