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Convergence and anchoring of yield curves in the euro area
Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional … substantially across euro area countries and even been eliminated over time, thus underlining not only market integration but also …
Persistent link: https://www.econbiz.de/10011604863
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Equal size, equal role? Interest rate interdependence between the Euro area and the United States
Ehrmann, Michael; Fratzscher, Marcel - 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/10010298252
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Forecasting ECB monetary policy: accuracy is (still) a matter of geography
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
Monetary policy in the euro area is conducted within a multi-country, multi-cultural, and multi-lingual context …
Persistent link: https://www.econbiz.de/10010299102
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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
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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
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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
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Forecasting ECB monetary policy: accuracy is (still) a matter of geography
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
Monetary policy in the euro area is conducted within a multi-country, multicultural, and multi-lingual context …
Persistent link: https://www.econbiz.de/10011604624
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Monetary policy in the media
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
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,...
Persistent link: https://www.econbiz.de/10011604725
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
the euro area. Equally importantly, economies with a weaker track record in terms of economic and institutional quality …
Persistent link: https://www.econbiz.de/10011605002
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Der Beschluss des Bundesverfassungsgerichts zum OMT-Programm der EZB
Zeitler, Franz-Christoph; Fratzscher, Marcel; Murswiek, … - In: ifo Schnelldienst 67 (2014) 06, pp. 3-25
Das Bundesverfassungsgericht hat im Februar 2014 seine Entscheidung zum Beschluss der Europäischen Zentralbank zum OMT-Programm vom September 2012 verkündet. Wie ist diese Entscheidung zu werten? Franz-Christoph Zeitler, Universität Augsburg und ehemals Deutsche Bundesbank, sieht in dem...
Persistent link: https://www.econbiz.de/10011693631