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Transparency, disclosure and the federal reserve

Ehrmann, Michael (contributor); … - 2005

This paper assesses the change in Federal Reserve policy introduced in 1999, with the publication of statements about the outlook for monetary policy (and later about the balance of risks) immediately after each FOMC meeting. We find that markets anticipated monetary policy decisions equally...

Persistent link: https://www.econbiz.de/10002817417

Geography or skills : what explains Fed watchers' forecast accuracy of US monetary policy?

Berger, Helge (contributor); Ehrmann, Michael (contributor); … - 2006

The paper shows that there is a substantial degree of heterogeneity in forecast accuracy among Fed watchers. Based on a novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 basis points between the best and worst-performers...

Persistent link: https://www.econbiz.de/10003396783

Social value of public information : testing the limits to transparency

Ehrmann, Michael (contributor); … - 2007

the Federal Reserve, two hypotheses about central bank transparency derived from the debate of Morris and Shin (2002) and …

Persistent link: https://www.econbiz.de/10003599312

The timing of central bank communication

Ehrmann, Michael (contributor); … - 2005

Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances …

Persistent link: https://www.econbiz.de/10003230443

How should central banks communicate?

Ehrmann, Michael (contributor); … - 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 … the diversity of views on the economic outlook that enhance the effectiveness of central bank communication …

Persistent link: https://www.econbiz.de/10003209188

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

Ehrmann, Michael (contributor); … - 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 … strategy amid a collegial approach to decision-making, while the Bank of England is using a collegial communication strategy …

Persistent link: https://www.econbiz.de/10003014292

Voting right rotation, behavior of committee members and financial market reactions : vidence 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 …

Persistent link: https://www.econbiz.de/10012547590

Equal size, equal role?

Ehrmann, Michael; Fratzscher, Marcel - 2004

This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the...

Persistent link: https://www.econbiz.de/10009639396

Taking stock

Ehrmann, Michael; Fratzscher, Marcel - 2004

This paper analyses the effects of US monetary policy on stock markets. We find that, on average, a tightening of 50 basis points reduces returns by about 3%. Moreover, returns react more strongly when no change had been expected, when there is a directional change in the monetary policy stance...

Persistent link: https://www.econbiz.de/10009639408

Exchange rates and fundamentals

Ehrmann, Michael; Fratzscher, Marcel - 2004

This paper analyses the link between economic fundamentals and exchange rates by investigating the importance of real-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...

Persistent link: https://www.econbiz.de/10009639419