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Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion

Kooths, Stefan; Schwarzmüller, Tim; Scheide, Joachim; … - 2014

In Reaktion auf die Finanzkrise hat das Eurosystem seine Geldpolitik massiv gelockert. So hat die Europäische … budgets in several countries of the euro area. This has led to large liquidity flows into Germany. This situation is expected … to continue for some time to come. With huge amounts of excess liquidity already accumulated in the German banking sector …

Persistent link: https://www.econbiz.de/10010343472

Makroprudenzielle Finanzmarktpolitik : nationale Handlungsoptionen im Euroraum

Roye, Björn van; Plödt, Martin; Scheide, Joachim; … - 2014

Persistent link: https://www.econbiz.de/10010408479

Euroraum: gemeinsame Währung - nationales Geld

Kooths, Stefan - 2012

Persistent link: https://www.econbiz.de/10009558427

Nationale Geldschöpfung im Euroraum : Mechanismen, Defekte, Therapie

Kooths, Stefan - 2012

Persistent link: https://www.econbiz.de/10009559835

The pricing of G7 sovereign bond spreads: the times, they are a-changin

D'Agostino, Antonello; Ehrmann, Michael - European Central Bank - 2013

Against the background of the current debate about fiscal sustainability in several advanced economies, this paper estimates determinants of G7 sovereign bond spreads, using high‐frequency proxies for market expectations about macroeconomic fundamentals and allowing for time‐varying...

Persistent link: https://www.econbiz.de/10010686824

The reception of public signals in financial marketswhat if central bank communication becomes stale?

Ehrmann, Michael; Sondermann, David - European Central Bank - 2009

How do financial markets price new information? This paper analyzes price setting atthe intersection of private and public information, by testing whether and how thereaction of financial markets to public signals depends on the relative importance ofprivate information in agents’ information...

Persistent link: https://www.econbiz.de/10005866483

Explaining monetary policy in press conferences

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2007

The question how best to communicate monetary policy decisions remains a highly topical issue among central banks. Focusing on the experience of the European Central Bank, this paper studies how explanations of monetary policy decisions at press conferences are perceived by financial markets....

Persistent link: https://www.econbiz.de/10005344820

A VAR description of the effects of monetary policy in the individual countries of the euro area

Mojon, Benoît; Peersman, Gert - European Central Bank - 2001

This paper presents a complete set of results describing the effects of monetary policy in 10 countries of the euro area for the pre-EMU period. For each country, we impose one of three identification schemes depending on its monetary integration with Germany, the nominal anchor of the ERM. The...

Persistent link: https://www.econbiz.de/10005344895

Household risk management and actual mortgage choice in the euro area

Ehrmann, Michael; Ziegelmeyer, Michael - European Central Bank - 2014

Mortgages constitute the largest part of household debt. An essential choice when taking out a mortgage is between fixed-interest-rate mortgages (FRMs) and adjustable-interest-rate mortgages (ARMs). However, so far, no comprehensive cross-country study has analysed what determines household...

Persistent link: https://www.econbiz.de/10010753753

The role of central bank transparency for guiding private sector forecasts

Ehrmann, Michael; Eijffinger, Sylvester; Fratzscher, Marcel - European Central Bank - 2010

There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically...

Persistent link: https://www.econbiz.de/10008545908