Narrow search
Showing 1 - 10 of 308
Cover Image
Central bank communication on financial stability
Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - 2011
-lasting effect on stock market returns, and also tend to reduce market volatility. Speeches and interviews, in contrast, have little … effect on market returns and do not generate a volatility reduction during tranquil times, but have had a substantial effect …
Persistent link: https://www.econbiz.de/10009006629
Cover Image
Central Bank Communication on Financial Stability
Born, Benjamin - 2016
-lasting effect on stock market returns, and also tend to reduce market volatility. Speeches and interviews, in contrast, have little … effect on market returns and do not generate a volatility reduction during tranquil times, but have had a substantial effect …
Persistent link: https://www.econbiz.de/10013008510
Cover Image
Central Bank Communication on Financial Stability
Born, Benjamin - 2011
-lasting effect on stock market returns, and also tend to reduce market volatility. Speeches and interviews, in contrast, have little … effect on market returns and do not generate a volatility reduction during tranquil times, but have had a substantial effect …
Persistent link: https://www.econbiz.de/10013127492
Cover Image
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
Cover Image
Communication and Decision-Making by Central Bank Committees : Different Strategies, Same Effectiveness?
Ehrmann, Michael; Fratzscher, Marcel - 2021
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/10013318552
Cover Image
Transparency, Disclosure and the Federal Reserve
Ehrmann, Michael; Fratzscher, Marcel - 2021
This paper assesses the change in Federal Reserve policy introduced in 1999, with the publication of statements about the outlook for monetary policy (and later about the balance of risks) immediately after each FOMC meeting. We find that markets anticipated monetary policy decisions equally...
Persistent link: https://www.econbiz.de/10013318680
Cover Image
Purdah: on the rationale for central bank silence around policy meetings
Ehrmann, Michael; Fratzscher, Marcel - 2008
on grounds that such communication may create excessive market volatility and unnecessary speculation. This short paper … times more strongly to statements in the purdah before FOMC meetings than during other times, and market volatility … increases (compared to a volatility reduction induced by statements otherwise). The findings thus offer relevant insights about …
Persistent link: https://www.econbiz.de/10011604914
Cover Image
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
Cover Image
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
Cover Image
Central Bank Communication and Monetary Policy : A Survey of Theory and Evidence
Blinder, Alan S. - 2011
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/10012756645