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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 …
Persistent link: https://www.econbiz.de/10009635961
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Monetary policy transmission in the euro area: any changes after EMU?
Angeloni, Ignazio; Ehrmann, Michael - 2003
We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind …
Persistent link: https://www.econbiz.de/10011604286
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Exchange Rates and Fundamentals : New Evidence from Real-Time Data
Ehrmann, Michael; Fratzscher, Marcel - 2021
-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 developments in the period 1993-2003. The larger importance of US … macroeconomic news is at least partly explained by their earlier release time compared to corresponding German and euro area news …
Persistent link: https://www.econbiz.de/10013319332
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Monetary Policy Transmission in the Euro Area : Any Changes after Emu?
Angeloni, Ignazio; Ehrmann, Michael - 2021
We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind …
Persistent link: https://www.econbiz.de/10013319731
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The Euro Exchange Rate During the European Sovereign Debt Crisis - Dancing to Its Own Tune?
Ehrmann, Michael - 2013
This paper studies the determinants of the euro exchange rate during the European sovereign debt crisis, allowing a … role for macroeconomic fundamentals, policy actions and the public debate by policy makers. It finds that the euro exchange …
Persistent link: https://www.econbiz.de/10013083696
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Geography or skills: what explains Fed Wachters' forecast accuracy of US monetary policy?
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2008
The paper shows that there is a substantial degree of heterogeneity in the ability of Fed watchers to forecast US monetary policy decisions. 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...
Persistent link: https://www.econbiz.de/10010299141
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The role of central bank transparency for guiding private sector forecasts
Ehrmann, Michael; Eijffinger, Sylvester C. W.; … - 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/10003969574
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The Role of Central Bank Transparency for Guiding Private Sector Forecasts
Ehrmann, Michael; Eijffinger, Sylvester C. W.; … - 2021
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/10013316276
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Interdependence between the euro area and the United States
Ehrmann, Michael; Fratzscher, Marcel - 2004
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/10009639396
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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