In this section, you can download the research article detailling the methodology behind the CBCI. It also provides two empirical uses of the indicators for :

• the forecasting of monetary policy decisions through a Taylor rule.
• the forecasting of european stock markets' returns and volatility after ECB press conferences.

How to cite : Picault M., Renault T. (2017), Words are not all created equals : a new measure of ECB communication, Journal of International Money and Finance, 79, 136-156.