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Central Bank communication and monetary policy: a survey of theory and evidence

Blinder, Alan S.; Ehrmann, Michael; de Haan, Jakob; … - 2008

-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it … and powerful part of the central bank’s toolkit since it has the ability to move financial markets, to enhance the …

Persistent link: https://www.econbiz.de/10011604944

The role of central bank transparency for guiding private sector forecasts

Ehrmann, Michael; Eijffinger, Sylvester; Fratzscher, Marcel - 2010

expectations. This paper analyses empirically whether enhanced central bank transparency lowers dispersion among professional … forecasters of key economic variables, using a large set of proxies for central bank transparency in 12 advanced economies. It … finds evidence for a significant and sizeable effect of central bank transparency on forecast dispersion, be it by means of …

Persistent link: https://www.econbiz.de/10011605192

Central bank communication on financial stability

Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - 2011

Central banks regularly communicate about financial stability issues, by publishing Financial Stability Reports (FSRs) and through speeches and interviews. The paper asks how such communications affect financial markets. Building a unique dataset, it provides an empirical assessment of the...

Persistent link: https://www.econbiz.de/10011605378

Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - 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/10011606198

The predictability of monetary policy

Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008

understand the monetary policy framework of a central bank, i.e. its objectives and systematic behaviour in reacting to different … central bank. This paper reviews the main conceptual issues relating to predictability, both in its short and longer …

Persistent link: https://www.econbiz.de/10011606235

Monetary policy transmission in the euro area

Angeloni, Ignazio; Ehrmann, Michael - 2003

We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind: has it changed after u0096 and because of u0096 EMU and, if so, is it becoming homogeneous across countries. Given the data limitations, we concentrate on three blocks of...

Persistent link: https://www.econbiz.de/10009635961

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

Euro area inflation differentials

Angeloni, Ignazio; Ehrmann, Michael - 2004

We build a stylised 12-country model of the euro area and use it to analyse why differences in national inflation and growth rates arise within the European monetary union. We find that inflation persistence is a key potential explanatory factor. Other more frequently mentioned reasons, like...

Persistent link: https://www.econbiz.de/10009639448