This paper studies the empirical effects of legal challenges to monetary policy. Several policy measures of the European Central Bank have come under scrutiny before national courts and the European Court of Justice. These lawsuits have the potential to impact the scope and flexibility of central bank policies with important consequences for the economy. The number of relevant legal challenges is small and exact timestamps are often not available. Hence, we develop an econometric approach that searches for minimum variance regimes which we use to isolate and measure the effects of the rulings. Our results suggest that legal rulings addressing central bank policies have a significant effect on financial markets and can be linked to monetary policy uncertainty shocks.

中文翻译：

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金融市场和非常规货币政策的法律挑战

本文研究了货币政策法律挑战的实证影响。欧洲央行的多项政策措施已受到各国法院和欧洲法院的审查。这些诉讼有可能影响央行政策的范围和灵活性，对经济产生重要影响。相关法律挑战的数量很少，并且通常无法获得确切的时间戳。因此，我们开发了一种计量经济学方法来寻找最小方差制度，我们用它来隔离和衡量裁决的影响。我们的研究结果表明，针对央行政策的法律裁决对金融市场具有重大影响，并且可能与货币政策不确定性冲击有关。