Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2002
markets by analysing the effects of monetary policy announcements and macroeconomic news on daily interest rates in the United … States and the euro area. The paper finds that the interdependence of money markets has steadily increased over time, with …. Moreover, for the early stages of EMU, we find evidence that the markets were going through a learning process about the ECB …