Online First Journal of Money, Credit and Banking Online 7 May 2026Reading between the Lines — Uncovering Asymmetry in the Central Bank Loss FunctionMarkus Haavio · Joni Heikkinen · Pirkka Jalasjoki · Juha Kilponen · Maritta Paloviita · Ilona VänniThis paper estimates the European Central Bank's loss function directly rather than inferring it from a reaction function, using the tone of the Governing Council's press conference introductory …