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An international analysis of earnings, stock prices and bond yields
Durré, Alain; Giot, Pierre - European Central Bank - 2005
This paper assesses the possible contemporaneous relationship between stock index prices, earnings and long-term government bond yields for a large number of countries and over a time period that spans several decades. In a cointegration framework, our analysis looks at three hypotheses. First,...
Persistent link: https://www.econbiz.de/10005816225
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Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880-2001
Dewald, William G. - European Central Bank - 2003
JEL Classification: E3, E40, E50, N10
Persistent link: https://www.econbiz.de/10005530990
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Feedback to the ECB's monetary analysis: the Bank of Russia's experience with some key tools
Ponomarenko, Alexey; Vasilieva, Elena; Schobert, Franziska - European Central Bank - 2012
for inflation and for real economic development. JEL Classification: E41, E52, E58 …
Persistent link: https://www.econbiz.de/10010686786
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Purdah: on the rationale for central bank silence around policy meetings
Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2008
Despite substantial differences in monetary policy and communication strategies, many central banks share the practice of purdah, a self-imposed guideline of abstaining from communication around policy meetings or other important events. This practice is remarkable, as it seems to contradict the...
Persistent link: https://www.econbiz.de/10005816165
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Money talks
Hoerova, Marie; Monnet, Cyril; Temzelides, Ted - European Central Bank - 2009
We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of transmitting information have very different consequences. Since...
Persistent link: https://www.econbiz.de/10008513277
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The reception of public signals in financial markets - what if central bank communication becomes stale?
Ehrmann, Michael; Sondermann, David - European Central Bank - 2009
-term interest rates to the Bank of England’s inflation report and to macroeconomic announcements. Due to the quarterly frequency at … predicts that, the more time has elapsed since the latest release of an inflation report, market volatility should increase …
Persistent link: https://www.econbiz.de/10005068625
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The reception of public signals in financial marketswhat if central bank communication becomes stale?
Ehrmann, Michael; Sondermann, David - European Central Bank - 2009
-term interest rates to the Bank of England’s inflation report andto macroeconomic announcements. Due to the quarterly frequency at …, the more timehas elapsed since the latest release of an inflation report, market volatility shouldincrease, the price …
Persistent link: https://www.econbiz.de/10005866483
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Optimal simple monetary policy rules and non-atomistic wage setters in a New-Keynesian framework
Gnocchi, Stefano - European Central Bank - 2006
non-atomistic unions. It is shown that concentrated labor markets call for more aggressive inflation stabilization. This …
Persistent link: https://www.econbiz.de/10005344846
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Nonparametric Hybrid Phillips Curves Based on Subjective Expectations: Estimates for the Euro Area
Buchmann, Marco - European Central Bank - 2009
assumptions on the functional correspondence between price inflation, inflation expectations and marginal costs. Expectations are … not assumed to be an unbiased predictor of actual inflation and instead derived from the European Commission’s Consumer … Survey data. The results suggest that expectations drive inflation with a lag of about 6 months, which casts further doubt on …
Persistent link: https://www.econbiz.de/10008458424
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Equilibrium unemployment, job flows and inflation dynamics
Trigari, Antonella - European Central Bank - 2004
In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of … the model to account for the joint dynamics of output and inflation rely on its ability to explain the dynamics in the …
Persistent link: https://www.econbiz.de/10005816190