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Starting from a Blank Page? Semantic Similarity in Central Bank Communication and Market Volatility

Ehrmann, Michael - 2017

. It shows that similar press releases generate less market volatility, but that more substantial textual changes after a … sequence of very similar statements lead to much larger volatility …

Persistent link: https://www.econbiz.de/10012962430

Necessity As the Mother of Invention : Monetary Policy after the Crisis

Blinder, Alan S. - 2017

We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys—one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to...

Persistent link: https://www.econbiz.de/10012958182

The timing of central bank communication

Ehrmann, Michael; Fratzscher, Marcel - 2005

This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...

Persistent link: https://www.econbiz.de/10011604611

Global financial transmission of monetary policy shocks

Ehrmann, Michael; Fratzscher, Marcel - 2006

The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...

Persistent link: https://www.econbiz.de/10011604662

Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy?

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006

financial market volatility after FOMC meetings. Finally, Fed communication may exert an influence on forecast accuracy. …

Persistent link: https://www.econbiz.de/10011604741

Voting Right Rotation, Behavior of Committee Members and Financial Market Reactions : Evidence from the U.S. Federal Open Market Committee

Ehrmann, Michael; Tietz, Robin; Visser, Bauke - 2021

Whether Federal Reserve Bank presidents have the right to vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: also nonvoting presidents attend and participate in the meetings of the committee. Does voting status change...

Persistent link: https://www.econbiz.de/10013222708

Communication and decision-making by central bank committees: different strategies, same effectiveness?

Ehrmann, Michael; Fratzscher, Marcel - 2005

The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking process in the committee. The paper shows that the Federal...

Persistent link: https://www.econbiz.de/10011604534

How should central banks communicate?

Ehrmann, Michael; Fratzscher, Marcel - 2005

The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of England and the ECB since 1999, we find that...

Persistent link: https://www.econbiz.de/10011604603

Social value of public information: testing the limits to transparency

Ehrmann, Michael; Fratzscher, Marcel - 2007

Transparency has become an almost universal virtue among central banks. The paper tests empirically, for the case of the Federal Reserve, two hypotheses about central bank transparency derived from the debate of Morris and Shin (2002) and Svensson (2006). First, the paper finds that the...

Persistent link: https://www.econbiz.de/10011604867

Purdah: on the rationale for central bank silence around policy meetings

Ehrmann, Michael; Fratzscher, Marcel - 2008

on grounds that such communication may create excessive market volatility and unnecessary speculation. This short paper … times more strongly to statements in the purdah before FOMC meetings than during other times, and market volatility … increases (compared to a volatility reduction induced by statements otherwise). The findings thus offer relevant insights about …

Persistent link: https://www.econbiz.de/10011604914