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Inflation targeting as a shock absorber
Fratzscher, Marcel; Große Steffen, Christoph; Rieth, Malte - 2018
We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of … natural disasters. We find that inflation targeting improves macroeconomic performance following such exogenous shocks. It … lowers inflation, raises output growth, and reduces inflation and growth variability compared to alternative monetary regimes …
Persistent link: https://www.econbiz.de/10011790769
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Inflation targeting as a shock absorber
Fratzscher, Marcel; Grosse Steffen, Christoph; Rieth, Malte - 2018
We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of … natural disasters. We find that inflation targeting improves macroeconomic performance following such exogenous shocks. It … lowers inflation, raises output growth, and reduces inflation and growth variability compared to alternative monetary regimes …
Persistent link: https://www.econbiz.de/10011794926
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20 Jahre Euro: eine Erfolgsgeschichte?
Fratzscher, Marcel; Kriwoluzky, Alexander; Schäfer, Stefan - In: Wirtschaftsdienst 98 (2018) 12, pp. 839-858
Am 1. Januar 1999 wurde der Euro als Buchgeld eingeführt. Schon ein halbes Jahr zuvor war die Europäische Zentralbank gegründet worden. Die Europäische Währungsunion hat mittlerweile einige Krisen überstanden. Probleme gab es vor allem, weil die gesetzten Rahmenbedingungen ihre Wirkung...
Persistent link: https://www.econbiz.de/10012158496
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Der Euro als Erfolgsgeschichte
Fratzscher, Marcel; Kriwoluzky, Alexander - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 98 (2018) 12, pp. 839-842
Am 1. Januar 1999 wurde der Euro als Buchgeld eingeführt. Schon ein halbes Jahr zuvor war die Europäische Zentralbank gegründet worden. Die Europäische Währungsunion hat mittlerweile einige Krisen überstanden. Probleme gab es vor allem, weil die gesetzten Rahmenbedingungen ihre Wirkung...
Persistent link: https://www.econbiz.de/10011986742
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Inflation Targeting as a Shock Absorber
Fratzscher, Marcel - 2018
We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of … natural disasters. We find that inflation targeting improves macroeconomic performance following such exogenous shocks. It … lowers inflation, raises output growth, and reduces inflation and growth variability compared to alternative monetary regimes …
Persistent link: https://www.econbiz.de/10012926238
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Inflation Targeting as a Shock Absorber
Fratzscher, Marcel - 2018
We study the characteristics of inflation targeting as a shock absorber in response to large shocks in the form of … natural disasters for a sample of 76 countries over the period 1970-2015. We find that inflation targeting improves … macroeconomic performance following such shocks as it lowers inflation, raises output growth, and reduces inflation and growth …
Persistent link: https://www.econbiz.de/10012931160
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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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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
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Geography or skills : what explains Fed Wachters' forecast accuracy of US monetary policy?
Berger, Helge (contributor); Ehrmann, Michael (contributor);  … - 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/10003726321
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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