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| Michael R Frenkel and Jan C Rülke |
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| ''Is the ECB's monetary benchmark still alive?'' |
| ( 2013, Vol. 33 No.2 ) |
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| 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. |
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| Keywords: E43; E47; E44 |
JEL: E4 - Money and Interest Rates: General
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
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| Manuscript Received : Oct 25 2012 | | Manuscript Accepted : May 18 2013 |
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