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The daily and policy-relevant liquidity effects
Thornton, Daniel L. - European Central Bank - 2008
The phrase “liquidity effect” was introduced by Milton Friedman (1969) to describe the first of three effects on … interest rates caused by an exogenous change in the money supply. The lack of empirical support for the liquidity effect using … evidence of the liquidity effect could be obtained using daily data – the daily liquidity effect. This paper investigates the …
Persistent link: https://www.econbiz.de/10005079103
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The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations?
Thornton, Daniel L. - Deutsche Bundesbank - 2000
It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be...
Persistent link: https://www.econbiz.de/10005083145
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Interbank lending and monetary policy transmission: evidence for Germany
Ehrmann, Michael; Worms, Andreas - Deutsche Bundesbank - 2001
This paper presents empirical evidence on the behaviour of interbank lending in Germany after a monetary policy impulse. Our VAR analysis shows that following a monetary contraction, the banking system as a whole attracts additional funds from foreign banks. Whereas small cooperative and savings...
Persistent link: https://www.econbiz.de/10005083202
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Explaining monetary policy in press conferences
Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2007
The question how best to communicate monetary policy decisions remains a highly topical issue among central banks. Focusing on the experience of the European Central Bank, this paper studies how explanations of monetary policy decisions at press conferences are perceived by financial markets....
Persistent link: https://www.econbiz.de/10005344820
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Forecasting ECB Monetary Policy; Accuracy is (Still) a Matter of Geography
Ehrmann, Michael; Fratzscher, Marcel; Berger, Helge - International Monetary Fund (IMF) - 2006
Monetary policy in the euro area is conducted within a multicountry, multicultural, and multilingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the European Central...
Persistent link: https://www.econbiz.de/10005825754
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The reception of public signals in financial markets – what if central bank communication becomes stale?
Ehrmann, Michael; Sondermann, David - Narodowy Bank Polski - 2009
How do financial markets price new information? This paper analyzes price setting at the intersection of private and public information, by testing whether and how the reaction of financial markets to public signals depends on the relative importance of private information in agents’...
Persistent link: https://www.econbiz.de/10008545874
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The role of central bank transparency for guiding private sector forecasts
Ehrmann, Michael; Eijffinger, Sylvester; Fratzscher, Marcel - European Central Bank - 2010
There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically...
Persistent link: https://www.econbiz.de/10008545908
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Forecasting ECB monetary policy: accuracy is (still) a matter of geography
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2006
Monetary policy in the euro area is conducted within a multi-country, multi-cultural, and multi-lingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the ECB? Using a...
Persistent link: https://www.econbiz.de/10008533521
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Inflation persistence and price-setting behaviour in the euro area : a summary of the Inflation Persistence Network evidence
Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - Nationale Bank van België/Banque national de Belqique (BNB) - 2006
This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are: i) Under the current monetary policy regime, the...
Persistent link: https://www.econbiz.de/10005060038
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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
How do financial markets price new information? This paper analyzes price setting at the intersection of private and public information, by testing whether and how the reaction of financial markets to public signals depends on the relative importance of private information in agents’...
Persistent link: https://www.econbiz.de/10005068625