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Does central bank communication really lead to better forecasts of policy decisions? : new evidence based on a Taylor rule model for the ECB

Sturm, Jan-Egbert; Haan, Jakob de - 2009

Nowadays, it is widely believed that greater disclosure and clarity over policy may lead to greater predictability of central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the information provided by a Taylor rule model in which...

Persistent link: https://www.econbiz.de/10003872830

Does money matter in the ECB strategy? : New evidence based on ECB communication

Berger, Helge (contributor); Haan, Jakob de (contributor); … - 2006

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy...

Persistent link: https://www.econbiz.de/10003300988

Convergence of monetary transmission in EMU new evidence

Toolsema-Veldman, Linda Adriana; Sturm, Jan-Egbert; … - 2001

This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We...

Persistent link: https://www.econbiz.de/10011398432

The stress of having a single monetary policy in Europe

Sturm, Jan-Egbert (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003662255

Small countries and preferential trade agreements : how severe is the innocent Bystander problem?

Kose, M. Ayhan; Riezman, Raymond Glenn - 2000

This paper examines the welfare implications of preferential trade agreements (PTAs) from the perspective of small countries in the context of a multi-country, general equilibrium model. We calibrate our model to represent one relatively small country and two symmetric big countries. We consider...

Persistent link: https://www.econbiz.de/10009781527

Has the EMU reduced wage growth and unemployment? : testing a model of trade union behaviour

Mikosch, Heiner; Sturm, Jan-Egbert - 2011

By using a model of trade union behaviour Grüner (2010) argues that the introduction of the European Monetary Union (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary centralization lets the central bank react less flexibly to...

Persistent link: https://www.econbiz.de/10009127665

Close encounters of the European kind: economic integration, sectoral heterogeneity and structural reforms

Campos, Nauro; Eichenauer, Vera; Sturm, Jan-Egbert - 2020

This paper addresses two main questions: (a) Has European integration hindered the implementation of labour, financial and product market structural reforms? (b) Do the effects of these reforms vary more across sectors than across countries? Using more granular reform measures, longer time...

Persistent link: https://www.econbiz.de/10012291227

Close encounters of the European kind: economic integration, sectoral heterogeneity and structural reforms

Campos, Nauro; Eichenauer, Vera; Sturm, Jan-Egbert - 2020

Persistent link: https://www.econbiz.de/10012291887

Using Taylor rules to understand ECB monetary policy

Sauer, Stephan; Sturm, Jan-Egbert - 2003

Over the last decade, the simple instrument policy rule developed by Taylor (1993) has become a popular tool for evaluating monetary policy of central banks. As an extensive empirical analysis of the ECB s past behaviour still seems to be in its infancy, we estimate several instrument policy...

Persistent link: https://www.econbiz.de/10011404306

The KOF Globalisation Index : revisited

Gygli, Savina; Haelg, Florian; Potrafke, Niklas; Sturm, … - 2018

We introduce the revised version of the KOF Globalisation Index, a composite index measuring globalization for every … along the different dimensions of globalization. We also disentangle trade and financial globalization within the economic … dimension of globalization and use time-varying weighting of the variables. The new index is based on 43 instead of 23 variables …

Persistent link: https://www.econbiz.de/10011954444