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Purdah: on the rationale for central bank silence around policy meetings

Ehrmann, Michael; Fratzscher, Marcel - 2008

Despite substantial differences in monetary policy and communication strategies, many central banks share the practice of purdah, a self-imposed guideline of abstaining from communication around policy meetings or other important events. This practice is remarkable, as it seems to contradict the...

Persistent link: https://www.econbiz.de/10011604914

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

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

Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it written in this decade. We survey this...

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

Monetary Policy Shocks and Portfolio Choice

Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - 2009

The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...

Persistent link: https://www.econbiz.de/10011605168

The role of central bank transparency for guiding private sector forecasts

Ehrmann, Michael; Eijffinger, Sylvester; Fratzscher, Marcel - 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/10011605192

On the international spillovers of US quantitative easing

Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013

The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures. First, we … find that Fed measures in the early phase of the crisis (QE1) were highly effective in lowering sovereign yields and … contributed to portfolio reallocation as well as a re-pricing of risk in global financial markets. …

Persistent link: https://www.econbiz.de/10011605602

Equal size, equal role? Interest rate interdependence between the Euro area and the United States

Ehrmann, Michael; Fratzscher, Marcel - 2003

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/10010298252

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 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/10010299102

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

Bundesverfassungsgericht und Krisenpolitik der EZB: Stellungnahmen der Ökonomen

Konrad, Kai A.; Fuest, Clemens; Uhlig, Harald; … - In: Wirtschaftsdienst 93 (2013) 7, pp. 431-454

basic rules for the euro area to a crisis-driven approach that seems to have forgotten these rules. The ECB policy holds … ultimate task of the ECB, the defence of price stability. Hence the ECB's crisis measures do not represent any intention to … intervene in fiscal or economic policy measures, and after the crisis the ECB can return to a narrower interpretation of the …

Persistent link: https://www.econbiz.de/10010327951

On the international spillovers of US quantitative easing

Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013

The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we … find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering … measures have contributed to portfolio reallocation as well as a re-pricing of risk in global financial markets. …

Persistent link: https://www.econbiz.de/10010316434