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ECB paper on the impact of policy decisions

The ECB Working Paper "The impact of ECB monetary policy decisions and communication on the yield curve" analyses high-frequency changes in the euro area money market yield curve on dates when the ECB regularly sets and communicates decisions on policy interest rates to construct different indicators of monetary policy news relating to policy decisions and to central bank communication.

The indicators show that ECB communication during the press conference may result in significant changes in

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