The policy reaction function of the Ecb: an ordered-probit model

Detalhes bibliográficos
Autor(a) principal: Teixeira, Marta Ferro
Data de Publicação: 2021
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/121943
Resumo: Based on Ordered-Probit models, I estimate the monetary policy reaction function of the European Central Bank between 2001 and 2019. Results show that the ECB does display a forward-looking behaviour. Inflation and output growth projections play a significant role in their monetary policy decisions. Moreover, yield spreads across euro area countries do not seem to be significant on their decision. Therefore, the possibility of a secondary mandate related to financial markets’ stability is not confirmed, according to my results. Lastly, marginal effects on the ordered probit regressions, show that forecasts on output growth have the largest weight on monetary policy decisions.
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spelling The policy reaction function of the Ecb: an ordered-probit modelOrdered-probit modelMonetary policy reaction functionStaff projectionsYieldDomínio/Área Científica::Ciências Sociais::Economia e GestãoBased on Ordered-Probit models, I estimate the monetary policy reaction function of the European Central Bank between 2001 and 2019. Results show that the ECB does display a forward-looking behaviour. Inflation and output growth projections play a significant role in their monetary policy decisions. Moreover, yield spreads across euro area countries do not seem to be significant on their decision. Therefore, the possibility of a secondary mandate related to financial markets’ stability is not confirmed, according to my results. Lastly, marginal effects on the ordered probit regressions, show that forecasts on output growth have the largest weight on monetary policy decisions.Azevedo, João Valle eRUNTeixeira, Marta Ferro2021-08-01T19:24:25Z2021-01-192021-012021-01-19T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/121943TID:202743179enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:04:00Zoai:run.unl.pt:10362/121943Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:44:45.120642Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The policy reaction function of the Ecb: an ordered-probit model
title The policy reaction function of the Ecb: an ordered-probit model
spellingShingle The policy reaction function of the Ecb: an ordered-probit model
Teixeira, Marta Ferro
Ordered-probit model
Monetary policy reaction function
Staff projections
Yield
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short The policy reaction function of the Ecb: an ordered-probit model
title_full The policy reaction function of the Ecb: an ordered-probit model
title_fullStr The policy reaction function of the Ecb: an ordered-probit model
title_full_unstemmed The policy reaction function of the Ecb: an ordered-probit model
title_sort The policy reaction function of the Ecb: an ordered-probit model
author Teixeira, Marta Ferro
author_facet Teixeira, Marta Ferro
author_role author
dc.contributor.none.fl_str_mv Azevedo, João Valle e
RUN
dc.contributor.author.fl_str_mv Teixeira, Marta Ferro
dc.subject.por.fl_str_mv Ordered-probit model
Monetary policy reaction function
Staff projections
Yield
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Ordered-probit model
Monetary policy reaction function
Staff projections
Yield
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description Based on Ordered-Probit models, I estimate the monetary policy reaction function of the European Central Bank between 2001 and 2019. Results show that the ECB does display a forward-looking behaviour. Inflation and output growth projections play a significant role in their monetary policy decisions. Moreover, yield spreads across euro area countries do not seem to be significant on their decision. Therefore, the possibility of a secondary mandate related to financial markets’ stability is not confirmed, according to my results. Lastly, marginal effects on the ordered probit regressions, show that forecasts on output growth have the largest weight on monetary policy decisions.
publishDate 2021
dc.date.none.fl_str_mv 2021-08-01T19:24:25Z
2021-01-19
2021-01
2021-01-19T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/121943
TID:202743179
url http://hdl.handle.net/10362/121943
identifier_str_mv TID:202743179
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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