Central Banking

European Central Bank Working Paper No 192

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RESEARCH - ECB Working Paper, "Is the European Central Bank (and the United States Federal Reserve) predictable?", by Gabriel Perez-Quiros and Jorge Sicilia, November 2002. This paper examines the predictability of the monetary policy decisions of the Governing Council of the ECB and the transmission of the unexpected component of the monetary policy decisions to the yield curve. The authors find, using new methodologies, that markets do not fully predict the ECB decisions but the lack of

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