https://www.martinbaumgaertner.de/tags/monetary-policy/Recent content in Monetary Policy on Martin BaumgärtnerHugoen-usmartin.baumgaertner1@gmail.com (Martin Baumgärtner)martin.baumgaertner1@gmail.com (Martin Baumgärtner)Sat, 14 Feb 2026 14:42:17 +0100https://www.martinbaumgaertner.de/publication/baumgartner-ecb-communication-2022/Sat, 01 Jan 2022 00:00:00 +0000martin.baumgaertner1@gmail.com (Martin Baumgärtner)https://www.martinbaumgaertner.de/publication/baumgartner-ecb-communication-2022/<h2 id="author">Author</h2> <p>Martin Baumgärtner</p> <h2 id="publication-details">Publication Details</h2> <p><strong>Institution:</strong> Philipps-Universität Marburg, Faculty of Business Administration and Economics <strong>Department:</strong> Volkswirtschaftliche Abteilung (Department of Economics) <strong>Series:</strong> MAGKS Papers on Economics <strong>Number:</strong> 202203 <strong>Date:</strong> 2022</p> <h2 id="abstract">Abstract</h2> <p>This paper shows that a different communication style of the European Central Bank (ECB) affects stock prices differently. A break in the ECB&rsquo;s communication from 2016 onwards makes it necessary to adjust the identification of monetary policy surprises in the euro area. By modifying the high-frequency identification of monetary policy shocks in the euro area, I can show that two quantitative easing shocks occur per decision: One during the release and one during the press conference. Although the impact on policy rates is identical, the release window shock seems to have a more pronounced effect on stock prices.</p>