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Monetary Policy in the Media
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2021
Media coverage of monetary policy actions is a central channel of a central bank's communication with the wider public, and thus an important factor for its credibility and policy effectiveness. This paper analyses the coverage which ECB monetary policy decisions receive in the print media, and...
Persistent link: https://www.econbiz.de/10013317451
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Forecasting ECB Monetary Policy : Accuracy is (Still) a Matter of Geography
Ehrmann, Michael; Fratzscher, Marcel; Berger, Helge - 2021
Monetary policy in the euro area is conducted within a multi-country, multicultural, and multi-lingual context …
Persistent link: https://www.econbiz.de/10013318108
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Credibility Gains from Communicating with the Public : Evidence from the ECB's New Monetary Policy Strategy
Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff - 2023
We show that the announcement of the ECB’s Strategy Review and the revision of its inflation target in summer 2021 went largely unnoticed by the wider public. Although it is hard to reach out to this group, we find evidence that communicating key elements of the strategy can enhance the...
Persistent link: https://www.econbiz.de/10014254531
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Monetary Policy Communication : Perspectives from Former Policy Makers at the ECB
Ehrmann, Michael; Holton, Sarah; Kedan, Danielle; … - 2021
This paper reports the results of a survey of former members of the Governing Council of the European Central Bank, which sought their views on monetary policy communication practices, the related challenges and the road ahead. Pronounced differences across the respondent groups are rare,...
Persistent link: https://www.econbiz.de/10013310677
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Equal size, equal role? Interdependence between the euro area and the United States
Ehrmann, Michael; Fratzscher, Marcel - 2004
United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the … interest rates in the United States and the euro area. First, the paper finds that the interdependence of money markets has … increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the …
Persistent link: https://www.econbiz.de/10011604388
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Exchange rates and fundamentals: new evidence from real-time data
Ehrmann, Michael; Fratzscher, Marcel - 2004
-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force … behind daily US dollar – euro/DEM exchange rate developments in the period 1993-2003. The larger importance of US … macroeconomic news is at least partly explained by their earlier release time compared to corresponding German and euro area news …
Persistent link: https://www.econbiz.de/10011604411
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Equal size, equal role? Interest rate interdependence between the Euro area and the United States
Ehrmann, Michael; Fratzscher, Marcel - Center for Financial Studies - 2003
United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the … interest rates in the United States and the euro area. First, the paper finds that the interdependence of money markets has … increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the …
Persistent link: https://www.econbiz.de/10010958641